5 Renovations That Add Value to Your Home
Gone are the days of renovator's delight.
We have moved into an era where buyers prefer buying homes that require minimal work. If you’re breaking into a cold sweat because your property could use some TLC, take a deep breath and read on. Here are five ways you can give your property the face lift it needs without burning a huge hole in your wallet.
1 - The Kitchen is the Heart of a Home
A modern kitchen makes all the difference to the overall impression of a property. Better yet, it is said that a newly renovated kitchen can add $50,000-60,000 to the value of your home.
Although kitchen renovations can be quite costly, there are ways to modernize your space on a budget. Consider flat pack kitchens, as they are quite affordable and fairly easy to assemble. Alternatively, you can simply give your kitchen a minor makeover. Swap outdated fittings and appliances for more contemporary ones and give the kitchen a fresh, neutral coat of paint.
2 - The Loo
Much like kitchens, bathroom renovations can be quite an expensive exercise. However, they are worth your while because buyers pay close attention to these two spaces.
To keep costs at bay, keep existing plumbing outlets and work with what you have. Swap toilet, tap, lights and shower fittings for more contemporary ones. If there is space, consider adding new dimensions to your bathroom by hanging another mirror. If nothing else, re-grout your bathroom tiles and get rid of unsightly mould.
3 - Pick Up a Paint Brush
Give your home a fresh makeover and it is sure to feel brand new. Your hard work will pay off because an excellent paint job (inside and out) can add up to $20,000 to the value of your home. Of course, doing it yourself is the most cost-effective option but you can always call the professionals. Ideally, your new colour palette will be a mixture of neutral colours. This way, you’ll appeal to the masses and buyers can easily envision their lives in that space.
4 - A Splash of Versatility
Many local governments now allow granny flats to be built without a planning permit. Granny flats are especially attractive to investment property buyers and those who are interested in additional income streams (think: Airbnb), as they add an element of versatility.
Building a granny flat can be quite costly, however you’re sure to see a financial return reflected in your sale price. If a granny flat is out of your budget, consider building a shed. Additional space is always welcome and buyers love a good garage, “man-cave” or “she-shed”. Just be sure to check your local council’s regulations before breaking ground.
5 - Nature Never Goes Out of Style
Outdoor amenities are a hot commodity and gardens often make for key selling features in real estate. Think of your backyard as an extra living room. Consider creating a green-filled space that urges buyers to envision themselves enjoying an outdoor morning coffee or hosting friends and family for dinner.
Low-maintenance plants are a great way to keep costs and required labour to a minimum. Plus, they liven your outdoor space without intimidating buyers with tough up-keep.
Wrapping It Up
Although it’s extra work, minor renovations are certainly worth the investment. When selling privately, you’ll save thousands in agent commissions so there may be more room in your budget to spend on quality, value-adding renovations than you think. Besides, going the extra mile to give your home a true point of difference will have buyers lining up to make an offer.