Doing some renovations to your current home can increase its value and desirability dramatically if you do it right. This can give you extra money and choices of where you want to live next, whether that’s a land lease community, a retirement village, or an over-55s community by the sea.
When considering renovations on your current property, it’s important not to over-capitalise. This means that you’re not going to spend more than what you will gain from the sale of your home.
So, what type of renovations will boost the value of your home without costing more than they’ll realise in your sale price? Here are some points to consider.
The kitchen is the heart of the home
The first room that you want to evaluate carefully is the kitchen. After all, this is the heart of the home and the one that will get the most attention from prospective buyers. But, you don’t have to go all out and do a full reno. There are simple cosmetic changes that you can undertake to make your kitchen more appealing and modern.
If the current layout already works well, you could consider just updating the cupboard doors for a fresh new look. You could either replace them or just take them off and give them a new coat of paint. Then add some funky new handles ‒ you’ll be surprised at the difference this makes.
You could also consider replacing the benchtops or adding an island bench if the space allows for it. But, don’t splurge on expensive stone benchtops. There are many more affordable options available these days.
It may also pay to upgrade your major appliances, like the stove. And, consider adding a dishwasher if your kitchen doesn’t already have one.
Then, update the tapware to match the cupboard door handles and give any exposed walls a new coat of paint.
DON’T splash out on an expensive new kitchen. Your taste might not be everyone’s and you won’t get the return you expect.
The bathroom should be clean and bright
The next room you want to focus on is the bathroom. This room should be clean and bright and have an illusion of space. You can create this easily by having a frameless shower installed. Then, add some new tapware and place a large mirror on the wall.
Replace the tiles if they’re particularly dated or perhaps just the grouting if the tiles are fine. Don’t forget to give the walls a new coat of paint but stick with fairly neutral colours or bright white so the room looks clean. You can always warm it up with styling by adding thick towels and some plants..
DON'T completely renovate your bathroom unless your bathroom is so dated it can't be made to look good. Bathroom renovations can easily cost $40,000 or more and you won't get your money back, let alone make a profit on the renovation.
Update the flooring
The next thing buyers will focus on is the flooring. If your home has old-fashioned patterned carpet, it’s time to pull it up and replace it with a more modern product that’s easier to keep clean.
These days, floating wooden floors are all the rage and they give the home a welcoming feel. Plus, they’re much easier to clean and more environmentally friendly. Add a few large rugs and the home will feel luxurious and modern.
Kerb appeal
How your home appears from the street will have a big impact on how many interested buyers you’re going to get. This is because many people will do a drive-by first before they come for an inspection. Therefore, you really do want to make a good first impression.
Here are some things to do:
- Paint your front door in a complementary but bright colour.
- Place attractive pots of flowers by the front door.
- Replace the letterbox if it’s seen better days.
- Position a luxurious welcome mat at the front door.
- Fix/repaint any peeling exterior paint including on the guttering and downpipes.
- Add some solar lights to your entrance and along the front path and driveway.
- Get the whole exterior pressure washed so it looks clean and bright.
All of these touches can be done quickly and easily and won’t cost a fortune. However, they’ll certainly add to the kerb appeal of your home. The faster people can fall in love with your home, the better the competition will be and you’ll achieve the sale price you need.
Want to learn more about making the most of your next 30 years?
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