Home renovation projects that increase property value
Home renovation projects usually aim at two significant goals: Either to create a better, updated environment for the owners-occupants, or to increase the property’s value and create profit. The global upward trend in the cost of residential real estate has resulted in a resurgence of construction activity. This situation has led more and more homeowners to seek solutions that will increase the value of their homes.
Interestingly enough, 50% of the residential properties in Athens were, in fact, built before 1980. The passage of time and the wear that occurs through continuous use cause significant functional and aesthetic problems. These are commonly reflected in the property’s commercial value, reducing its market power. It is obvious that the need for upgrading the existing structures is more than imperative.
By choosing the right project to improve your living space, a significant portion of the expense can be passed on to future owners in the form of increased property value. In this case, there are two major problems that need to be tackled: energy loss and functional insufficiency. When choosing the right renovation projects, always focus on upgrading the property’s energy efficiency levels. Accomplish this by either renewing its energy system or providing better insulation techniques. Functionality, on the other hand, is the key to modern home design. Considering a simpler layout and multiple storage spaces, enhances the overall performance of the property on an everyday basis.
Depending on the current condition of each property and the financial capacity of the owner, a renovation project could involve radical changes both internally and externally, or smaller scale tasks, focusing on more targeted modifications. Most owners usually prefer renovating the bathroom and the kitchen areas. It’s important to mention, that even without changing the layout, small alterations in the bathroom such as adding new floor tiles, changing the showers and bathtubs, or replacing the lighting fixtures can make a huge difference in the aesthetics of the space. However, choosing quality materials is necessary to make the project worthwhile.
Remodeling the kitchen area while giving it a modern touch is considered one of the highest ROI- improvement upgrades in the real estate market. Partly due to the fact that the kitchen is often the most used room in the house, it is usually the one that requires functional changes the most. Refacing cabinets, replacing appliances with new, more energy-efficient models, installing new countertops and a sink, adding new flooring and repainting the walls should be some of the projects you may consider aiming at a more contemporary and sleek design.
When it comes to the rest of the house, tasks such as installing energy-efficient windows, new plumbing and electrical systems are equally important for financial, environmental and safety reasons. If you are undertaking a major remodeling of the house, be prepared for knocking down some walls. Open layouts add to the overall functionality of the property.
In any case, always remember that these renovation projects are not and should not be considered DIY. Cooperating with experienced and reliable professionals in the field will guarantee you effective and advantageous solutions. In addition, if you’re planning to list your home for sale anytime soon, consider consulting a knowledgeable local real estate agency. Real estate professionals will help you identify which projects would make a difference to likely buyers.
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4 January 2022