Renovations can do wonders for a home’s value, but it’s vital you only spend money on projects that will give you maximum return for your investment. A successful renovation that will bump up the market value of your property takes research and planning. The aim should be to target highly visible changes that immediately grab the attention of prospective buyers and minimise the money you spend on changes that buyers won’t see on inspection day. So what are the main things that should be on the hit list of renovators?
A Modern Kitchen & Bathroom
If there are any rooms in the house where you can spend and have a good chance of getting a return on your investment it is the kitchen and bathroom/s. Most people see these rooms as the most expensive to renovate or change so having modern, inspiring spaces will help buyers fall in love with your home and not think they need to spend thousands in renovation costs on to top of the purchase price.
Considered the heart of the home, the kitchen is one of the big ticket rooms well worth spending your money on, because it usually pays off. Depending on the condition, value and location of your home a full renovation may be the best option, but it’s also possible to do a cost effective renovation if the existing structure is good. A fresh coat of paint, new cupboard doors and benchtops, new door handles, tapware and upgraded appliances will usually do the trick. Keep in mind that is easy to overspend here, remember who you are renovating for and don’t go overboard with bells and whistles that might go unnoticed.
Bathrooms are the other rooms that are definitely worthy of some upgrades when you want to add maximum value to your home. You can go all out with a complete renovation, just be mindful of not overspending. If your bathroom is in good condition then fresh paint, and new showerheads and taps will showcase a modern aesthetic, as well as making the room look bright and clean. However, if your tiles are old, if there is any water damage or the layout isn’t right, then a whole room re-vamp might be a wise investment.
Creating Curb Appeal
Curb appeal, or street appeal, is all about first impressions. Many people focus their attention on changes inside and don’t understand the importance of making a good impression from the street. This will entice prospective buyers through the front door, as it can be a great indicator of what’s inside. Curb appeal sends a message that your home is up-to-date and well maintained so a fresh coat of paint, cleaning of pathways and gardens, removing cobwebs and trimming of plants will help. Check the letterbox is in good order and fix any loose pavers or fence palings. Make sure there’s a clear path to the home entrance and highlight this with a new front door or repaint of existing door.
Painting the interior is a relatively inexpensive way to entirely change the look and feel of your home. It’s a great way to freshen up and make the home feel well maintained and clean. If your budget allows call in the professionals, but this is one task that can be tackled by yourself – you just need the right tools and equipment. You may even be able to get away with giving skirting boards, doors and window and door frames a good clean if they are in good condition.
A Flooring Update
Don’t underestimate flooring when it comes to giving a property a much needed facelift. Getting carpets cleaned can make a huge amount of difference to the look of a home, so calling in the professionals is well worth it. However, if carpets, tiles or floorboards are looking worse for wear it may be time to replace them. There are a variety of inexpensive carpets available, floorboards can be re-sanded and stained or new modern vinyl or laminate flooring may be a great way to modernise old spaces. Again, remember to keep in mind your target market, you could spend up on solid timber flooring throughout but you may be unlikely to get a return on this extra cost.
New Window Treatments
Give windows a good clean to get the glass sparkling, check latches are working correctly and contact a glazier if any panes are cracked or need replacing. Blinds and curtains are great cosmetic touches that are easy on the wallet but will be easily noticed. They can soften the look of a room and add privacy and by adding similar blinds and curtains to all rooms in the house, this creates a feeling of consistency.
Backyard and Garden Maintenance
If your front and back gardens are looking a bit neglected it’s well worth cleaning them up and adding some updates if possible. Mowing lawns and weeding garden beds are a great place to start. Injecting some extra greenery into your property such as plants, flowers and trees can instantly add colour and life and the best part is it can be done without exerting too much effort or money.
There are a couple of things to keep in mind for a profitable renovation – Your renovation should be in line with what buyers in your suburb want and your renovation should be proportionate to the value of properties in your area.
Considering a renovation in Melbourne? Whether you are renovating to sell and make a profit or renovating to create your dream home, Duncan Thompson Extensions are a leading home extension and renovation company specialising in the eastern, south eastern and bayside suburbs of Melbourne. Contact us today to see how we can add maximum value to your home.