AusFinance Gazette

The top 3 renovations which add the most value to a property

Most of us have spent more time inside in the past six months than we have in the past six years. Home grooming is at an all-time high, with paint chipped walls and peeling decks finally getting the attention they’ve been craving for years.

At a time when house guests are limited by law, our homes have never looked better. In the immortal words of Alanis Morissette, isn’t it ironic?

But if a fresh lick of paint isn’t enough of an upgrade, it might be time to embark on some more substantial renovations to breathe new life into your property while also increasing its value. The general rule of thumb is that the perceived value of a home or room is three times the actual renovation cost. With that in mind, here are the top three renovations guaranteed to boost your property’s value and ensure you see a far greater return than what you put in.

Kitchen Remodel

Humans are simple beings. When we get hungry, we go to the kitchen to get something to eat. When we get bored, we go to the kitchen to eat. Procrastinating, the kitchen to eat. Sad… you get the point. We spend a disproportionate amount of time in the room where the fridge lives, so it makes sense that the kitchen is the first room potential buyers want to see in a property. It is estimated that you can get anywhere from 70% to 120% back on your kitchen investment, so it’s a worth doing it right. Try to steer away from fleeting fads (#tbt Tuscan kitchens) and instead look to create a neutral, modern and functional kitchen that will outlast an interior trend cycle. Invest in sustainable materials like light timber cabinetry, natural concrete countertops and copper fixtures, and equip the kitchen with new energy efficient appliances.

Bathroom Renovation

The bathroom is commonly considered the second most important room in the house for a potential buyer. That’s likely because bathroom renovations can cost a pretty penny, especially if extra plumbing work is required. The most cost-effective way to update your bathroom without breaking the bank is to retile it. Replacing chipped, stained and aesthetically outdated tiles with something fresh and modern lifts the entire space and can add a lot more value to your property than how much you invested into the project. If space and budget allow, turning a closet or even storage space into an additional restroom can also increase your property’s value substantially.

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New Hardwood Flooring

No matter how you try and spin it, carpet is not a long-term investment. It’s prone to spills and stains and retains odours like they’re going out of fashion. If you want to know what the previous owners of a property were like, their fate is fixed to those fibers. Long-wearing hardwood flooring is the way to go—not only is it much easier to clean, it never goes out of style, and will last many lifetimes if treated with care. Be it Maple, Tasman Oak, Walnut or Mahogany, hardwood flooring instantly elevates the aesthetic appeal of a home while making any room look spacious and versatile. It also minimises the risk of a future buyer disapproving of the flooring choice and makes it much easier for them to envisage their own décor and furniture in a home with neutral flooring—because believe it or not, shag isn’t for everyone.

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