When it comes to renovating your home, there are so many projects that add value, whether it’s for resale purposes or simply for your own family enjoyment.
While the monetary value that renovation adds to a home varies, depending on the individual home, there are common renovations that will help raise the sale price of any home.
Here we explore these with tips on how to maximise the value add.
How much do kitchen renovations add to home value?
The kitchen is often referred to as the heart of a home, where families come together. Consequently, it’s one of the first rooms that buyers look at when choosing their next home.
Renovating this area doesn’t need to cost the earth. Just a few simple changes or additions can make all the difference.
- Adding an island benchtop
- Installing quality appliances
- Including ample storage and pantry space
- Ensuring the room has a functional layout
A newly renovated kitchen can add $50,000-60,000 to the value of your home.
How should I renovate my bathroom to add home value?
Like kitchens, bathrooms are one of the first rooms that buyers pay attention to when choosing their next home. Therefore, renovating these will add value to your home so it is well worth the time and money.
If you only have one bathroom, adding a second one is also worth considering as this attracts a wider range of buyers and adds even further value.
- Making the space as light and neutral as possible
- Including modern tapware and shower fittings
- Including vanity upgrades
- Painting and laying new tiles and/or flooring.
Should I renovate my home’s exterior to add value to my home?
The exterior of your home is the first thing that people see and first impressions count. If you’re looking to sell, investing in your home’s exterior will add value to your home. An overgrown garden and falling down fence aren’t likely to get buyers through the door.
Curb appeal means more than just a tidy garden. It includes the look of the roof, the garage and the material and colours of your house.
- Rendering bricks
- Installing new window frames
- Painting exterior
- Painting or replacing roof tiles
Street appeal can add approximately 10% to a sale price.
Will additional or renovated outdoor spaces add value to my home?
In Australia, we’ve the perfect climate for outdoor living and entertaining. So, it makes sense that a functional outdoor space is high on any buyer’s wish list.
An undercover all weather area is the equivalent of adding an extra room and subsequently adds value.
- Adding a deck with indoor outdoor flow
- Installing an integrated kitchen and barbeque area
- Include an outdoor firepit
But there’s more….
While these renovations are amongst the top investments recommended for adding value to your home, it’s not an exhaustive list.
Other renovations or projects that can help add value to your home include changing the layout of your home, adding extra rooms, installing smart lighting and fittings, painting and updating flooring.
Want more advice about how much renovations can add to the value of your home before selling? PropertyNow can help. Find out more by calling 1300 664 773.