How to Renovate for the Long-Term
For the investment property owner, ROI is everything. When it comes to renovating to increase a property’s value, it’s not about how much to spend – it’s about how much return can reasonably be expected in the long-term in exchange for those spendings.
And there are a lot of calculations and considerations to be made when attempting to measure the ROI of renovations. One of those considerations is timelessness: For how long will the renovations made be popular and important to prospective buyers or tenants? Will there be a need to rethink them in the future to match changing trends or preferences?
But while shifting social trends can have a huge impact on what’s “in”, there are classic renovation fundamentals that will never go out of style. A great way to maximise the ROI of a renovation budget is to ensure that it goes towards changes that will still be beneficial 10, 20 or 30 years later.
Here are some timeproof renovation fundamentals that should be strongly considered within any renovating budget:
We’ve spoken about the advantages of neutral colours before in a property interior. In addition to making it easier for prospects to envision their lives playing out in a potential new home, neutral colours are also immune to going out of style.
Any investment in neutral colours is an investment that will pay in the long-term.
Spacious areas and storage compartments will never go out of style or be irrelevant to a prospective buyer or tenant. People need places to put their things, and nobody likes to feel cramped.
If knocking down a wall or rearranging things can make a property appear more spacious, it’s probably a solid long-term investment.
Hardwood floors are durable, easy to clean, popular and timeless. They’ve been a standard for a long time and there’s no evidence to suggest that they’re going anywhere any time soon. Definitely a safe long-term place to sink some renovation money.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.
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