With skyrocketing housing prices, many Aussies are opting to renovate rather than upsize or renovate before selling. Their one objective?
To increase the value of their home.
Not all renovations are created equal when it comes to boosting the value of your home.
If you’re planning updates with resale in mind, strategic choices can maximise your return on investment (ROI).
Let’s explore high impact renovations, budgeting tips and when it makes sense to go DIY versus hiring a professional.
RENOVATIONS THAT PACK A PUNCH
Kitchen refresh
The heart of the home matters to buyers. Updating doesn’t mean a full gut job. Refacing cabinets, new countertops, a modern backsplash and updated appliances can make a huge impact.
Bathroom boost
Dated bathrooms are a turnoff. New fixtures, modern tiling and improved lighting refresh the space. If layout changes are needed, prioritise functionality.
Paint and flooring
Fresh paint instantly brightens a home and is budget friendly. Replacing worn carpets or outdated flooring throughout the house offers a big visual upgrade.
OUTDOOR APPEAL
Curb appeal counts! Landscaping, a fresh coat of paint on the exterior and a welcoming entry enhance first impressions. A ‘sense of arrival’ sets the scene.
Energy efficiency
Buyers are conscious of ongoing costs. Energy efficient windows, insulation and newer appliances can add value and appeal.
BUDGETING FOR SUCCESS
Set a realistic budget
Get quotes and factor in a 10% to 15% contingency for unexpected expenses.
Prioritise
Focus on high ROI renovations first, then consider ‘nice to haves’ if your budget allows.
Shop around!
Compare prices for materials and contractor rates. Don’t always go with the cheapest option. Check references and quality of work.
Phased approach
If a full overhaul isn’t possible, tackle projects in stages as your budget permits.
DIY OR HIRE A PRO?
Your skillset
Be honest about your abilities. Complex plumbing or electrical work is best left to licensed professionals.
Project scope
Small cosmetic projects may be DIY friendly. Major structural changes or layout alterations often require pros.
The value of time
Even if you can DIY, is it the best use of your time? Factor in the hours you’ll spend vs paying someone to do it faster and potentially better.
Resale considerations
Sloppy DIY work can actually devalue your home. For major renovations, having professional receipts and permits can be a selling point.
ADDITIONAL TIPS
Don’t over personalise
Choose updates with broad appeal. Quirky or overly luxurious finishes can narrow your buyer pool.
Keep it consistent
Renovations should complement the existing style of your home for a cohesive feel.
Local market matters
Research what buyers in your area value and price renovations accordingly.
Important note:
The specific ROI of renovations varies depending on your location, the quality of the work and overall market conditions. Consulting with property professionals can help you understand the features that buyers in your area are seeking.