Tuesday 17th January 2023
When it comes to the value of your home, investing in renovation projects can be a great way to revitalize its appeal and create a comfortable space to live in.
Like most people, you’ve put a lot of hard work, love and money into your home. With rates and repayments on the rise, maintaining your financial position can be tough, but ensuring you have an asset of value is worth it.
When it comes to property value, condition, location, and amenities are the things that drive price. So, what can you do to add value to your asset without buying in a new area? We’ve all seen social posts full of people painting kitchen cupboards, upcycling furniture, and decorating cramped spaces to feel brighter but how is the focus best spent? Will adding throw pillows earn you money in the long run? Here are a few points to help you decide if the reno is worth it:
Some renovations will add more value to your home than others
Not all renovations are created equal. Some renovations, such as updating the kitchen or bathroom, will add substantially more to your home value than painting the walls or installing new carpeting. It is important to research and consider your budget before beginning any renovation project to ensure that you are making a wise investment.
You don’t need to break the bank to add value to your home
You don’t need to spend too much money to add value to your home. There are many small and inexpensive projects that you can do that will make a big impact. For example, painting and installing new hardware on kitchen cabinets can give your home an updated look without breaking the bank.
Budgeting will be the success of the project
Remember, the idea behind renovations is to increase the property value. Researching the how-to of these projects and doing work yourself where possible is key to keeping the costs low. Ensuring your research properly will help create a realistic budget for your project.
Having funds available is the key to success
It’s post-Christmas and with a potential rate rise in the coming months, where can you access funds? Credit cards, personal loans and home equity loans are common ways to ensure enough funds to finish a project, even if there are some surprise costs involved.
Contact one of our team today if you’d like help obtaining your ideal finance for renovation purposes.