Home renovation ideas to increase your property’s value
Renovating can be rewarding, challenging, and valuable all at once. It can increase your enjoyment of your home now and increase its value when it comes time to sell in future. However, there are some home renovation projects that are more valuable than others.
Australians who applied for the HomeBuilder Grant may now be searching for the best ways to spend their home renovation grant that will give them the most value down the track.
If you’re looking to maximise the value from your renovations, or if you’re simply looking for home renovation ideas that can make your property more appealing on the market, these tips will help guide you in the right direction.
Focus on cosmetic upgrades
Upgrading your home’s insulation might sound like it would increase property value, but the truth is that if it’s not obvious, it might not increase value as much as you’d hope.
Instead, look for areas where your investment can make an obvious, cosmetic change. This could be:
- A garden makeover
- New cabinets in the kitchen
- A new bathroom vanity
- Fresh paint throughout the home
- Refurbishing the flooring
Keep it functional
When you walk through a property you’re considering, you imagine what life would be like to wake up there, host dinner parties, raise a family, and so on. So when a potential buyer walks through your home, it helps to add value by giving them something they can imagine using.
With Australia’s warmer climate, this is especially true for exterior home renovation ideas, but there are functional indoor renovations you can consider as well:
- Build or renovate a deck
- Create a fire pit
- Build a beautiful garden pergola with seating
- Set up wall shelving for a library
- Create a built-in reading nook
- Set up a home office
Make it look a million dollars (without spending a million)
The key to valuable home renovation ideas is spending less than you’ll get during resale, and the trick to that is making it look great without investing more than you’ll earn.
As you consider your budget and how much you’re willing to spend on the big projects, don’t overlook the minor details that don’t cost much but can make a big difference in your home’s appearance.
This could be anything from new tapware and cabinet handles, to fresh paint on your fence, new plants for increased curb appeal, or new lighting fixtures.
Create a blank canvas
When staging a home for sale, real estate agents will often advise homeowners to remove personal knick-knacks and clutter to help potential buyers view themselves in the home. It’s harder for a buyer to imagine their own family in a space if it’s already brimming with another family’s souvenirs and photos, for example.
You can further help buyers imagine themselves at home, and therefore more likely to consider making a purchase, by making it more of a fresh, blank canvas through your renovations:
- Paint the walls white
- Replace dated curtains and drapes with something simple and modern
- Replace benchtops in the kitchen and or bathroom with modern stone
Opt for universal upgrades
Aim for a renovation that everyone would love.
As much as a spa installation might be exactly what you’d love in a home, some people might see it as a power-hungry feature that requires a lot of upkeep. Instead, opt for something more universally loved.
Solar panels, additional storage, new appliances, and an outdoor living/entertaining space are all failsafe options that most (if not all) buyers will appreciate.
Work with professionals whenever possible
A DIY renovation might impress your friends, but when renovating for resale, you’ll need to impress a building inspector, too. Unless you are confident in your abilities and have some experience in the task at hand, paying a professional to do the work will help to ensure it passes a building inspection.
Plumbing tasks, re-wiring, new wiring, and load-bearing renovations are best left to the professionals.
Renovating your property is also a prime opportunity to refinance your mortgage. With refinancing, you may be able to secure a better rate or additional benefits on your home loan. Contact us today for a no-obligation consultation and to find out more.
When it comes time to buy a new home, consider working with a buyer’s agent. These professionals help take the stress out of buying a property by managing the entire process from start to finish, from researching markets to working with trusted mortgage brokers.
Learn more and get a free 1-hour consultation:
Jay Anderson Property
0410 746 200
** General Advice Warning
The information provided on this website is general in nature only and it does not take into account your personal needs or circumstances into consideration. Before acting on any advice, you should consider whether the information is appropriate to your needs and where appropriate, seek professional advice in relation to legal, financial, taxation, mortgage or other advice.