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Maximising Property Value: The Impact of Renovation - featured image
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Maximising Property Value: The Impact of Renovation

Renovations are a great way to make your home more functional, comfortable and liveable.

They can also add significant value to your property, which is great if you are looking to sell sooner rather than later.

However, not all renovation projects are equal in terms of the value they add to a home.

For this reason, it is good to know which types of refurbishments could give you the best return on your investment.

In this post, we will look at the impact of certain renovations on maximising the value of your property.

While there is no guarantee that you will enhance your home’s potential worth if you complete them, there is a good chance that it will increase the price you could list it for when you eventually put it on the market.

Kitchen

Kitchen

The kitchen is often considered the heart of a home, which is why it is important to include it in any renovation plans, especially when selling.

For many buyers, the kitchen is a make-or-break room, so presenting them with an inspiring kitchen can increase the likelihood of seeing a return on investment.

How you tackle a makeover of the kitchen depends on its current condition, location and age.

If, for instance, it is small or separate from the rest of your home, it may seem too closed off or outdated for many people’s modern lifestyles.

For this reason, you might want to move it to another part of the home or create a more open-plan kitchen by knocking down walls.

Doing this will instantly modernise the space, increase its overall size, bath it in more natural light, and enable an easier flow through to other parts of the home.

All of which are desirable features for potential buyers.

Additionally, you might also be able to add a kitchen island, which can double as an eating space and increase storage, especially up towards the ceiling.

That said, if your budget won’t stretch to it, you could simply update the kitchen’s look by replacing the benchtops, appliances, cabinetry and light fixtures, adding in a splashback and giving it a lick of paint.

For kitchen renovations, you could easily spend up to $40,000, depending on what you want to do.

However, many buyers are willing to pay a premium for kitchens with modern appliances and plenty of spaces, as opposed to taking on the projects themselves.

So, if the kitchen is one of the main selling points of your home you should add significant value to it through any renovations you do to it.

Facade

Façade

How the front of your house presents is very important.

For you as an owner it should give you a sense of pride and a lift to your soul every time you arrive home, while for prospective buyers it should provide them with a good first impression that makes them excited to venture inside.

Overall, the more street appeal your property has the better.

Therefore, you should aim to create a fresh and vibrant look with a well-defined entrance, immaculate frontage and beautifully manicured gardens.

Essentially, you want something that buyers can easily see themselves living in.

Perhaps, one of the easiest, most cost-effective ways to enhance your property’s curb appeal is by painting.

Depending on the size of your home and its condition, prices for professional house painters start from about $2,000 to recoat the exterior of your property.

It is important to fix or replace anything like drainpipes, awnings or railings that are rusted or broken.

You might also consider planting some pretty natives that don’t require much in the way of maintenance.

Ultimately, fixing up the façade of your home will increase the value of your property significantly, not just in terms of what a real estate agent will price it at, but also for what potential buyers will think it is worth.

Bedroom

Master Bedroom

Along with the kitchen, the master bedroom is an important room in the house to renovate.

Not only is it where you will spend most of your nights, but it is probably where prospective buyers will be sleeping if they purchase the property off you.

Hence, it is crucial that it makes a good impression.

If space permits you should try and reconfigure the room to incorporate walk-in wardrobes, ensuite bathrooms or TV areas.

For smaller rooms, you should aim to incorporate innovative storage solutions.

Adding extra windows or skylights are also good ways to increase light and airflow into the room and you should also consider putting in air conditioning or heating if required.

While a good master bedroom can add significant value to a home, crucially, it can also make it a lot more saleable too.

Bathrooms

Every home needs a feature bathroom.

So, if you can’t fit an ensuite bathroom in your master bedroom you should try and create one elsewhere.

Typically, buyers want more from a bathroom these days.

So try to ensure your renovation includes the kind of luxury fixtures and finishes and spa-like amenities you find in retreat-style bathrooms.

This trend is definitely growing, and more and more buyers are looking for spaces that inspire indulgence and relaxation. 

