What room in your house do you need to renovate to increase the value of your house?
Most assets are known to lose value over the years, but there is usually an exception when it comes to properties like lands and buildings. Rather than depreciating in value, what these form of assets experience is basically appreciations.
The scenarios for lands are usually easy to explain. When you buy land at $10,000 in the year 2000 for example, the location of such land might have influenced the price as at that period.
It could be that the geographical region where the land is located is still experiencing development or that part is yet to be a residential or industrial area as the case may be. As the year moves, say 2018, the price of such land would have appreciated in value because more people are now moving into that area or businesses have decided to build more factories there.
In the example given above, one would notice that there was no renovation or expended fund on the land. It was just left there. But still, it appreciated.
Such would not be the case for a building, especially a home which is currently occupied or has been used by some tenants in the past. The value of the house would have lost some value due to usage and passage of time. However, the case may be, it is worthy of note at this point that the house can still see an increase in value, only if a decision to renovate is taken.
A renovation is pertinent to increase the value of a house, but the question that should be asked at this point is – how much renovation should be made on the house? Should the renovation be total or partial? What rooms should one focus on to ensure an increase in the value of the home?
To answer these questions, one might need to know that some rooms command more respect in the house than others – well, this depends on the kind of occupants that are bidding though. A retiring couple might not give the room(s) that matters to a young couple too much relevance.
However, there are thresholds to the rooms that must be given importance when renovating, if you desire to give more value to your house in the market. Let us quickly take a stroll through some of these rooms:
There is no way anyone can overemphasize the importance of the bedroom in the house. Perth based Construction company Auswest have said that most occupants measure the worth of an apartment by the size and structure of the bedroom.
It is highly important that one focus more attention to the way the bedroom is designed, as the value of a house can depend on whether the bedroom is too-small or too-large. So now you know! When renovating, consider how the bedroom will look like before any other thing.
A lot of tenants or occupants in the past have helped to confirm that the way the house kitchen looks matters a lot. Food is one of the primary needs of every human, and everyone wants to ensure that where their daily meal is stored and made is in a structure that meets their taste. More time should be given to the renovation of the kitchen, and its architecture must support occupants with the ease to arrange their appliances as they deem fit.
The Living Room
If there is any room that matters to almost every kind of occupants, it is the living room. For most young couples, they want to stay in an apartment that comes with a spacious living room so as to allow their kid(s) play around. For those ones that like large furniture, they would also prefer a living room that can fit what they buy with the room still not looking all cramped up. Old couples or singles to consider the living room too before placing a value on the house. It is therefore important that one should ensure that the living room is more spacious than other rooms in the house when renovating because this can just be the only thing that can make all the difference.