Three home renovations that add value
According to a recent survey, we are a nation who loves home renovation!
Compare Market Australia’s latest research found that Australia had the third-highest search volume for renovation terms, with an overall search term volume of 55.32 searches per month per 100,000 people.
New Zealand come in first, followed by Singapore.
When renovating a home, it can be confusing to know what to focus on and what will add value; a good renovation will add value, and in some cases a significant amount, but, a bad renovation may affect the value in a negative way.
The trick is knowing what you need to focus on, not to overcapitalise, and only spend money where it will make a difference.
Here are three areas high on the buyer’s tick-list to consider renovating to add value:
Incorporate a home office
With more people now working from home, many buyers are looking for properties which have the potential of a home office, or at least a dedicated work space. See how small bedrooms, or if the budget allows, attics or basements can be upgraded to a small study. Sliding doors or room dividers can be used to partition parts of large rooms, and we’ve seen some very creative work spaces under stairs and in alcoves, and we’ve even seen cupboards transformed.
Reduce running costs
Utility bills have skyrocketed, and any energy saving renovations – and hence reduced household utility bills – are increasingly becoming a selling point which buyers are willing to pay more for. Here are just three options to look at:
- Solar
Origin Energy’s survey carried out in 2019 found 77 % of respondents thought a house with solar panels was worth more than one without. More than half said they’d pay up to $10,000 more for a house with solar and that figure rose to 60 % if the system also had a solar battery. Even renters were willing to pay extra for a house with solar.
- Windows
A home can lose as much as 40% of its heat through windows in winter, while in the summer months as much as 87% of the heat in a home is acquired through them. While you can double or triple glaze the house, a lower cost option could include adding shading to the windows with shutters or external blinds; draft-proofing (for instance, use heaving curtains), can also make a difference to the ambient temperature of your space, which in turn will reduce the energy needed to heat or cool the house.
- Insulation
If you’re adding, removing or altering walls, consider including wall insulation; this is one of the best, relatively lower cost, energy efficiency renovations you can make.
Some renovation budgets don’t stretch as far as the above, but there are less expensive, but equally efficient installations you could make. This may include replacing inefficient lightbulbs with LED and look to ways in which to reduce water consumption, such as using a shower head and/or installing a duel flush toilet.
Kitchens and bathrooms
Kitchens and bathrooms are both areas buyer’s look at in detail, but it very much depends on the current state of the rooms as to whether you go for a total makeover – and run the risk that it’s not to the buyer’s taste – or simply upgrade some of the finishes in line with current trends.
- Kitchen
If you’re going for a total makeover, modernise the space by increasing the available size and allow for easier flow through to other areas, and maximise on space with floor to ceiling storage. Chose neutral colours too.
Otherwise consider simply updating cabinetry, appliances, benchtops, and lighting, and replace stained fixtures, such as taps and mixers.
- Bathroom
Wellness and self-care are the current trend, so any changes you’re thinking of making to the bathroom should have this in mind. Look to create harmony, and inspire indulgence and relaxation in any remodelling you do.
The budget may not stretch to a full bathroom renovation, so like the kitchen, look to replace out-dated fixtures, tapware and showers. Regrouting tiles will add value. The most important thing is to keep the look fresh, clean and clutter-free.
If you’re thinking of selling, or would just like to know what your house could get in today’s market, contact us for a free, independent and non-obligatory quote. As well as giving you our thoughts on what renovations you may be thinking of doing, our experienced team will also give you other tips and ideas so you can get the best from your property.
Being one of Newcastle’s longest established real estate offices, our innovative team can give you great advice on what you can do to improve your property right now and we are constantly achieving great results for our clients.
We’d love to see you in our Cardiff office or you can give us a call on 02 4954 8833. Or send us an email to: mail@apnewcastle.com.au.
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