Well considered home renovations is a great way to increase the value of your property before sale. However, it’s important to differentiate between home renovations that will give a minimal return on investment, such as a swimming pool, from those that can significantly increase the value of your property.
Below are our top 5 home renovation tips to increase the value of your property.
1) Kerb Appeal
The logical place to start when considering home renovations to increase property value is with kerb appeal, as this is the first impression buyers will have of your home. Improving kerb appeal can not only help to increase the value of your home, it can also entice potential buyers into finding out more or entering the home where they otherwise may have passed over it.
Having a home that is appealing from the street is important to many home buyers as it is also the first impression any neighbours or visitors will get of the property.
Improving the kerb appeal is a relatively low effort and low cost job that can significantly impact property value. Simply adding a fresh coat of paint, new trim and fencing, or updating the path and entryway to the house can have a great impact on whether or not your home appeals to potential buyers from the outside, as well as the overall value of the property.
Another home renovation that is relatively low in cost, yet provides a significant return on investment is upgrading the outdoor areas of your home. Adding some simple upgrades to the outdoor areas of your home can help to entice potential buyers and increase property value without breaking the bank.
Simply adding some greenery can bring colour and life to the property. Additionally, creating a manicured, low maintenance outdoor area will help your property to appeal to a wide range of buyers. Other upgrades to consider include adding an all-weather area such as an undercover deck or paved space, as this essentially acts as an extension to the home, providing an outdoor entertaining area. This also helps buyers to envision themselves using the space, rather than just having a plain lawn that they may not have any use for.
When upgrading the outdoor areas of your home it’s important to remember to keep it simple and low maintenance to appeal to a wide range of buyers. Creating an extravagant outdoor area may significantly improve the look of the property, however, it can also put off those who are not interested in spending hours each week maintaining the garden.
3) Renovate The Kitchen
One of the most common areas of the home to renovate is the kitchen. In modern homes with open floor plans and combined kitchen, dining, and entertaining areas, the kitchen is often considered one of the most important rooms of the house for home buyers. As such, it makes sense that a kitchen renovation can significantly increase the value of your property.
If your kitchen is currently walled in rather than integrated with other areas of your home, consider opening it up to create an open plan living/dining area as this can have a huge affect on both the look and the value of your home. In fact, it is estimated that you can expect between 60% to 120% return on investment for a kitchen upgrade.
Contrary to popular belief, you don’t need a full remodel to improve your kitchen enough to increase the value of your home. In fact, many renovators fall into the trap of spending too much on their kitchen renovation as there are so many components, minimising the return on investment.
Simply sprucing your kitchen up with new cupboards, bench tops, a fresh coat of paint or even new appliances can brighten up the space and have a huge impact on the look and feel of your home.
4) Update The Bathroom
Like the kitchen, the bathroom is a high traffic area of the house that most visitors will see and use, making it a great place to update when looking for high return home renovations. However, like with a kitchen renovation, it’s important not to fall into the trap of overspending on your bathroom renovations as this can negatively impact the return on investment you will get.
Consider updating a few components of the bathroom for a contemporary, neutral feel that will appeal to a wide range of buyers, whether it be updating the tiling and adding a fresh coat of paint, changing the flooring, or upgrading the sink and shower fixtures.
5) Install A Home Elevator
Another home renovation that will not only increase the value of your property, but will also ensure that your home appeals to a wider market of buyers is installing a home elevator. This is because a home elevator provides the accessibility of a single storey home in a multi-level home, appealing to young families as well as the elderly or disabled who may have limited mobility, or home buyers looking to find a home that they can comfortably retire in.
A home elevator also improves the comfort and convenience of a multi level home, making it easy to travel between floors, and can also be used to transport everyday items, from groceries and laundry, to prams and wheelchairs.
Home elevators are also highly customisable and can be designed to perfectly complement the space and surrounding decor, or stand out as a focal piece. Additionally, as home elevator technology continues to develop, home lifts have become more and more compact, minimising the amount of floor space needed for installation making them a viable option for most homes.
Axis Lifts is your local Queensland lift company, providing quality home lifts at affordable prices Queensland and NSW wide. Call us today on 1300 002 947 for a free quote or fill out our contact form.