Some improvements to increase the value of your home
Whether you’re thinking of selling up or your home is overdue a much-needed facelift, renovations are a great way to spruce up your property while adding value to it in the process. Many shy away from renovations because of the prospect of high costs. However, it’s often the smaller, overlooked and less expensive jobs that add the most value to your home. So before putting hammer to nail, check out our list of renovation ideas.
1. Insulation
This one may seem obvious, but if you currently live in a property without insulation, you’d have definitely felt the winter bite this year. Insulation can make all the difference between extreme temperatures and being comfortable, and for prospective new homeowners, insulation is a no-brainer. A recent study by the Australian Government revealed that insulated homes were not only drier and warmer throughout the year, but also saw a significant improvement in the health of adults and children.
So even if you’re not considering selling right now, insulating your home should be a top priority. Not only will it reduce your energy bill, but it’ll also keep your home comfortable and healthy.
2. Update the small things
Another example of a low cost, high-value renovation project is replacing smaller ticket items like décor, door and cupboard handles and light fixtures. It’s not only a really easy job to do, but a super affordable way to modernise your home, while also helping increase its eventual sale price.
If you do choose this as your next reno project, remember not to overspend on the latest and greatest handles/fixtures of the season. Spending more than the industry standard won’t increase your sale price any more than the ‘2022 handle of the year’, rather it’ll end up cutting into your potential profits.
3. Adding a deck
This project is a little more expensive, but outdoor spaces (especially heading into summer) are beginning to become even more important and sought after by prospective homeowners. Properties with decks tend to have better indoor/outdoor flow, which is a great selling point for properties on the market. They also provide the perfect spot for summer BBQ’s and entertainment – another key selling point for potential buyers!
The cost of undertaking this reno project varies on size as well as the bells and whistles you include (e.g. built-in seating, flower pots, etc.), however, according to domain.com.au, a typical deck starts at $1,500 and can reach $10,000 depending on the materials used. If adding value to your home is a priority, then adding a spacious deck is a really good way to do so.
Conclusion
Whatever your motivation, renovations (both big and small) can be a great way to add value to your home. And don’t forget, it’s always best to shop around and talk to both builders and designers before undertaking any major renovation project on your property.
If you require any financial assistance, our expert team of mortgage brokers can seek out the sweetest loan for you and provide the best advice to get your renovations underway.
