Property Value Increases –
The Top 3 Rooms To Renovate!
Renovations – the ultimate homeowners’ privilege. The ability to do pretty much whatever you like with your own home. The way to turn someone else’s home into well and truly your own. And, for many people, a way to add not just increased satisfaction and functionality, but also a much sought after increase in property value.
If increasing your property value is one of the aims of your renovations, it pays to invest in knowledge and a healthy amount of caution. There are some renovations done well, that are pretty much guaranteed to increase the value of your property. On the other hand, there are some renovations that will not only cost you money, but could very well decrease your property’s valuation when it comes time to sell or refinance. For example, that $20,000 bespoke feature rainbow tiled fishpond dominating the scene in the middle of an otherwise normal suburban backyard. Is more likely to put potential buyers off than entice them!
According to the experts, the top 3 rooms to renovate to increase your house value are:
1. Your Property Value and The Kitchen
We’re not just saying this because we’re in the kitchen business, we promise! Two of the leading real estate sites in Australia, Domain and Realestate.com.au both agree – A quality upgrade of your home’s kitchen is the number one way to maximise the potential sale and property value of your home. Properly done, with proper sourcing and budgeting, a kitchen upgrade can offer in the realms of a 500 – 600% return on investment.
Domain quotes one renovation expert confident that it’s totally feasible to spend $10,000 on a kitchen makeover, and see a $50,000 – $60,000 increase in property value. Obviously these figures aren’t guaranteed, but the consensus is that renovating your kitchen is most likely to translate into more bang for your renovation buck. Some of the top renovation guides (increase property value) recommend spending approximately 5% of your property value on getting your kitchen up to scratch.
2. Your Property Value and The Bathroom
Nothing makes a house feel dated quite as much as an old bathroom. Renovating expert Cherie Barber, recommends spending 1% of your home’s current property value on getting your bathroom up-to-date. So if your house is worth $400,000, that’s around $4,000 allocated to an upgrade. Out of interest, Barber is another in a strong chorus who agrees that the kitchen in the most important room to renovate, with the bathroom coming in second.
3. Your Property Value and The Outside… Or the Inside
While there’s a pretty strong consensus that the kitchen and the bathroom are the first and second renovation priorities, opinions split after that. Rather than focus on a specific room next, there is a strong push towards either sprucing up the whole house in general with a fresh coat of paint and some simple new furnishings, or having a garden working bee. Maybe repainting the fence, and getting the front garden shipshape! Whichever you decide, these are great ways to maximise dollar return. If you’ve got the time, cash, and inclination, why not do both?
Funnily enough, Quick Kitchens specialises in online custom cabinetry for… kitchens! We also offer great options for your bathroom, laundry, and bedroom cabinetry needs. If you’re looking to maximise your property value with some smart renovations, click through to our website . Discover just how quick, easy and affordable ordering made to measure cabinetry has become.
However, if you would like someone to install your kitchen for you. Our sister company Northside Kitchens can help you. Peter will come on site and give you a free quote. North Brisbane to the Sunshine Coast.
Visit our showroom and view all the different colour ranges. Unit 5 / 39-45 Cessna Drive Caboolture QLD 4510 (corner of Cessna and Skyreach)