Value-Adding Renovations (And Ones To Avoid)
Are you looking to sell your homewant the highest sale price possible? Perhaps you decided, after a mortgage comparison, you have found your current home loan lackingwant to refinanceborrow some more moneyWhatever the reason, renovating your property can be an excellent way of adding value.
While reality TV has made renovating look easy, there are some pitfalls,it’s always advisable to consider using professional’s help to carry out any works to your homeEven with the added expense of professional help, it is possible to get out more than you put in, with certain renovations almost guaranteed to net you a return.
Not all renovations are smart, some can drain moneyoffer no increase in value, so it pays to do your researchSo, what are the biggest value-adding renovations you can do? Let’s find out.
Open Plan Kitchen
Cost: $5000-$30000
Difficulty: Moderate
In modern times, the kitchen often takes center stage in a homeAn open plan kitchen gives a sense of space while offering a communal spot to bond while preparing a mealFor the keen DIY expert, a kitchen can be constructed on the cheap, with places like IkeaDomayne offering solid, customizable cabinetsbenchtops.
As with all renovations, it might pay off to hire a professionalCabinet making is an art form,if you plan on increasing the valueutility of your home, do you really want to spare expensestrydo it all yourself? A well-presented open plan kitchen will inspire like no other roomwell worth the money spent.
Bathroom
Cost: $10000-$30000
Difficulty: Moderate to hard
A showstopping house can be quickly let down by a dingy bathroomRenovating your bathroom can be a little intimidating, a host of tradespeople will be required for a top to bottom renovationFor those handy with a set of tools, fittingsfixtures can be swapped out to save money, but they won’t add as much value as a full renovation.
Exterior
Cost: Free – $5000
Difficulty: Easy to moderate
You know what they say about first impressionsThe ‘curb side’ appeal of a home plays a huge role in how potential buyers or assessors will value a homeAll that money spent on a new kitchenbathroom might be in vain if you can’t get buyers through the doorRenovating the exterior of your home can be as simple as tidying up the front yard, or as grandiose as a gated driveway completed with security gatefloodlights.
A fresh coat of paint will not only boost your home’s curbside appeal but increase its longevity by up to ten yearsA new paint job can dramatically change the look of your home, making it a relatively cheap method of updating your exteriorWhen choosing a brand of exterior paint, special care must be taken in Australia as the UV radiation is unusually high.
A sculpted front garden is sure to impress, but it can cause concerns about maintenance if you go too farGardening is a relaxing hobby that is cheapeasy to get intoWhy not practice your gardeningupdate your outdoor area?
Renovations To Avoid
This article is about renovations that will increase the value of your homeJust because a renovation has little potential to add value doesn’t mean its inherently badIf you want to refinance your home loan to fund a grand backyard redesign, complete with water feature, go for it, just don’t expect to see a return on your money.
Right, with that out of the way, let’s have a look at the money pits, err, I mean renovations that should be avoided if you are hoping to see the value of your home rise.
Pool
Cost: $10000 to infinity
Difficulty: Hard
A pool is an impressive feature of a home for sure, but it also requires regular maintenanceadherence to strict guidelinesIn Australia, you can’t just dig a hole in the ground, fill it with watercall it a day, no, you have to make sure your pool is kid-safe, even if you don’t have kids.
Given the fact that an inground pool starts at around $35000 to install, a pool is not a cheap inclusionThe cost only climbs from here as you need to consider landscaping, water treatment,the water itselfOn a hot day, a pool is a godsend, but it also loses a lot of water through evaporation.
Australia’s blistering hot summers have been tamed by air conditioning; buyers are ditching the poolsaving the cash insteadA pool can be a great idea for a family who loves to swim, but a value-adding renovation it is not.
Grand Designs.
Cost: $???
Difficulty: Hard
Going big on your outdoor spaces is a wonderful way of imparting your personality to your homeA well designed outdoor area is a perfect place to entertainspend time inA nice backyard will add value to a home like very few renovations, but there’s a thin line between perfecttoo much.
Complicated gardens, ones with hard to care for plants,water features can be a nightmarePotential buyers can be turned off by gardensoutdoor areas that are too over the top or dramaticRemember that your taste is not everyone’s taste,if you want to appeal to a wide audience, keep your ideas real.
In today’s ultra-competitive home loan market, lenders are ravenous for your businessIf you are looking to boost the value of your home, it is a relatively simple process to refinance your home loan, often with a much better deal than you originally signed up forUsing the extra funds to renovate your home can be an excellent way of adding value to your home or investmentHopefully, you are inspired to get renovatingboost the value of your home today.
