Housing prices in Essex have skyrocketed over the last five years, rising as much as 28% in some areas. This is brilliant news for Essex homeowners, many of whom are to further increase the value of their homes by renovating rooms. However, it makes entering the housing market more difficult than ever. Remodelling has the potential to create even greater return on investment for home owners in a market already on the rise. To that end, there are a number of areas which have the most potential.
Increasing the value of your home
According to Forbes, kitchen and bathroom remodels are the most effective ways to increase the value of your home. Replacing old appliances with new, matching models is a great place to start. Realtors recommend reviving old flooring with fresh vinyl or tile surfaces. Experts in tiling, Atlas Ceramics recommend natural stone mosaic tiles for their ability to reflect light, creating a warm and bright atmosphere. Similarly, refacing cabinets and improving your lighting is a cost effective way of modernising your home and giving it a fresh look.
Additionally, kerb appeal is an important part of selling any home. Interestingly, landscaping is one of the most affordable ways to increase the value of your home. Planting native trees, shrubs and perennial foliage are great ways to create a vibrant exterior without breaking the bank.
Finally, extensions and floor plan modifications are undoubtedly the most expensive and intensive projects you can undertake. Removing walls to create open areas, especially from the kitchen to living room can provide an open floor plan that is in high demand these days. Adding a kitchen island will make it more attractive to potential buyers. Adding space to your home by building a second bathroom or bedroom will lead to a higher value.
Is it worth it?
As housing prices continue to rise in Essex, a number of high-profile housing developments have been approved to try and provide more affordable options. Essex county council is pushing to build over 43,000 new homes spread between three communities across the county over the next three years. However, it is estimated that the county will need over 144,000 new homes over the coming decade. This high demand means that housing prices will likely continue to rise. For current homeowners in Essex, remodelling has the potential to add even more value onto their homes, making them an even better investment.
Before starting any renovations, however, it is important to measure the potential return on investment. By looking at housing prices in your neighbourhood you can gauge whether a project will be worth it. You are unlikely to increase the value of your home more than the top end of the prices in your area. Therefore, any project that takes the cost of your home near or above that is likely not going to be worth it. Online research of prices and trends in your area alongside quotes from professionals will help you gauge this and make smart, cost effective decisions.
The last 10 years have been an incredible time of growth for Essex as housing prices have risen as much as 28% in just over six years. This trend looks likely to continue making now an ideal opportunity for homeowners to renovate and remodel their homes. This will only add value, improving their investment as prices rise.