The Renovations That Add Real Value

It’s no secret – home renovation fever is in the air more than ever. And whether your fixer-upper is for your own benefit or you’re a renovator with a view to listing your property on the market, it’s not hard to come in on budget on home renos.  But when it comes time to realise your investment, you might be in for a rude shock: the hard truth is that not all renovations add to the value of your home.

The burning question that Melbourne renovators are asking is ‘where should I spend my money?’  And ‘what can I do to add significant value to my property?’

The secret is to forget the emotion and look at your property from the perspective of your buyer. Think about shifting consumer preferences – recent lockdowns and changes in working habits have altered the way that many folks use their homes. Involve the experts from the get-go: your real estate agent can offer advice about how to get the best bang for your buck with home renovations.

At Love & Co we understand property values, and we’ve decided to share some of our top tips for increasing your home’s value in 2021:

1. Create a Home Office

With many Melbournians now opting to work remotely, it may be obvious that a dedicated home office or study is now one of the top items on the checklist for potential buyers. People don’t want to spend all day working at a desk in their bedroom, so be prepared to think outside the box when planning your home office.

A small, unused bedroom, sunroom or separate hallway nook might be an option.  Converting half of a double garage might be another way to achieve this work/studio room.

2. Be Creative in the Kitchen

The kitchen is the hub of a home so there is always value in refreshing such an important space. It’s very easy to break the bank when breathing new life into a tired kitchen though! If your budget allows for a whole new kitchen, then we absolutely recommend it, but if you’re looking for some more modest kitchen renovation tips, here are a few you might consider:

• Repainting timber cabinets can literally transform the look and feel of your kitchen. Colour is everything – a light, neutral palette is a universal favourite and most likely to impress your future buyer.
• New hardware is another way to lift the look and feel of the kitchen. A trip to your local hardware store, some simple hand tools and a bit of elbow grease is all it takes to update the handles and draw-pulls on your cabinets and take the aesthetics up a notch.
• The benchtop is the unsung hero of the kitchen, and replacing a chipped, badly scratched, or outdated benchtop isn’t a big job. Granite is popular with buyers, but if you’re after something a bit more budget-friendly, there are plenty of gorgeous laminate options out there for you to choose from.
• Good taps generally infer good plumbing, so replacing old tapware with modern ones can lift the image of the whole house.

3. Grab a Paintbrush

Repainting can refresh a space instantly!  But remember, if you’re renovating to sell, it’s best to stick to neutral tones because you don’t know the taste of your buyer. First impressions count, so a fresh coat of paint on exterior woodwork will go a long way towards creating the image of a well-kept, comfortable home.

4. Make a Splash in the Bathroom

Beautiful bathrooms are on buyer’s bucket lists.  Interestingly, the number of bathrooms per property has increased over time, and in Australia, the average is now 2.6 bathrooms per new home.

Adding an ensuite or another bathroom might be a great way to push your home up to the next price bracket, however, it’s important to do your sums carefully and be sure that your investment will pay off – you don’t want to over-capitalise.

Buyers want bathrooms that are well-lit, airy, and spacious.  Think large windows, skylights, strip lighting and a neutral colour palette. Cramped bathrooms aren’t likely to add value to your home, so try to maximize space wherever possible.  (Top tip: generous mirrors and light-coloured tiles and paint will go a long way towards making your room feel bigger than it really is).

Connect with nature where possible – earthy textures such as stone, wood, and marble are a great way to create that organic, natural feel we associate with the bathroom.

5. New Floor and Window Coverings

Is your carpet worn or badly stained?  Are your floor tiles chipped or broken?  Replacing floor coverings is another way to freshen up any property. And if your home is an old gem, there might be original floorboards under that old carpet, so why not restore this original period feature to its former glory?

Same for window coverings – replacing those dated and dusty window coverings with a fresh new look can transform a room and maximise natural light or privacy.

To DIY or not to DIY?

This is always a hot topic: while DIY renovations might save you a few dollars here and there, it’s important to realise that if you don’t have the expertise and practical skills to carry out your renos to a professional standard, then it’s probably best to get them done by a qualified builder. Because if there’s one thing that is guaranteed to put buyers off, it’s dodgy DIY renovations!

The Love & Co team can help you decide which renovation projects are going to add real value to your property. Get in touch with your local office today, we’d love to hear about your renovation project plans and provide guidance along the way to best maximise your home’s value.

The information in this article is for information purposes only and should not be taken as financial, legal or personal advice.

While care has been taken to ensure that information contained in this article is true and correct at the time of publishing, any changes after the time of publication may impact on the accuracy of this information.

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