There are many renovation tips that are passed around. Some say you should aim for an average of $2 in increased home value for every $1 spent on renovations. Others say you shouldn't spend more than 10% of a home's value on renovations. While these tips may help you set a budget, what types of renovations could give you the most bang for the buck?
Tips to help turn your place into the most competitive home on the street
Key areas and rooms
It's commonly thought that the three areas that add the most value to a property are the kitchen, bathrooms and the front of the property. If these areas could benefit from a refresh, consider allocating most of your budget there.
If you have an old house, it's possible some rooms will be a poor size for their purpose. Bedrooms used to be small and bathrooms used to be large. If your floorplan isn't optimal, consider removing walls to extend rooms and opening up space.
Greenery
At many properties, plants equal privacy. By adding shrubs or small trees in your front garden, you can make your home more attractive while also adding value for privacy-seekers. To save money, consider planting seedlings of fast-growing varieties.
New tech
New technology can quickly increase the value of your property but it requires an understanding of the potential costs and benefits.
For example, upgraded air conditioning can be appealing, but it can be expensive to install exterior inverter units above the ground floor.
New security systems are also valued. Consider installing alarms, camera and locking systems, but be mindful that monitoring systems often involve ongoing costs.
Noise reduction
If you live near a busy road or in a flightpath, consider adding noise proofing to windows and doors. Double or secondary glazing can also help insulate homes.
Materials
With the costs of building materials going up, look for ways to save.
For example, picking up second-hand pavers and bricks can make a big difference to the total cost of renovating your yard or outdoor dining area.
The more you can reduce your costs, the more value you can achieve.
Published 25 May 2022
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