5 min readAre you looking to unleash the potential of your home? Knowing which renovations to invest in for the best return can be one way to work your way up the property ladder. Whether you’re a homeowner looking to make a good profit or a first-time investor, choosing the right renovations to add value and impact is essential if you plan on selling.
Not all renovations are guaranteed to provide you with a tidy profit though. There’s nothing worse than pouring your time, money and energy into a property makeover that doesn’t improve your home’s value or rental income. Smart renovations will improve functional space and visual appeal. Here are a few value-adds to get your reno plans started.
1. Add more space.
Homeowners, renters, buyers and investors all crave the feeling of spaciousness. Extending the living area and kitchen to create more internal living space is a big-ticket item when it comes to resale value. Knock out a non-structural wall and establish a sense of flow between the dining and kitchen areas. If an existing kitchen island is taking up too much space, you may want to consider installing a moveable island that can be adjusted as needed and to create extra storage and bench space too.
The resale value of your home can be drastically increased with a bedroom addition. Whilst this can be more costly than pulling down a few non-structural walls, it can have a massive financial upside when you sell. Be careful not to jeopardise the size of other rooms to squeeze in an extra bedroom. Adding another room may deflate the property’s value if it makes an average-sized living area feel too small.
If budget permits, more space can be added to a home by building upward or outward through a specialised home renovation builder. Attic, basement and garage conversions are also popular to make better use of existing space too.
2. Invest in quality flooring.
Old carpets, tiles or lino can be replaced with attractive and inexpensive alternatives. Laminate is a popular choice for its durability, solid hardwood look and low maintenance appeal. It’s also an affordable way to achieve the dream timber floor appearance desired by many homeowners and renters. Whichever flooring you choose to invest in, make sure you choose neutral and timeless shades if you’re wanting to resell.
3. Create fantastic kerb appeal.
The first impression a property gives when you first lay eyes on it, whether that’s online or in person, matter a great deal. If you’re wise enough to invest in your home’s exterior properly, the extra effort can make a positive impact on value. Kerb appeal is essential to grab the attention of as many potential buyers and renters as possible. It doesn’t have to be over the top, simple updates that make a big impact are key.
Unattractive bricks can be rendered and painted a fresh, modern colour. Window frames can be repainted or replaced with a more visually-appealing version and roof tiles can be spray-painted to colour-match the rest of the home. Landscaping should be updated, with tasteful plants and greenery added to the mix. Keep garden beds weed free and add mulch, pebbles and a paved walkway to the front door for simple aesthetically pleasing improvements.
A new letterbox and house numbering, a boldly painted front door to contrast with the home’s neutral colours and updated fencing all add to the property’s kerb appeal too. Cement rendering and a bit of ‘rip-and-tearing’ of any out-dated features is also recommended.
4. Focus on the hub of the home.
The kitchen is the hub of the home and thus plays a big role when selling a property. A fantastically functional kitchen with plenty of storage, a functional layout, updated appliances and plenty of bench space is at the top of most people’s new home wishlist. That’s not to say it’s the room to go over the top with, however. Any updates you make should match the home’s current style and be appropriate for the property and its surrounding area too.
For a cost-effective kitchen upgrade, modular kitchens are a great idea. If the kitchen is still structurally sound and the layout still practical, replacing the kitchen benchtops with marble or granite and updating the cabinet hardware and appliances can easily transform a tired looking space. Make sure you pay attention to the flooring too, so it’s appealing, durable and water resistant.
5. Add luxury touches with fixtures & details.
You can add a luxurious feel to a property through quality fixtures. The kitchen and bathroom are the most important areas here. Buyers and tenants will demand modern and up-to-date in these spaces, with clean and stylish fixtures and fittings to add that luxury charm.
Pay attention to the details. One or two elegant fittings within the house can create a big impact – visually and value wise. Chrome-plated accessories will add a modern appeal, but choosing coloured fixtures can bring a sense of indulgence. For example, copper tapware teamed with black splashback tiles is a stunning contrast that oozes elegance. Sheer curtains, carpet that shimmers (a silk and wool blend), large gloss wall tiles in the bathroom and unique lighting pendants are all great ways to lift the luxurious feel of a home too.
Choosing quality materials, appliances and finishes offer longevity and appeal in a property – one buyers and renters are willing to pay a premium for. Select the best you can afford, stay within your budget and know what renovations to invest in and which ones to leave to get maximum home value when the time comes to sell.