Written by Cara Fitzgerald | 12 September 2023
Not all home improvements provide a good return on investment, so before you get out your toolbox or hire in some tradies, it’s important to know which home renovation projects will give you the biggest bang for your buck and increase your property value.
While the increased value that renovations will add to your home will vary depending on your individual property and location, there are some common renovations that are known to raise the sale price of any home.
Best renovations to increase your property value
Whether you have lots to spend or are on a budget, you want to make improvements that will create maximum impact from your investment. Kitchens top the list of the most common rooms to renovate, closely followed by living rooms, bathrooms and laundries. Home offices are increasingly becoming a must-have addition to the floor plan.
Cook up some value with a kitchen renovation
The kitchen is often referred to as the heart of the home, so it’s one of the most important rooms a buyer looks at. Upgrading your kitchen can add tens of thousands of dollars to the value of your property.
A full kitchen reno to create openness and flow between the kitchen, dining and living rooms will generate strong value and appeal, however if your budget is more on the ‘freshen up’ side, then a coat of paint, new countertops, tap fittings and appliances have been proven to do the trick.
Splash out on a bathroom renovation to add value
Bathrooms are close to the heart of a buyer’s wallet, so are definitely worth some investment. If you only have one bathroom, adding a second will attract more buyers and add significant value. When planning to renovate your bathroom, think clean and bright. Add a fresh coat of paint, lay new tiles, modernise tapware and shower fittings, install a new mirror and upgrade the vanity. Add some wall décor and an indoor plant to complete the look favoured by buyers.
Value living with a family room makeover
It’s a lot easier to socialise with friends and spend time with your family in an open-plan living area. If the original layout of your living room doesn’t work or is sectioned off, knocking a wall out to create a larger, more open space and neutralising the wall colours will add a tonne of value to your property.
Street appeal demands higher value
Street appeal is one of the easiest ways to increase your property value, so be sure to focus your attention here. The exterior of your home is the first thing that people see, and first impressions count in terms of sale price. An overgrown garden, fallen or weathered fence palings and a wonky letterbox are likely to turn up a few noses. Cut the hedges, refresh the mulch and add some lighting to the front pathway for a low-cost wow-factor, then allow some budget to paint the exterior of your property for a sure-fire return on investment.
Deciding how much to spend on home renovations
If you have home improvements in mind, it always pays to avoid the trap of overcapitalising. Whether you’re looking to upgrade your home to simply enjoy it, or you’re wanting to renovate for resale purposes, knowing how much to spend can be difficult – the key is knowing what works for your particular home and location. A little help from our team at @ap-realty can be invaluable when it comes to gaining the local knowledge and confidence to know whether your planned project will deliver an increase in your property’s worth.
