Whether you have been living in your home for years or you just moved in a few weeks ago, there is always room for property renovation. So how to make a profit renovating houses? From small and basic one room jobs to an entire home makeover, renovating your home not only enhances the structure; it also enhances your lifestyle.
What are the benefits of property renovation? Keep on reading to find out some of the biggest remodelling benefits, as well as some insight and advice that will help you transform your home and turn it into a space that you truly love.
Top Remodelling Benefits
So what are the top remodelling benefits? If you are considering doing a property renovation, but you aren’t sure if the cost will be worth your while, here’s a look at some of the biggest benefits of remodelling that will encourage you to make those improvements:
- Increase in the resale value of your home. When it comes to home renovation projects, the cost is always a concern. While yes, a project will cost you, in the end, it will put more money back in your pocket. That’s because when you improve your home, the resale value also improves. This is particularly true if you renovate a kitchen or bathroom, as these are the two most important rooms to buyers; however, renovating other rooms can also boost the value of your home.
- Improve the function of your home. When you renovate a room, the function of the space is improved. For example, if you renovate an old office into a new living space for your family, you will make your home more functional. The same is true if you make improvements to your kitchen, bathroom, living rooms, bedrooms, or any other space in your home.
- You’ll inject your personal touches on the house. From paint colours to flooring materials and everything in between, when you renovate your house, you can add your style to it, making it a space that truly reflects your personality and taste.
How Much Will It Cost to Renovate a House?
The number one question people have when they set out to do a renovation is “How much will it cost to renovate a house?”
Answering that question is hard. Every property is different, and so is every renovation project. There are several factors that play a role in the bottom line of trying to make a profit renovating houses. Some of these factors include:
- The size of the room
- Any underlying issues that may arise
- The type of renovation you are doing
- The extent of the renovation
- The type of materials that will be needed
- Whether or not you will have to hire professionals to do the job
The following are estimates for the cost of some of the most common property renovations
- Adding square footage. Between £7,000 and £100,000, with an average cost being around
- Basement remodel. Between $10,000 and $27,000, with an average cost being near £19,000.
- Kitchen remodel. Between $4,500 to $49,000, with an average cost of around £20,000.
- Bathroom remodel. Between $6,000 and $14,000, which an average cost of about £8,000.
- Permits. Depending on the project you are doing, you may need to apply for permits, which also have a fee. The average cost of the building permits that are required for a home renovation is about £900.
How Does a Renovation Loan Work?
If your resources are limited, you may want to consider taking out a loan to renovate your home. How does a renovation loan work? There are several loan options available and how they work depends on the specific type of financing you are applying for. Some of the most commonly used home renovation loans include:
- Finance for Renovations. most lenders will offer from 80-95% of its value if you wish to buy a property that is habitable but run down. These are typically used for roof repair, damp proofing, central heating repairs or rewiring.
- Non-habitable Properties and Conversions. There is limited help for loans for non habitable properties. If you are able to receive finance for conversions or renovations of non habitable properties, you will usually get 66-90% of the value of a property in its current condition.
These are just some of the options that are renovation loans that are available. There are different factors that are taken into consideration for eligibility, and each loan covers different aspects of home renovations.
What are Council Grants for Home Improvements?
In addition to loans, council grants for home improvements are also available. Some of these grants include:
Housing adaption grant for people with disabilities. Grants are available to make improvements to make a home more suitable for people with physical or mental disabilities.
- Mobility aids grant. This grant helps to cover the cost of any work that makes it easier for a person with mobility issues to get around the house.
- Better energy homes grant. This grant offers funds to increase the energy efficiency of a home, such as home insulation.
These are just some of the council grants for home improvements that are available.
Are there Free Damp Proofing Grants?
Free damp proofing grants are not currently available. A wide range of grants for home improvements are available. This includes grants that cover the cost of insulating a home or for making a home more accommodating for a person who has disabilities. There are many types of grants available for house renovations. If dampness is an issue that you are experiencing in your house, you might be wondering if free damp proofing grants are available.
Dampness can impact the quality of a home by making it feel cooler and increasing the risk of mould growth. Unfortunately, free damp proofing grants are not available. However, there are certain grants available that you could apply toward damp proofing a home.
Summing it Up: Make A Profit Renovating Houses
This article shows you how to make a profit renovating houses. Given all of the benefits that property renovation provides and the various types of financial assistance available, doing a home renovation is a wise idea.