5 Renovations That Add Value to My Home
Learn how to add value to your property with our list of best home renovations
In this article, we outline the renovations that add the most value to your home. Whether you’re renovating to sell or simply adding value to your home before you sell, here are five of your best asset renovations to undertake when selling your property.
The Kitchen is the Heart of a Home
In most households, the kitchen is the place that brings most family members together and the place where wonderful memories are created. For this reason, updating your kitchen to a clean, modern, and well-equipped space can be one of the best renovations to increase value. In fact, it has been reported 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 easy to assemble. Alternatively, you can simply give your kitchen a minor makeover. Swap outdated fittings, such as door handles and appliances, for more contemporary ones and give the kitchen a fresh, neutral coat of paint.
Spruce up the Bathrooms
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, as buyers place value on having these rooms fresh, light and on trend. If you’re looking for how to add value to your home, bathrooms are often a great place to start.
In order to capitalise of the trend of having a desirable bathroom in your home, you don’t have to complete a full Better Homes and Gardens bathroom renovation. To keep costs down, retain 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 mold. A few pot plants can help brighten up any bathroom, as well.
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) is one of the cheap ways to add value to your home and 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.
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.
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 or a BBQ.
Low-maintenance plants are a great way to keep costs and required labour to a minimum. Plus, they liven up your outdoor space without intimidating buyers with tough up-keep. Building an outdoor space can be a lucrative real estate renovation to add value to your home.
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, renovations that add value to your home 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.