Renovating for returns
If you’re looking to profit from a planned renovation, what are the best ways to maximise your returns? Here are six smart renovation ideas to help you do just that.
Give It Some Curb Appeal
Go for love at first sight. Consider the view from the street and whether it has that ‘wow’ factor. If not, it’s worth considering some specific enhancements just to guarantee that killer first impression.
Spruce up the front façade, fence, garden, windows, roof and driveway. Make them work together to add charm and appeal.
Create A Killer Kitchen
Renovating the kitchen is one of the most effective ways to add value to a property. Do the hard work so buyers can move straight in and enjoy it.
If you have a larger budget, you could opt for a custom-made kitchen that suits the home’s particular design and layout to accentuate its uniqueness. It doesn’t have to be expensive; there are many reasonably priced modular kitchen upgrade systems available.
Focus on the key areas. New cabinetry, appliances, bench tops and a striking splash-back will do wonders for your home’s sale price.
Room To Bathe
If your bathroom is passable and just needs a little love, you could simply respray the tiles, fixtures and fittings, rather than redoing the whole lot.
Keep the costs down by redoing the tiling yourself and update only the fixtures that need replacing, whether that’s the bathtub and vanity or basins and shower screen.
If you only have one bathroom, consider adding extra bathrooms to your property, as this may give a boost to its value.
Give Them The Floor
New-look flooring doesn’t have to be expensive; there are plenty of budget flooring options that will achieve the attractive look you need. Vinyl planks and laminate flooring are both popular, durable and budget-friendly options that are easy to install yourself.
When choosing your flooring, remember your target audience. If your market is a family or property investor, wall-to-wall carpets may not be the best option.
Time For A Lick (of Paint!)
A fresh coat of paint can transform a property. Best of all, a paint job can be relatively inexpensive, particularly if you do the painting yourself.
If you want to give your property a lift and appeal to most buyers, be sure to go for a neutral colour scheme that won’t date quickly.
More (Bed)room To Grow
If the space, and your budget, allow, adding more bedrooms to your property is another way to increase its value.
Properties are typically valued based on land size and the number of bedrooms – the first, you can’t change, but the second you can.
Remember, structural renovations usually require a sizeable outlay in the tens of thousands, though they should yield rewards come sale time. Careful budgeting and planning are key.
There are all sorts of ways to fund your renovation, whether it be refinancing to access equity, applying for a line of credit or taking out a loan. HoLo can help you acquire the right finance for your specific needs.
If you’d like to know more, book an appointment or contact us.
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