Whether you’re planning to sell your home or not, the best renovations are those that increase your home’s value. Considering the return on your investment is an essential point of focus for all during this process. You want to be sure that the work you put into your home pays off in the long-run and that you’re not simply throwing money away.
It can be hard to assess whether an improvement made to a property will help raise its overall worth. Not all renovations have the same financial pay-off and in some situations, an unrenovated home can sell for just as much as one that has had a lot done to it. For this reason, it’s wise to consider your market, how homes are selling in your area, and what buyers are looking for in properties similar to your own.
A home renovation that adds value to your overall property price doesn’t always mean a full-scale refresh or large extension. In some cases, a simple kitchen makeover can have a massive return, while in others, your property may have already reached its value limit. It is possible to overdevelop a home. Remember, your home will never drastically exceed asking prices of similar houses in your area.
Generally speaking, renovations that polish your interior, make it look complete, add functionality without compromising design and increase space are beneficial when seeking to increase value. If you’re looking to maximise value with a renovation, the ideal place to begin is with a property valuation. This foundation allows you to assess where you currently stand in the market and understand what your property may be lacking. From here, you can work with an expert to gain the best insights into how you can maximise the return on any changes you make to your property.
Focusing your efforts on certain key areas will result in a positive outcome from your investment - a crucial consideration for anyone getting into home improvement. Paying special attention to these rooms is a wise way of ensuring renovations add value to your home:
Kitchens are known as one of the most important areas of the home. It’s an accepted fact that a well presented, a functional kitchen will do wonders for an on-market home. Renovating your existing facilities with timeless decor, quality cabinets and appealing fixtures can make a huge difference to the overall look and feel of this room.
Bathrooms are one of the first things that people assess when considering a new home. Run-down bathrooms with rough fittings will significantly age an entire property. For this reason, targeting renovation efforts into this area can add extra appeal. If you’re short on budget, drive your focus towards lighting, cabinets, faucets and tiling. Like the kitchen, bathrooms can sometimes be expensive due to the presence of plumbing, so it’s necessary to be thoughtful when making this investment.
If your property allows for the addition of an extra bedroom, you could see a massive return on investment. In some homes, this process can be as simple as adding or moving a wall. While it is on the more expensive side of the renovation spectrum, it is one of the most lucrative changes you can make.
If you do decide to add an extra bedroom to your home, you’ll need council consent. Working with a reliable New Zealand building company will ensure you’re compliant with the law and have all you need to enjoy the added value to your home.
All homes are unique and as such, you should adjust the renovation decisions you make accordingly. If you’re living in a leaky home or your home has some other defect impacting your potential sale price, this should be your first priority. A healthy and secure home should always take precedence over style or trend.
To make the best choices when delving into the renovation process, it’s best to speak to a real estate agent, licensed building practitioner or property valuer. Once you have the right information, you’ll be able to decide on the ideal alterations for your home that will grow its overall value.