If you are addicted to TV home renovation shows and are thinking of a home makeover, you may want to stop and pause before you make the leap into renovations. Many Aussies are falling into the trap of overcapitalising on their homes by spending far more on renovations than they will get on their property when the time finally comes to sell. To avoid common renovation pitfalls, here are five renovations that will almost always add value to your property.
1. CREATING A KITCHEN WITH THE SWEETNERS
The focal point for many homes is the kitchen and so it is hardly surprising that a remodelled kitchen can more than make up for the upfront investment when you finally decide to sell your house. A kitchen that includes an island bench, functional storage spaces and everyone’s favourite – a butler’s pantry is a must for homeowners looking to capitalise on the value of their house down the track. Stick to a timeless interior that will attract a wide spectrum of buyers, including long clean lines and choosing a mix of textures like wood, marble and ceramic in a neutral colour scheme can add as much as $50,000 to $60,000 increase in value.
2. ADDING A BATHROOM OR IMPROVEMENT
For many homeowners looking to increase value of their property, adding a second bathroom or ensuite not only caters for a growing family but also meets the market demand for the ideal Aussie family home. Introducing a second bathroom requires you to consider the trade-off of space to introduce a bathroom and, in very old houses, whether you need to upgrade the sewer line back to the mains. You can also decide to upgrade your current bathroom by reclaiming or combining unoccupied spaces in your home. If you want a relatively inexpensive way to refresh the look and feel of your bathroom, replacing the vanity, tapware, light fixtures and toilet are relative easy fixes and you’re almost certain to recover all your costs plus more when you decide to sell your home.
3. INTRODUCE A MASTER SUITE OR AN EXTRA BEDROOM
A luxury addition for tired parents, a master suite when planned well can pay dividends into the future. With adult children not leaving the nest as early as they used to, parents are deciding to create a bit more space for ‘me time’ and so are including a master suite as part of their floor plan. Including a walk-in wardrobe, grooming station, private courtyard and of course a luxurious master ensuite to match, renovators can expect to face increased demand in their property due to the added convenience and privacy offered.
If you’re not keen on the extravagance of a master suite, an extra bedroom will always deliver a healthy return on investment. Just by searching popular real estate sites like Domain and RealEstate you can see the price difference between the average house of three bedroom versus four bedroom in your suburb.
If it’s an investment property you are thinking of renovating, then you need to factor in the extra rent you will receive when adding an additional bedroom so you get a reliable estimate of the return on investment.
4. IMPROVING THE HOUSE’S FACADE
A new remodel to a house should not waste the opportunities available to improve a home’s curb appeal. After all, its first impressions that count for many buyers and a house that fails to impress from the outset will struggle to get the return on investment when the time comes to sell. When you’re thinking of a home’s exterior, creating an impressive entrance is a must. Whether it’s including double glazed windows, upgrading the front door, installing a custom walkway or adding architectural mouldings and trim, an investment in a house’s facade will always entice buyers to have a look inside. To avoid the frontage from appearing too barren, landscaping to create a low-maintenance front garden using plants with attractive foliage can be a great way to spark interest in your property as well as providing an additional selling point
5. ESTABLISHING A STUDY
With many workers now working remotely from home, there is an increase in demand for houses that can accommodate a home office or study. For a study to add significant value to your home, it should be given a separate entrance (not through the living space) and have internet connection and data cabling. Every working parent knows that a separate space that can help with juggling family and work life and is away from noise and other distractions is a highly valued feature in a house remodel. Moreover, as a study is a space that can be used all year round and is not seasonal like a swimming pool, future buyers tend to place a higher value on a property that includes this addition.