Considering updating your property? Charles Eddlestone from Fine & Country Fulham shares his tips on worthwhile renovations
Lead image: A newly developed period apartment on Tetcott Road SW10 on the market for £2,180,000 with fineandcountry.com
Have you been inspired by the plethora of renovation programmes on television that show miraculous upgrades to properties? Before you leap into action, a little time spent planning and setting a budget will ensure you avoid a host of pitfalls.
1 Will it boost the value of your property?
Not all renovations will make a tidy profit when it comes to selling your property, with some projects costing more than they return. It is generally agreed, however, that one of the top renovations for profit is updating or replacing a kitchen.
While there are a range of modular kitchens that can be a cost-effective and fast way to update a property, the cost of a basic kitchen supplied and installed by a custom kitchen builder may not be significantly more expensive.
2 Make it liveable
To successfully present a property for sale, it is important for a potential buyer to make an emotional connection with the lifestyle. Designing an area to be liveable, rather than to feel like an empty space, provides greater appeal. Any renovation, however, must be consistent. For example, installing an expensive oven with DIY cupboards doesn’t work.
3 The bathroom
Updating or adding bathrooms can be a worthwhile renovation to undertake. Setting an appropriate budget for a bathroom renovation is especially important, as there are so many components it is easy to over capitalise.
4 A coat of paint
There is also no point in spending all your budget on installing designer kitchens and bathrooms and neglecting the rest of the property. One of the most powerful and cost-effective renovation tools is paint. A coat of paint in a contemporary colour scheme can refresh a tired property.
5 Set a budget
A general rule of thumb is to set a renovation budget at 5% of the value of your home if you are thinking of selling. If you intend to occupy the property for five years or more, a 7% budget is appropriate, as this will be recouped in capital value.