If you are unable to fund a total bathroom renovation, a good idea is to adopt a minimalist approach but focus on upgrading certain pieces like a double vanity which can give your bathroom a more deluxe look and feel.

However, if you can pay for a complete bathroom makeover, you can expect to spend up to $25,000, depending on the fittings and materials you use and the space you have available.

You will also need to employ the services of a bathroom builder, tiler and plumber.

Typically, a bathroom renovation can increase a property’s value by up to 10% of its overall value, which will provide you with a good return for your investment.

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Wow factor

Every home needs a feature with a ‘wow factor’ and yours should be no different.

Therefore, you should consider doing renovations that will help your home stand out from the crowd, within your target audience.

It is worth remembering that prospective buyers often inspect a lot of houses, so it would be worthwhile offering something extra special to keep yours at the forefront of their minds.

One way you can do this is with a showstopper like an outdoor deck or fire pit.

These features will appeal to those who want to spend a bit of time outside throughout the year for dining or relaxing and are relatively straightforward to install.

Overall, they tend to add more value than they cost to make, so it is a very good way to increase the comfort and value of your property.

Update Flooring

Increasingly, buyers are being put off homes that have carpets in certain living areas as they perceive them as dated, difficult to clean and not in keeping with what they are after.

Subsequently, replacing old carpets with polished hardwood floors is an excellent idea when it comes to a renovation.

This simple change can instantly elevate the look of a room from functional to fabulous – most real estate experts agree nothing can top genuine hardwood flooring.

It can also be relatively inexpensive to fund and could create a valuable impression that could drive the price of the house up in the minds of your buyers.

Study

Add a study or office space

With more people running small businesses or working from home than ever before, it is important to add a dedicated study or office space in your home.

Doing this is a great way to help prospective buyers imagine how they would live in your property and therefore make it more attractive in their eyes.

You will need planning permission from the local council if you intend to build extra structures on to your current home.

However, if you have two large adjoining rooms with space that is not being used, you should consider reconfiguring the layout to accommodate an extra room.

If you were to create an extra room as a study, it could always double up as a spare bedroom if needed.

Additionally, when you come to sell it, the more bedrooms you have, the greater the pool of buyers you will attract.

Landscaping

Improving your landscaped areas all around your home is a worthwhile investment as it adds to the overall appeal and value of your property. 

However, landscaping isn't just for large gardens, simple additions like planting perennials and easy-growing hedges can create a beautiful view that surrounds your home even with limited space. 

Landscape

In addition, you can also use low-maintenance options like potted plants to fill in gaps, create well-defined areas and spruce up private spaces.

You might also want to create feature paths with brick or paintwork that give you a fresh and tidy walkway to use whenever you venture into the garden.

Responsible Rubbish Removal

While renovations can be a great way to improve the overall look, feel and price of your home they can be messy affairs.

Knocking down walls, ripping up carpets, throwing out broken furniture items that are no longer required and cutting down branches can all create plenty of waste.

So, it is important to make sure you get rid of it in a responsible manner.

This is easy to overlook.

However, having spent time and effort to enhance your property through renovations, the last thing you will want is for its overall aesthetic to be let down because you didn’t organise for the rubbish to be moved properly. 

For this reason, you might want to call in experts for eco-friendly rubbish removal in Sydney, Melbourne, Brisbane or wherever you live in Australia.

They will take the hassle away from getting rid of your renovation waste in a fashion that is considerate to the environment.

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Final Thought

Renovating your home to make it more functional and comfortable for you is one thing.

But if you are renovating it with the purpose of maximising its value, it is crucial to pick projects that will give you the best return for your investment.

Hopefully this article has provided you with some guidance on what parts of your home you should focus on.

Just be clear on whether you are renovating for yourself or a prospective buyer and manage your pursuit of profit accordingly.

About Apart from our regular team of experts, we frequently publish commentary from guest contributors who are authorities in their field.
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