There are many different ways to add value to your property but there are also many slippery slopes that can end up costing you a fortune and adding almost zero value to your home. The main purpose of a renovation or any home improvement is to increase visual appeal and functional space, and to double/triple your initial investment on every dollar you had spent. Whether you plan to sell your home in the future or simply want to create your dream home, this is a two-part guide on home improvements you should consider if you are looking to add value to your property.
Let’s start with arguably one of the most important spaces in your house, the bathroom! It’s the space that comforts us as soon as we get out of bed and the space that allows us to relax and unwind after a long day. Some key improvements to be considered when renovating your bathroom are updating the fixtures which include taps, shower heads, bathtubs, basins and shower screens. If you are looking to do a full makeover then retiling and re-grouting is a great way to achieve a whole new look.
Becoming increasingly popular are homes with two bathrooms or an ensuite, so if it’s within your budget it is definitely worth considering adding that second bathroom as it will be more appealing to larger families or homes.
Update the kitchen
The kitchen is ultimately the main course and throne room of your home and will single-handedly be the one room to add the most value to your property. The saying goes ‘bigger is better’ and this most definitely applies to current trends as families are looking for homes with bigger and better kitchens, but we still need to consider the style. Do some research into your local market to find out what is trending but it’s safe to say that the modern contemporary style has already won the hearts of many people.
With your budget in mind – usually $7,500 to $20,000, update all your fixtures, fittings and brands of appliances and we should be expecting returns of up to 3 times for each dollar spent.
Fresh coat of paint
One of the most cost effective and easiest ways to improve on your home’s value is giving it a fresh coat of paint. Typically costing around $3,500 for an internal makeover, you can expect almost triple the investment return almost immediately providing the right colours have been chosen. It is recommended to go for more neutral colours including creams and beiges where it will allow prospective buyers to imagine themselves living in the home and envision any changes they could make if it was theirs.
Just like a fresh coat of paint, updating your flooring can transform your living space from the dark ages and into the 20th century with that modern contemporary style that everyone loves. If you’re unsure about what types of flooring are currently trending check out this article and see what would be the best suited type of flooring that is appealing to buyers. Going for a wood look or genuine wood type flooring will drastically increase the value of your property as they provide a modern timeless look.
Read our Part 2 on home improvements that you can conduct to increase the functionality and appeal of your house exterior and garden.