Many homeowners, especially in our world today, are taking the incentive of doing something constructive, by turning to home improvements projects. There are many reasons a homeowner would consider renovations, but the main reason would be for the future sale of the property.
Home improvements can be expensive and as a homeowner you want to get the most out of your renovations. Knowing what home improvements add the most value, will help you decide which project is more beneficial and this will also determine the budget for your renovations.
It’s always helpful to seek out expert advice prior to any major changes or decisions you intend to make in regard to your property. As this is your biggest asset you don’t want to end up throwing more money into something to end up with a negative return.
We recommend speaking with a property valuation company and fill them in on your plans for renovations, how to go about getting the most of your investment, and how a presale property valuation is best suited for your property related queries.
Depending on your budget, the smallest changes of improvements made will still have a positive impact on the value of your property. But you’re here to determine what home improvements will add the most value, so you end up walking away with a positive return when it comes down to the sale of the property.
Home Improvements that add value
The goal is to add value to your home, then the kitchen is the place to start. As a potential buyer the kitchen and bathroom can be the make or break of a sale. A new kitchen can provide an 80% return on your investment- meaning the amount you spent on the renovations, you will get 80% back when it comes to the value of the property.
Depending on how you choose to renovate it all comes down to the budget. A kitchen remodel includes:
- New appliances
- Cabinets and countertops
- Sinks and fixtures
- Flooring and a new coat of paint
- Create more storage or counter space.
The outcome of any renovations whether it’s a full renovation or a simple refresh, the goal is to create a modern feel, better flow, consider the size, style and quality as you want each room to complement the other.
As we mentioned before, the bathroom is key to selling your home. Redesigning the bathroom, keep in mind how many people will be using the space on a daily basis. You might consider adding an additional bathroom to the property if the space and budget allows
Having a bathroom layout that is functional and can include both the shower and a bathtub. Having a consistent design between the kitchen and the bathroom can tie the whole house in and create a particular sense of style. Using the same flooring, fixtures and countertops is one way of being cohesive, and keeps to bright neutral colours as this gives the feeling of space and cleanliness.
We all want that natural light feeling, and potential buyers will pay special attention to the amount of light flow throughout the house. The types of light fittings and fixtures and a big impact to the feel of the property. Considering repainting or even replacing the window frames, high quality and energy efficiency is what to look out for, researching and understanding energy performance ratings will help you determine what’s best.
First impressions count, the first thing a potential buyer will see is the exterior of your property, and this will give them an insight for what to expect for the interior.
A new coat of paint can do wonders to a property both inside and out. Stick to light neutral colours, giving an overall sense of modernness as well as consistency. Take into consideration your home location and how buyers would want to utilise the space. The front and back of the house are another main factor potential buyers consider. Outdoor living spaces can create a big impact on home values. Keep in mind the outdoor living space is an extension of your home, and it can provide a lot of room for creativity. Think outside the box when renovating your outdoor space, maybe adding a fire pit, bar area or a gathering space that has the option of weather resistance throughout the year. You want to create a space that’s inviting and usable, as long as you keep it consistent with the design of the inside of the house.
Improving your outdoor space both in the front and back of the house doesn’t have to involve big renovations, it can be as simple as cleaning and removing weeds around the area, removing trees, and bushing that may be high maintenance. Repainting the pot plants and planting new trees and flowers can still create an impact and will still have the potential of adding value to your property.
There are many things to consider when it comes to the potential of your property. The goal at the end of the day is to create a sense of appeal to potential buyers and create an increase in the value of your property investment. Just be sure to contact a professional to get more information and understanding on what’s the best avenue for you to choose in your renovation journey and eventually the type of property valuation that would benefit you and your finances in the future.
Author Bio :
Adam Webster – LinkedIn Profile
With over 25 years of industry experience within the state, Adam Webster is one of the top property valuers in Victoria. He has appeared as a guest lecturer at numerous universities in Melbourne and has run career development seminars. Adam has extensive knowledge of the Melbourne property market, gained through his years valuing commercial, industrial, and residential properties throughout the metro and greater suburban area.