With the global Covid-19 pandemic forcing many people indoors this summer, many homeowners are seeing the time as an opportunity to make some much-needed changes in the homes they are now confined to. The good news is that most renovation or remodeling projects can not only improve the quality of life of the family living in the home but they can also add value to the property. Some of the home improvement projects that have the best return on investment (ROI) include:
One of the most value-for-money upgrades a homeowner should consider when looking for ways to increase the value of their property is a kitchen renovation or remodel. According to reports, the average kitchen renovation project can set an Australian homeowner back by anything from $10,000 to $45,000, depending on the extent of the renovation, with major overhauls having an average ROI of around 50% and minor remodels coming in significantly higher with an ROI of 80%.
The biggest cost associated with this kind of project is labour, which means that savvy homeowners can cut the cost of a kitchen renovation or remodel easily by choosing projects that they can complete themselves. Some kitchen upgrade projects that can be done with just a bit of DIY know-how include painting, basic tiling for the floors, upgrading counters by installing laminate coverings on existing countertops, and more. Replacing outdated appliances with newer, energy-saving models is also an easy way to update a kitchen while also reducing the carbon footprint of the entire home.
While staircases typically don’t fall very high up on the list of high ROI renovations, staircase remodelling projects have the potential to enhance the entire interior of a home, and remodelling projects typically cost less than entire room renovations in other areas of a home.
Staircases are often the first thing a person will see as they walk into a home, which means that making a good first impression often starts with this frequently overlooked part of the house. For older staircases, one of the best upgrades a person can do for a tired set of stairs is to replace the balustrade. By updating the balustrade, which are the support posts that hold up the handrail on a staircase, a homeowner can change the entire look of the staircase with minimal effort.
The use of a timber balustrade from a supplier such as Majestic Stairs, for example, can add a touch of timeless elegance to a home while also being durable and sturdy. Majestic Stairs are staircase and timber balustrade experts who have been helping build and install new timber and metal staircases since 1982. For a more modern look, homeowners who are not as concerned about their budget might consider the use of glass panels on their staircase to add a contemporary feel to the area.
Homeowners don’t need to completely overhaul a room to add value to a property and the best example of this kind of project is the bathroom makeover. Bathroom makeovers are typically projects that involve minimal changes to the overall room and simply focus on updating fixtures, giving the walls a new coat of paint, updating or replacing cabinets, and other small projects. Because these types of projects are easy to complete, and most can be done without the need to hire a contractor, they are relatively inexpensive projects that can be completed by a homeowner over a weekend.
Adding a Deck
While many renovation projects tend to focus on the interior of a home, additions to the exterior of a house can also help add value to a property. Outdoor living spaces are becoming increasingly popular, especially for families who are opting to stay home during the holidays, and a deck is a great addition to most homes as it can increase the living space and also acts as a connection between the indoors and the outdoors.
Outdoor decks are also appealing because they are relatively inexpensive to install, they can be built fairly easily by a homeowner with just a bit of basic woodworking skills under their belt, and they are low maintenance. They also do not require very much upkeep, unlike other high-use areas, and they can be used for a range of purposes. Decks make for a fantastic barbeque spot, they can be decorated with flower pots to create a green zone that isn’t quite as dangerous as the outback, or they can act as an extension of the dining room on a sunny day.
Before embarking on any home renovation project, homeowners should always have a clear idea of what they want to achieve and what kind of budget they are willing to contribute towards the project to avoid running out of money midway through the project. However, with a solid project plan in place, homeowners can easily upgrade their home while also adding value to their property.