How do you renovate a home in Brisbane in such a way that adds the most value to your property, giving you the biggest capital gain?
Great! I’ve got your attention now! The answer lies in making the right decisions about which rooms add the most value, what additions will be the most cost-effective, and how to plan for future home building trends.
In this article, I’ll share with you 3 steps to ensure your renovation increases the value of your home without over-capitalizing.
Ensure Your Renovation Adds Value Step 1: Renovate the Right Room
The three main areas of the home that need a refresh, and will add to your property’s value, are the kitchen, bathroom, and front entry.
These are heavy-use areas of every home, and wear and tear is particularly noticeable after about ten years. With some builders using low-quality materials and fittings in new homes, the rate of decay is shocking after as little as one year.
Another reason for renovated kitchens and bathrooms adding value is the shifting trends in interior design. Quality aside, people will often pay more for something that looks good. That is why homes with freshly furnished and interior-decorated photo shoots will sell for tens of thousands more than the same home with its staid old trappings from the previous occupants.
Didn’t have your heart set on renovating the kitchen and bathroom?
There are sometimes other ways to add value to a home. Adding extra bedrooms, bathrooms or a media room might do the trick. It depends on where your home is situated and the likely buyer. Just changing the fittings in the home can add value, and you really need the right advice from an experienced home renovator to determine this.
Ensure Your Renovation Adds Value Step 2: Delicate Dollar Decisions
It may seem obvious that you need to spend as little as you can now to add maximum value later. But when it comes to budgeting a renovation project, this is where many people come unstuck. The last thing you want to do is over-capitalize – spend more on the renovation than what would add to the selling price of the home.
A good rule of thumb is not to spend more than 15% of the total value of the property on renovating it. Most Valuers will not add more than this just because of a renovation. Obtaining a comprehensive Building Proposal from a Professional Builder as early in the process as possible may help to ensure you don’t start spending on an upgrade that won’t be viable. The rest is good planning.
Be cautious when deciding on each aspect of the renovation, from the types of lighting and doors to the flooring and colour combinations. Find a professional builder who specializes in House Renovations who can deliver you a fully detailed specification and colour selection.
You should expect sound long-term advice about the value of the property and spend time helping you through the various design and material options.
Ensure Your Renovation Adds Value Step 3: Plan for Future Trends
Research trends in home design, home energy, and technology so that your renovation will be at the forefront in ten or twenty years time. Even though you may not be able to install the home technology of the future now, you can plan for it. Consider things like:
the best placement of computer network cabling (including the kitchen)
run home media centre cables (audio and home security system cables) through the ceiling