Having the wrong sort of renovation done or having the right sort of renovation wrongly done may not in any way affect a property’s value. But in some instances, such a renovation might negatively impact the value of a property. Example of such renovations include;
A swimming pool might be something to admire on another person’s property, but having one installed is an expensive venture that mightn’t add any financial value to a property’s worth. In some instances, potential buyers have been known to request for a pool being removed or filled in as a prerequisite to buying a property. This is because buyers, especially ones with little children, generally tend to consider pools to be hazardous. That is, an unsupervised child that’s unable to swim could fall into one. Other buyers reject properties with pools because they’d rather not inherit the maintenance costs that owning a pool demands.
Having renovations done that make a property obviously stand out from a neighbourhood of mostly uniform properties can have an effect that’s opposite to improving the property’s value. In an attempt to up the value of a property, large scale and expensive renovations such as installing another floor that makes the building bigger than all others on the street can be a turn off for buyers. This is because buyers are generally uninterested in paying a large amount for a property that is nestled among lower priced properties. They’d rather spend that same amount buying an expensive property surrounded by equally expensive properties. Thus, a renovation that makes a property overly stand out shouldn’t be carried out unless there’s an indication that most neighbours are going to follow suit.
Landscaping and improving the look of a property’s compound is actually a good way to improve a property’s value. But this can go wrong if too much work is put into it. If a property owner goes as far as installing a water fountain and a rose garden, he/she might have trouble recovering the cost of such extensive work upon sale of the property. Landscape work that actually yields a suitable return on investment should be carefully planned and executed to avoid overspending. Buyers might also view an elaborate landscaping as a daunting burden they are not willing to shoulder the responsibility for.
Upgrades such as having fancy new technology in the kitchen or having imported tiles installed in the bathroom should be avoided. This is because most buyers might not appreciate the cost and not count it as an added value. This can also be a problem if one part of the building such as the kitchen is overly upgraded but the bathrooms have been left with obsolete fixtures. Such will lead to an inconsistency in the property that buyers might find off-putting.
Renovations that have a satisfactory return of investment and improve the value of a property include but are not limited to;
Structural faults such as; leaking roof, damp, mould, wood rot, cracks on the walls, rodent or insect infestation, unstable chimney, should all be repaired if a property is to have an appearance worth paying good money for. A professional valuator will look out for such defects and the more that are noticed, the less value will be attached to the property. No doubt this sort of repairs can cost a pretty penny, but they are always worth it in the long run
One of the things a valuator looks out for while evaluating a property is its comfortability, and one way to ensure a property’s comfortability is through its heating system. If an outdated and untrustworthy boiler is already in place, replacing it with a modern system is bound to improve the property’s value.
Such defects can come together to affect the value of a property. Defects such as; old or cracking paint, squeaking floors, faulty doors or broken windows, dripping plumbing, sewer smells, cracked ceiling, and other similar faults need to be fixed to improve a property’s visage and thus its value. The sight of such faults can be a major turnoff for a prospective buyer.
This can be done by taking advantage of existing roof space and turning it into an attic or a loft. This will increase the number of rooms available in the building which will in turn have a positive impact on the property’s valuation.
This needs to be carefully done in order to profit rather than lose from it. Renovating a kitchen for personal use isn’t same as renovating for boosting a home’s value. This is why it is important to make sure only necessary renovation is done and nothing superfluous. A superfluous kitchen renovation can lead to the property owner being unable to recuperate the cost of renovation upon sale of the property.
Value is always attached to the number of rooms a property has. The size of the rooms is also a noteworthy factor. Thus, to improve a property’s value, more rooms can be added by dividing existing space, or by extending the building. But avoid sacrificing too much of the space of existing rooms because many tiny rooms are not usually considered valuable.
Doing this is known to yield almost a 100% return on investment. Thus, adding a conservatory is an efficient way to improve a property’s value if it is properly done.
Yes, adding more bathrooms is a good investment that is worth the expense. A property with a bathroom per bedroom will be well considered in a valuation.