Anyone who has ever renovated their home knows how expensive the process can be. Kitchen remodelling, new appliances, adding extra floor space and converting a garage or patio into an additional room all come with hefty price tags. However, there are several ways that you can create the appearance of an extravagant renovation without having to hand over your nest egg. We’ll call that a faux renovation.
Keeping Up Appearances
In most cases, a faux renovation is all about creating the appearance of newness when the property itself is dated or in need of a face lift. For example, if you can’t afford a full-on kitchen renovation, you can still breathe some new life into the space by adding new fixtures, replacing cabinet hinges or springing for a top-of-the-range sink faucet.
Also look for ways to add a fresh and vibrant surface. This could mean painting over footpaths or driveways. Or it might involve throwing a new slipcover over a worn out sofa. Sure, it’s what’s on the inside that counts; but the outside is all that the casual observer or house guest is going to see.
Faux Renovations and Property Values
To be fair, a faux renovation is no substitute for the real thing. It doesn’t add much (if any) real value to a property, and it won’t usually be enough to push prospective buyers over the edge when it comes to closing on a sale. However, renovation is about more than ROI. In some cases, all that really matters is that you and those you live with feel better about the space you occupy.
And finally, it’s worth noting that a faux renovation does indeed add perceived value, and this can surely nudge up the value of a home. If nothing else, it may push buyers to settle at the upper end of your asking range rather than the lower end.