Renovations to add value to your home
Renovating is a fast-track solution that can boost your property’s value by making cosmetic or structural changes to a property that add real and perceived value to your property. Here are some of the changes you can make to the different areas of your home to enhance its value.
The Entry and Front Yard
Estimated Added Value: 4-10%
The front exterior of the home is usually the first thing buyers see, which is why improvements there are among the most significant value-adds for your house. An external makeover can cost from $2,000-$15,000, depending on the work involved but you don’t get a second first impression and people are more likely to trust a property that looks well maintained. Improvements made to the front garden can yield massive returns and will net you far more than that if done in a way that contributes to the overall streetscape.
Estimated Added Value: 5% plus
Landscaping is significant for the front of a property, and simple cosmetic changes can improve the curb appeal and add value. Landscaping is fundamental to enlarging the outdoor space in front of and behind the house, providing lawn for kids and pets, and trees to provide shade and keep it cool. More privacy = more buyers.
Buyers love an attractively landscaped yard, and it doesn’t take too much money to fix yours up if you have space for it. This can be done on your own if you have a green thumb, or you can enlist the services of a professional landscaper.
Add a Deck
Estimated Added Value: Up to 10%
Creating an outdoor entertainment space adds significant value, but an outdoor entertaining area can range from $10,000 and $25,000, depending on the extent of work done. Depending on your area, adding a deck can set your home apart from others in the area. Australians love entertaining, so an outdoor entertaining area can add real value to a property.
Timber decking is typically in the middle of the decking price range due to the availability of raw material. Composite decking materials are usually more expensive because the raw materials used in products like TREX are refined and have a much longer life and less work. Many people find that the environmental-friendliness of and lack of maintenance required with composite decking justify this higher upfront cost.
Update your kitchen or bathroom
Estimated Added Value: Approximately 10%
Updating your kitchen can cost between $20,000-$40,000, but a kitchen can make or break a sale. The key to adding value is to increase the bulk and scale of the kitchen, so it appears larger and of more substantial quality, says Cherie Barber. Choose a modern style that appeals to the majority of people and create a functional workspace that includes good taps, cupboards, and bench-tops.
Homes would also benefit from a renovation to create an upstairs bathroom or a guest toilet downstairs. It can cost $20,000-$30,000 to add a bathroom and $10,000-$15,000 to upgrade one, but an outdated bathroom detracts from your property value.
Green your house
Estimated Added Value: 3% plus
According to an ABS study, turning your house into a green home adds far more value than the initial outlay. As if protecting the earth and adding home value wasn’t enough, numerous government incentives make many green upgrades an even better investment. Every NatHers star the house went up in energy efficiency it added 3 percent in value. Another great thing about green technology home improvements is that the return on that investment is always worthwhile. These upgrades appeal to people concerned about environmental issues and add value to your home.
Use the simple formulas and general rules of thumb to keep your budget in check and remember that changes that emotionally appeal to your intended audience/end consumer will net you a high return on investment.