Taking on a home improvement has many benefits for the home owner. For one if this is your primary residence then you quality of living can increase after a home improvement. Alternatively you may be wanting to do up your investment property. Either way by completing an effective home improvement you should be able to add a good stack of value to your property.
But not all home improvements deliver the same return on investment. In fact some ideas can go as bad as the other direction and actually lower your property value. Take for instance if you did a renovation yourself when you should have hired a professional. If you do not follow local or federal laws, a new tenant would have to redo all your work. Not to mention it being illegal to take on such a job without the proper approvals and standards being met.
Another way to create more harm than good is by renovating a room in your home and going overboard. Take for example the bathroom. If you were to have an older style home that is set in an older part of town and decided to complete a bathroom renovation. Spending $30,000 may not be necessary and may mean that the newly renovated room seems totally out of place. Just because your like the choice of style and fittings they might not be for everyone.
So what are some simple steps to get the most bang for you buck?
Simple steps to Increase Your Return on Investment
- Don’t go overboard. Spending more does not always mean you will get more back. There is a happy medium for every project you take on. Spend too little and you may not get a return. Spend too much and you may not get enough return. Spend just right and you will maximise your invested cash.
- Create a style for your home and keep it consistent. Much like the example above with the overpriced bathroom renovation, keep your style of your home consistent. People will feel more of a connection from the moment they enter your property to the time they leave.
- Utilise second hand shops for appliances, furniture and even building materials. If you have never shopped in second hand shops before, you have no idea what you are missing out on. Sure you may have to sift through some garbage, but there are treasures to be found. Make a list of what you are looking for first so you don’t get distracted and go hell for leather. You can often find items that still look brand new at a fraction of the cost of new. Saving you dollars and still delivering stunning results.
- New Paint! A new paint job on your home can totally transform the look and feel of your whole house. Choose colours effectively as once its on your walls its there for a few years at least! Shop around from paint sales and your all set.
- Research – Make sure you spend enough time researching what you want. The last thing you want to do is rush a home improvement only to realise that it is not what you wanted. You then may have to spend twice as much getting it fixed and redone.
Happy home improving!