5 Renovations That Add Value to Your Home
Gone are the days of Renovators’ Delight.
We have moved into an era where buyers are predominantly looking for homes that require little to zero ‘fixing up’. Properties that need complete overhauls, such as a complete kitchen or bathroom renovation, are less and less appealing. If you’re sitting there thinking ‘oh boy…’ because your property could use some love, take a deep breath and wait a moment before freaking out. We have some tricks up our sleeves that will add value to your home without breaking the bank.
The Kitchen is the Heart of a Home
A modern kitchen makes a house feel clean and organised. Better yet, it can add $50,000-60,000 to the value of your home. However, a modern kitchen comes at a cost so take care in assessing if the gains justify the price.
Consider buying a flat-packed kitchen that you can assemble yourself, as it only costs a few thousand dollars. An alternative and cheaper option is to give your kitchen a minor makeover. Swap outdated fittings and appliances for new shiny ones and paint the walls a fresh neutral colour. If your cupboards are outmoded, try repainting them or swapping the door and drawer handles for something more contemporary.
Where the Rubber Duckies Lie
Just like kitchens, bathroom renovations can be quite an expensive exercise. These two rooms are often worth renovating, as they are the two rooms buyers pay attention to most.
Re-tiling and re-flooring a bathroom can be quite the hefty expense. To keep costs low, keep existing plumbing outlets and work with what you have.
Swap toilet, tap, and shower fittings for new, more contemporary ones. Add new dimensions to your bathroom by including a new vanity or new lighting fixtures. If nothing else, aim to re-grout the bathroom tiles and get rid of unsightly mould. Come to think of it, ridding of mould should be a mandatory task for anyone selling a home.
Pick Up Your Paint Brush
Remember that warm, fuzzy feeling you get when your car is fully detailed and cleaned inside out? Pride and joy take over, and you can’t help but grin ear to ear? Your car feels brand new and there is simply nothing better, right? Wrong!
We challenge you to pick up your paintbrush and give your home a fresh makeover. Your hard work is guaranteed to pay off because you’ll experience that same ‘new car’ feeling, except the sensation is tenfold. Not only that, but an excellent paint job inside and out can add $20,000 to your property’s sale price.
If you can’t be bothered doing it yourself, call in the professionals! The average cost to paint a house is $20-$30 per square metre, according to HiPages. It costs around $2,500 – $3,000 to have the interior of a two-bedroom unit painted. A two-storey home costs between $5,000 – $8,000. Regardless of if you do it yourself or hire a professional, you’re guaranteed to make your money back.
The only exception is painting the exterior of a weatherboard home, as prices usually hover between $10,000 – $20,000. Research and compare price quotes before making any decisions. Be sure to assess whether you’ll receive a solid return on investment because it might not be worth it. Of course, there’s always the option of doing it yourself, although it’s not an easy feat.
This Time More Is More
Many local government areas now allow you to build granny flats without a planning permit. Granny flats are especially attractive to investment property buyers and those who are interested in additional income streams (think: Airbnb). This is also of interest to buyers with teenagers or elderly relatives who need space and privacy.
Just like having the exterior of a weatherboard home professionally painted, building a granny flat can be quite costly. Do your research to make sure you see the financial return reflected in your property’s sale price.
If building a granny flat is too pricey, consider building a versatile, detached building or shed. Additional space is always welcome, and buyers love a good garage, “man-cave” or “she-shed”. Just remember to check with your local council for what is permitted in your area.
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 space that allows buyers to envision enjoying an outdoor morning coffee, their kids playing outdoors, or hosting friends and family for dinner.
To keep costs and labour to a minimum and buy low-maintenance plants that require little watering and attention. They easily liven your outdoor space without scaring buyers with tough up-keep.
Wrapping It Up
As superficial as it sounds, visible renovations add more value to your home than invisible ones. You could spend a mint rewiring your property, but in a buyer’s mind, if they can’t see the changes then the changes haven’t happened at all.
If a renovation only increases the value of your home by the amount it costs to execute it may not be a worthwhile investment. But remember, if you’re selling your property privately, you’ll be saving thousands in agent commissions. So don’t be afraid to make room in your budget to spend on quality, value-adding renovations.
The aim of your game is to maximise your property’s ‘wow factor’. Going the extra mile to give your home a true point of difference will have buyers lining up to make an offer.