If you’ve been weighing the pros and cons of facilitating a large-scale home improvement project, it’s in your best interests to understand the concept of return on investment as it pertains to the most popular augmentations available in today’s day and age.
So before you hire some affordable builders in Harrogate, feel free to use this brief article as an introductory guide to understanding the ROI matrix of the most prominent home improvement options of 2017.
Due to the fact that space is the most sought-after commodity in the real estate sector, it’s important to note that an average-sized extension of about 25 square meters can add upwards of £50,000 in value to a given property. After accounting for the up-front labour and materials costs, you can recoup about 50% of your initial investment in the form of an immediate increase in your home’s resale value.
Shown below are some of trendiest extension options:
- Living room bump-outs
- Guest suite annex
- Kitchen additions
- Second-story dormers
If you decide to facilitate a loft conversion, on the other hand, you’ll be able to add about 21% to your property’s resale value, especially if you include plans for an en-suite bathroom. The ROI for medium-scale loft conversions is approximately 50%-60% of the construction fees, which makes it one of the more lucrative home improvement options nowadays.
A finished basement will allow you to enjoy an extra living space, kitchen area, or even a robust wine cellar but the true value of a cellar conversion lies in its ROI. According to various surveys, a cellar conversion can fetch a 70% return on your initial investment, depending on the size and scope of the renovation.
With this handy guide by your side, you can confidently schedule a no-obligation consultation with a professional local builder to ascertain the feasibility of a renovation, extension, or addition.