Home renovations are an ideal way to enhance how you live and enjoy your private oasis away from the outside world. It’s probably no surprise to you either that by renovating your home, you are also increasing its material value.
Home Renovation: Increase the value of your property
But it’s also important to define value as it carries different meanings to different people and serves different outcomes, depending on your motivation.
Suppose you want to capitalise financially from selling your home to buy something bigger and better. Your view of value will be vastly different to someone’s home renovation to enhance the home’s liveability for their family to enjoy for the longer term.
Whatever way you look at it, home renovations can increase value, but what gets you the most bang for your buck?
If you aspire to undertake a home renovation this year, you will want to read on. We’ll talk about what home renovations will help add value to your home so that you can make an informed decision when it comes time for you to renovate your home.
A highly popular home renovation is the kitchen – particularly if your house is getting on in years or the size of your family is making it more of a challenge to utilise the space.
A kitchen renovation that creates space and liveability and meets the practical needs that a kitchen serves is a great way to achieve value. But you should also consider the layout and design to feel satisfied with the renovation.
It is important to remember not to go overboard with a kitchen renovation. After all, you don’t want to spend $100,000 on something that doesn’t give you back that kind of return – particularly if you’re planning to sell down the track. That’s why it’s best to start small, make minor alterations, or, if you plan on a full kitchen upgrade, work to a practical budget that gives you a good result while not breaking the bank.
The bathroom is another space in your home that can increase value. Like the kitchen, it’s a big job to undertake, but the benefits of a bathroom renovation not only give you a space to relax, unwind and enjoy after a hard day’s work, it can bring you value when it’s time to sell.
Whether you’re planning to update the bathroom sink, a new lick of paint or a full bathroom overhaul, the facelift can add appeal and value to your home.
Again, like the kitchen example, don’t go overboard on your bathroom renovation by spending more than you’ll get back if you sell. It’s a personal choice and should align with your overall motivation for home renovation.
Like any home renovation, the bathroom requires careful planning. If you’re unsure which way to head, it’s best to speak to a home renovation expert who can help you understand what type of renovation would best suit your goals and provide value.
Outdoor Living Spaces
An upgrade to your outdoor areas is the perfect facelift for your home – especially if you plan to sell down the track. After all, it’s one of the first things people see, and an attractive exterior could be that point of difference that appeals to buyers.
With households spending more time at home, homeowners want to maximise livable space and make where they live a comfortable and enjoyable space for their families and for entertaining. An outdoor entertaining area is a great solution to add appeal and value to your home.
If you plan on entertaining guests or need more space for the kids, an outdoor living space that provides extra room could give you that added value you’re looking for. It also can potentially add value if you’re looking to sell.
But it’s important to remember that not all households are the same, so what is appealing to you may not appeal to others when it comes time to sell.
If your home is a little bit older, you’ll know that it can feel a little on the pokey side, with bedrooms crammed next to each other and living areas built off living habits from years past. Unsurprisingly, older houses may not be as appealing to owner-occupiers or prospective home buyers as they don’t always meet the demands of modern life.
To add value to your home, consider adding a bedroom or creating additional common living areas, like a living room or rumpus room, to create separation and give the feeling of a larger house.
Energy Efficient Homes
Rising energy costs mean homeowners and home-buyers seek ways to save money. Energy-efficient solutions to your home can increase its marketability and add value from a money-saving perspective.
Whether you consider a heating and cooling upgrade, solar power, insulation, or low-flush toilet systems, these can make a home more efficient and add clever ways to increase your home’s perceived value.
Before You Renovate
A renovation can influence home design for years to come, so it’s important to know what you do now to alter your home will be around for a while. It’s always best to think about your household needs and, if ever in doubt, speak to home building/home renovation experts who can help walk you through what is right for your home.
If you plan to renovate to meet your household needs or sell down the track, the common theme throughout this article is not to over-capitalise on your renovations. You must weigh the costs versus benefits to determine the right approach for your individual needs.
You should also consider what value means to you and whether that means renovating to enhance your life or renovating to sell. That will help you have the right conversation with your home builder.
Ready to Add Value to Your Home?
At B&S Nelson, we are building and home renovation experts in Forster/Tuncurry. Our understanding of home building/home renovation is unparalleled, and you can have peace of mind that when choosing us as your builder, you are at the centre of what we do.
If you’re ready to build or renovate in coastal New South Wales, phone the expert home renovation designers and builders at B&S Nelson today at (02) 6555 3484, or fill in an online contact form, and one of our consultants can contact you at a preferred time.