Renovations that will boost the sale price of your home
Your motivation for renovating the family home will determine where you focus your efforts, especially if you’re on a tight budget. If the plan is to update and stay in the home for a few more years, your attention will likely be on the areas you’d personally want improved. However, if selling is the short or medium term endgame, you should spend your money wisely in order to walk away with the highest profit possible.
With that in mind, we’ve compiled a list of focus areas for renovation when trying to boost the sale price of a home.
The kitchen is the heart of the home, and even if your cooking skills are amateur level, everyone wants a kitchen fit for a MasterChef in 2018. When purchasing a fully renovated home, the expectation is that the kitchen will be modern, complete with quality appliances and new cabinetry. While a full kitchen reno can be quite an outlay in the cost department, the pay-off come sale time is lucrative. If your budget is tight, we recommend allocating a decent portion to making the kitchen look amazing.
Another room of interest in the bathroom, it’s frequently visited and new, modern design gives a feeling of cleanliness and luxury. If your bathroom is looking a little old and neglected, carefully spending money in this area to update design, plumbing, and fixtures can go a long way. Some bathrooms may just need a more contemporary faucet to bring it back to life, others may be a complete gut job. If your home only has one bathroom, budget permitting, adding a second bathroom can significantly increase the value of your home.
The first step in selling your home, is getting people through the door to have a look. The old saying, “you can’t judge a book by its cover” is normally very true, however, most people will judge a home based on the front exterior. No one will ever see the brand new kitchen and bathrooms, if they are greeted with a derelict façade and wild lawn out the front, because they will simply keep driving past.
Some tidy landscaping with green grass and plants doesn’t have to cost the earth, but can add tens of thousands of dollars in value to the home. Similarly, updating the front door, or repainting neglected cladding can give the house an affordable facelift.
Adding a bedroom
While this is another project requiring substantial financial outlay, it’s also another one with big potential pay-offs. If you’ve got the space and your home is smaller (two or three bedroom), you may be surprised to know just how much more you can ask for your home with that additional bedroom.
Most people have the philosophy that you can never have too many bedrooms. Even if your family is small, an extra bedroom can be used as a spare room, guest room, toy room or home gym.
According to Realestate.com, houses in the Maitland suburb of East Maitland sell on average at $350,000 for a two bedroom home, $432,000 for a three bedroom home, and $515,000 for a four bedroom home. That means your asking price can be more that $80,000 higher if you sell your home as a four bedroom property, as opposed to the three bedrooms it has now. This may not be feasible for all renovators, but it’s definitely something to consider. Another Maitland suburb, Bolwarra Heights averages $470,000 on three bedroom home sales, and that average jumps to $655,000 when you reach the four bedroom house market.
Open Plan Living
Today, we are all about open plan living. There’s nothing quite like large, open spaces with amazing lighting to make your home feel spacious and yet cozy at the same time. Open plan living involves having a floorplan that flows and allows all member of the family to come together, while still doing the things they individually enjoy. If you can remove walls and open up your home, you’re reducing dead space and allowing more natural light to travel through the home.
Add an Alfresco or Outdoor Oasis
We live in a beautiful part of our country, and the weather is decent for most of the year. Having an outdoor area literally extends the home, and gives a living/entertainment space that can be used when friends and family come to visit. There’s nothing better than a bbq and drinks with friends on the alfresco on the weekend. Careful spending in this area will not only increase the value of the home, it will make buyers more interested in your property.
Even if your renovation budget is super tight, some effort in the basic aesthetics department will increase the saleability and value of your home. If you’re DIY inclined, you may even be able to do some of it yourself. Painting, for example, can lift your home and give it a clean, modern appearance. The addition of a new colour or feature wall can make your home more interesting, and all for a minimal cost.
Flooring is another aesthetic that dates, and simply modernising with slick floorboards or brand new carpet can make the whole place feel brand new again.
Remember, if you’re renovating to sell, your goal is to negate expenses while boosting the potential return. At Demato Construction, our residential building team specialise in renovations and extensions and we can help you make educated decisions based on which improvements will best increase the value of your home. In fact, some current clients have deemed us “marriage savers.” They admit divorce may have been an option if Demato Construction hadn’t stepped in and made the renovation process so easy. If you are considering renovating your home before selling up and moving, and would like to make it as easy and as peaceful as possible, you should give us a call on 4910 3800.