Property values in India were projected to rise 7.5% in 2022 on a pan-India basis. This is reported to be the most rapid growth in 5 years. On average, property prices are expected to increase by 6% in 2023 and 2024. This is good news if you are planning to sell your house in two years. To add to the resale value of your property, you can renovate and spruce it up. So, here are 5 renovation trends you can follow to improve the appeal of your home in 2023.
- Create a Workspace
The pandemic gave rise to the work-from-home trend and it doesn’t seem to go away soon. Therefore, it is a good idea to have a dedicated workspace in a house. This can attract a potential property buyer since the person too might need a place to work remotely. Nevertheless, setting up an at-home workspace calls for a major structural change. So, consider financing it with a home renovation loan to avoid putting a strain on your savings. You can apply for a loan of up to ₹5 crores based on your eligibility to manage the involved costs.
- Add a Home Library
As people started spending more time at home during the pandemic, they developed the habit of doing more constructive activities indoors. This includes reading more books and spending quality time knowing about new things without stepping out. A property buyer who has developed this habit may expect to get a home library. So, consider setting up one at your place to win a prospective buyer and get a higher property value. The renovation activity can involve bringing down walls, merging rooms and so on. A home renovation loan can again finance the big costs involved in such structural changes. Consider applying for one to renovate your home without financial constraints.
- Create a Home Gym
After working from home all day, people often feel like exercising in the comfort of their homes. This saves the time to step out and visit a gym. One who dislikes using workout equipment that has been used by several others would prefer having his/her own equipment. All these advantages are available by setting up a gym at home. Won’t a potential buyer who pays importance to fitness like these benefits? Certainly. So, go ahead and turn an unused part of your home into a well-equipped gym. Don’t worry about the costs. A home renovation loan can take care of them.
- Expand the Kitchen
A large kitchen can instantly impress a prospective buyer. A significant part of the day is spent in this space and therefore, it matters a lot. If your kitchen is too small and stuffy, it can make you lose a good deal. Therefore, consider expanding it. If you wish, you can turn an enclosed kitchen into an open one to create the illusion of more space and let in more light and air. Yes, this kind of renovation will also involve structural modifications and considerable expenses. However, you need not worry about them if you apply for a home renovation loan of a suitable amount.
- Improve the Flooring
You can upgrade from tile flooring to more sophisticated wooden flooring and opt for a rare and expensive variety of wood. This will elevate the appeal of your home and increase its value. A buyer with good taste in interior aesthetics will appreciate this and pay you well. A home renovation loan can take care of the flooring costs in the first place.
If you don’t sell your house but wish to use it as an asset to borrow money, you can take a loan against this property in the future. A renovated property will be of a higher value and help you get a loan of a big amount.
