The potential value of home renovation

Over the last couple of year we have really outgrown our home. My work form home business has taken off and a corner of the kitchen to work in is no longer enough. The children are heading into their teens and my my daughter’s teeny bedroom is just not big enough. We need  to make some significant changes.

But what should those changes be?

We frequently question whether we should renovate rather than move but remain unsure as to whether or not it is worth it.

Moving house can be so expensive though it is definitely worth considering the alternatives.

This great infographic looks at the potential value of home renovation and like me you might be very surprised at the results. It looks at a variety of home renovation possibilities and then gives a  breakdown of each type of renovation and its potential return on investment.

value of home renovation

I really do fancy an extension..my kitchen would then double in size and oh that would make me so very happy. I would have a huge table and a big central island and I can see it all now!

I would actually like a double story extension and build a new bedroom and possibly an en-suite too.  Combining the two could up the value of our property by about 25%! It seems to me as if all the renovations add value and are worth the effort.

Investing in your own property could be the best choice of destination for your money.  It really could add a lot of value to your home. It could also make you fall in love with your home all over again..so much so you many not want to sell it after all!

I would be really interested to hear whether you have had the ‘move or improve’ quandary. Or did you indeed improve to move? If you have been in this situation and have considered the potential value of home renovation do leave me a comment below and tell me your story or your thoughts on this. It has actually really made me reconsider our next step. It might well be worth pressing the pause on moving before we assess what we could do to increase the value of our home.  It looks like there is actually a lot we could do!

 

 

collaborative post

Save

Save

Follow:
Share the thrifty love

2 Comments

  1. Steveark
    July 13, 2017 / 19:12

    I’m in the states but we’ve been in the same home for 39 years. It started at four tiny bedrooms and 1440 sq ft. In separate additions/remodels we added a screened in porch in the back yard, then a two car garage with a work shop area attached to the house. Later after we started having kids, three of them, we added a big 25 ft ceiling great room with a loft. As the kids grew and our two bathrooms started to be too busy we added an entire second story with two bedrooms and two full baths and exiled the two older teens up there and also turned on of the old bedrooms into a walk in closet for me and my wife and enlarged the master bedroom. Then finally with all the kids out of college and out of the house for good we redid the kitchen with granite and stainless appliances and new cabinets and doors. We might do one more addition, a detached second garage and workshop but haven’t decided yet. It helped that we have two acres of land with the house so we could expand in any direction as needed. It was so nice to cash flow most of the mods and to have the house paid for for the last 15 years. Imagine never having to have moved from this house one time! We never worried about the value of the house. It doesn’t represent a significant part of our net worth and if we move someday it doesn’t matter what it sells for or if we get our invested money back.

  2. July 14, 2017 / 00:00

    Very interesting infographic. I think there are a lot of different factors to consider – age of home, condition of home, how long you plan on staying, etc. You definitely need to do your research, think about your situation and decide if a renovation is right for you.

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge