Renovations are notoriously expensive to undertake, that’s why I’m sharing a few projects that will add value to your home without depleting the contents of your bank account.
Many people are crazy over renovations because they add value to properties and they can also be used as a strategy to earn extra income, if you have the energy and patience. Unfortunately, not everyone can renovate all the time since it’s expensive to undertake renovation projects.
I’m a firm believer that there is an affordable counterpart for every expensive activity. That’s why I searched for affordable ways to renovate a house that won’t drain your bank account – like these 6 upgrades for under £1000, which will add value to your house, not to mention improve its aesthetics:
Modern kitchen tiles…
A smart and cost effective way to update the look of you kitchen is through choosing a simple worktop and pairing it up with a bold and printed tile. The contrast of the simple work top against the bold tile creates a visual impact that mimics the stylings of top interior designers.
Recover old sofas
You can revive old and tired sofas hidden in the depths of your basement with some funky new fabric or upholstery.
There’s no need to be intimidated with the idea of refurbishing old furniture, because reviving a typical two-seater sofa would only cost around £320. If you’re not too confident with your upholstery skills, you can hire professionals like Re-Upholstery for £500.
Add a splash of colour to your staircase
Most visitors are greeted by the sight of the stairs when they come inside your home, so to create an even better impact to your visitors, why not put a stylish stair runner on your staircase?
Crucial Trading creates custom stair runners which cost £52 per sq m of fabric. With underlay, grippers and the fitting costs, expect to pay £750 for an entire staircase.
Upgrade your lawn
If you feel that your backyard needs more “oomph” you can try installing an ultra-realistic artificial lawn. Artificial greenery from Lazy Lawn costs £7.82 per sq m or £63 per sq m including fitting.
As I’ve mentioned earlier, people turn to these projects to add value to properties, but what if you haven’t got the time for a project and need to sell now?
In cases like this one, you may want to look into seller financing. There are a growing number of investors who specialise in this type of arrangement, but perhaps one of the more famous investors into seller finance is Rick Otton. In his podcast, he shares an alternative to getting the most out of your property if you are unable to renovate:
Rick Otton says, “most people renovate properties with the hopes that the person who buys it will pay them a couple of thousand more than the original price of the house- that’s the added value that everyone is chasing after.”
“But it’s a little known fact that you can also add value to a house through changing the paperwork financing structure on it and simply making the house easier for the next person to buy it. I guarantee you that this will increase the value of your house,” he added.
The premise is simple – construct terms that make buying your property more convenient, and buyers will be willing to pay your asking price. You may check out Rick Otton’s website for more info on creating seller finance deals. Other investors you can look into are Reena Malra and David Lee among others.
Granted, going the seller finance route means missing out on the fun of doing projects and engaging in a creative process. So if you’ve got the time on your hands, adding value to your home won’t need to drain your savings. If not, at least there are alternative options for you.