Australians are spending more on renovating their homes than ever, in the drive to adding value to their homes. In the 2014-15 financial year, Australians did $7.2b billion worth of renovation requiring approval. This figure has more than doubled since the year 2000. (Source: .id) and is expected to boom through the remainder of 2016 (source: Your Investment Property).
For many home owners, it’s simply more cost effective to renovate and extend, than move to a larger house. With nine out of ten Australians agreeing that renovation is a good strategy to increase the value of the property (source: Westpac), it seems like it’s a “win / win” option.
If like many Australians you’re looking to get the most out of your home; how do you do it? We’ve listed the top 5 methods of adding value to your property.
#1 – Add a bedroom
Properties are typically valued by two primary means: land size and the number of bedrooms. The price jump and the appeal of a property with more bedrooms is significant. If you’re unable to extend due to a lack of land space, be careful not to compromise the quality of your other rooms.
Adding another bedroom to your home is great for the value of your property. But, 71% of renovators also do this to allow them to stay in the same area, rather than moving home. (source: Westpac).
#2 – Update your kitchen
They key here is to increase the scale of the kitchen so it appears larger and of more substantial quality. Get it right and you can expect a return of three dollars for every dollar invested (source: Complete Home).
The average cost of installing a new kitchen varies greatly, depending on the size, type of surfaces chose, finishes etc. Our recently blog – Kitchen design ideas and renovations – provides some key considerations for you to run through.
If you’re renovating your kitchen with a view to a future sale, be sure to go for a modern, timeless approach. Rather than something bold or out of the ordinary.
#3 – Create an outdoor entertaining area
Cairns has the perfect climate for entertaining outdoors. So, it should be of no surprise that creating a space that can be used all year round, can add to a home’s appeal. Rather than clunky extensions. Covered decked areas are increasingly popular and help potential buyers visualize social events with their family and friends.
#4 – Add a granny flat
Whilst the cost of adding a granny flat to your home can range from $50,000 to $100,000, the added value could be phenomenal. There are many approaches to creating new granny flats, as we highlighted in our blog last month, but the popular driver seems to be to add private space for children or parents.
Either way, granny flats appear to be back in fashion with clever flat-pack options right through to premium custom built solutions.
#5 – Update your bathroom
An outdated bathroom has the potential to turn-off 25% of buyers, but it’s often the most cost-effective to upgrade. Our piece on bathroom renovation advice suggests homeowners should review the layout of their bathroom carefully. Whilst also incorporating some industry tricks to get the most out of it.
If you’re looking for ideas on how to renovate your bathroom, take a look at our portfolio.
Need professional advice? Talk to us about your next renovation project and we will give you expert guidance and a free quote.