As a homeowner in London, you know how crucial it is to make the most of your property. By making smart renovations and upgrades, you can boost your property's value and draw in tenants willing to pay more. But with so many choices, figuring out which upgrades will give you the best results can be challenging.
Our team at Aresti Estates is here to help. We are known as one of the top property management companies in London. This article will share some friendly tips on the best renovations and upgrades to help you maximise your rental income.
Understanding the Ins and Outs of London's Property Market
The housing market in London is fiercely competitive. The market value of real estate is constantly changing. According to data from the Office for National Statistics (ONS) in the UK, the standard cost of a property in London ranges around £650,000 and reaches up to £1 million. In Westminster, Camden, Kensington, and Chelsea, real estate costs are high. The properties in Havering, Croydon, and Bexley are more affordable.
Therefore, making informed decisions about your investment property is vital to surpass the competition. This requires knowing current market trends, identifying in-demand property types, and staying updated on the latest renovation trends.
Top London Home Renovations for Maximum ROI
At Aresti Estates, our skilled team knows how to help London homeowners. We enhance their property's value and find quality tenants. In addition to our property management services, we love to share helpful tips with our landlords. These tips can enhance the value of their property and attract high-paying tenants.
Here are some friendly recommendations we suggest to our homeowners:
Kitchen Renovations
A modern kitchen is essential for buyers. Because a renovated kitchen could earn up to 100% of its cost when sold, renovating a kitchen can also prove to be economical. This makes remodelling the kitchen a wise financial decision.
When renovating a kitchen, it's crucial to keep the following factors in mind:
High-end appliances: Investing in high-quality appliances from trusted brands such as Siemens, Samsung, Bosch, or Miele is recommended. This enhances the user experience and simplifies daily tasks.
Quartz countertops: Quartz countertops offer a durable, low-maintenance option for kitchens and bathrooms. Their durability and ease of maintenance make them a great choice.
Sleek cabinetry: Select modern, handleless cabinets to create a sleek and sophisticated aesthetic.
Island units: Add island units to boost counter space and create a social hub. This will improve functionality and interaction.
Lighting: Install LED lighting to create a bright and airy feel.
A kitchen renovation can cost anywhere from £10,000 to £50,000 or more, depending on how big you want the project to be.
Bathroom Renovations
A stylish and modern bathroom may add tons of value to a house. According to the Bathroom Manufacturers Association, 64% of buyers feel that a home's bathroom plays a major part when purchasing. When homeowners renovate their bathrooms, they could see up to 75% of the money back once they sell.
When renovating a bathroom, consider the following:
High-quality fixtures: Invest in premium fixtures, including rainfall showerheads and heated floors, to enhance the bathroom's overall aesthetic.
Freestanding baths: Installing a freestanding bathtub can effectively create a luxurious atmosphere.
Wall-mounted toilets: Selecting wall-mounted toilets will contribute to a sleek and modern bathroom design.
LED lighting: LED lighting will produce a bright and airy ambience.
Storage: Use storage units, like cabinets or shelves, to keep the bathroom clutter-free.
A bathroom renovation can cost anywhere from £5,000 to £20,000 or more, depending on how extensive you want the project to be.
Loft Conversions
Loft conversions create better living spaces without spending expensive extensions, which is why many London residents prefer them. According to data gathered by the Federation of Master Builders, 60% of homeowners agree that loft conversions are the right way to improve the value of their properties. A well-executed loft conversion can even recuperate 90% of its initial cost upon sale.
When converting a loft, consider the following:
Natural light: Ensure that the loft conversion receives plenty of natural light by installing skylights or dormer windows.
Insulation: Insulate the loft to reduce energy costs and create a comfortable living space.
Storage: Add storage units like cabinets or shelves to keep the loft clutter-free.
Bathroom: Consider adding a bathroom to the loft conversion to create a self-contained living space.
Depending on the project size, a loft conversion can cost anywhere from £20,000 to £50,000 or more.
Extension and Refurbishment
A carefully thought-out extension and refurbishment can greatly boost the value of your home! Real estate experts say you could get back as much as 80% of your cost upon selling. The following factors should be considered while thinking about remodelling and expanding your house:
Extra bedroom: Add an extra bedroom to increase the property's value.
Living area: Add a living area, such as a conservatory or orangery, to create a social hub.
Outdoor space: Consider adding outdoor space, such as a patio or garden, to create a desirable property.
Energy efficiency: Make sure the extension and refurbishment save energy by adding insulation, double glazing, and solar panels.
Ending Remarks
London homeowners must know which renovations and enhancements will boost the value of their property and attract high-quality renters. Take the correct actions to get the greatest return out of your investment and create a house that buyers and renters will value..
This blog offers practical advice on making the best improvements and renovations to help you meet your objectives. We discuss loft conversions, renovations, additions, kitchen and bathroom makeovers, and energy-efficient upgrades. Minimising common errors and using a meticulous strategy will help ensure that your renovations are productive and provide you with the best return on your investment.
We at Aresti Estates genuinely care about helping you reach your property's full potential. As a highly reputed property letting agency, we help homeowners like you. We give knowledgeable guidance and advice at every stage, allowing you to confidently make decisions.
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