Get top dollar
If you are looking to renovate your house and add value at the same time?. It could be that you want to sell your property in the following months or maybe in a couple of years, if that is the case you are in the correct place. Here at Empire Real Estate Melbourne, we help homeowners decide which renovations are worth the hassle. So, Keep reading to know the best renovations to increase your property’s value.
However, It is important to get expert advice from your Real Estate Agent. The reality is that each decision will depend on the goal you want to achieve with each renovation. There are renovations that are worth for the long and other wants that can give you that extra value to sell your house top-dollar.
In other words, the renovations you must-do if you are selling in the next 3 or 6 months will be different from the renovations we are going to recommend if you are planning to sell in 2 years time. The most important aspect of it is that you need to think about the type of buyers you want to attract. You need to make the renovations appealing to them so they fall in love with your house and be willing to spend a couple of thousand dollars more to get your house.
The common questions you may have are: What to renovate? And how much budget should I allot in renovating?. In our experience, the best renovations that will give you the best value are:
- A fresh coat of paint.
- The kitchen
- Storage room
- Bathrooms
- Curb appeal
A fresh coat of paint
Let’s begin with the easiest one. Adding a fresh coat of paint is the cheapest and easiest task that you could do. This also adds a fresher and cleaner vibe to your property while showing buyers that your house is well cared for. Just keep in mind that white tones sell best. Never repaint your homes with wild and wacky colours prior to reselling.
The Kitchen
Let us discuss why kitchen renovation is always on the list. First and foremost the kitchen is the heart of the home. For many families, the kitchen is where they spend their time together, thus many buyers look into the kitchen’s accessibility, functionality, and comfort the most. According to Cherie Barber, founder of Renovating for Profit, when allocating a budget for the kitchen the best rule is to spend 3% of your property’s market value on this area to get the most profit.
Keep in mind that your kitchen renovation should focus on storage, functionality, accessibility, practicality, and should retain design consistency. Do not spend too much on expensive brands for fixtures and appliances it may not pay off in the end.
Storage Room
Additional storage also never fails. You may look into affordable shelving kits to add additional storage. Built-in robes and wardrobes in every room also add a big impact on your property’s value. Just remember not to choose overpriced shelving and cabinetry; this may lose you money.
Additional square footage always adds value to your property if done right. It is now becoming a trend for generational families to live together to help save on costs. If budget permits add another bedroom or if possible add a granny flat or an in-law suite. New buyers could also have an option of renting this space out increasing your market value. Just remember to keep the floor plan simple and prevent it from being awkward.
Bathrooms
Sprucing up your bathroom. According to Ms Barber, you should spend 2-3% of your current market value on renovating your bathrooms. The cheapest option is to reglaze your tiles, tubs, and other porcelains to make them look new, replacing old corroded fixtures like knobs and faucets are also a cheap trick that you could invest in. If budget permits you may change the tiles themselves to make them more modern but remember that expensive art deco tiles are never a good investment, choose affordable neutral tiles to keep it simple. If you are looking to go big you may add another half bath to your home or turn an existing half bath into a full bath this will help in increasing your value.
Curb Appeal
Last but not least is curb appeal. Make sure to invest in renovating your front patios or your gardens since this will receive the most judgment from your buyers. Remember that buyers always judge a book by its cover or in your case your home by its facade. There is no need to add a new deck to your home or have professional landscaping done. Adding fresh new paint, cleaning your driveway, adding new pots of plants, and repainting fences will improve your home’s first impression. Make sure to fix any crooked or broken fixtures to show good maintenance. Experts say to never spend more than 10% of your property value on the overall external renovations that you are planning to do.
Once renovations are done remember to keep your house clean, clutter-free, and welcoming whenever a buyer comes to inspect. Hiring a professional stager is an option but simple things like removing personal touches like photos, children’s toys, or memorabilia are more affordable and will allow the next buyer to picture out what they want to do to the house. Replacing old stained rugs, cushions, and lampshades will also give extra appeal to any buyer. Remember to move all extra clutter in storage or in the attic to give your house a clean and welcoming vibe.
Also, there are some renovations that do not add value to your property. Read our article “Renovations that do not add value to your property”