There are many reasons people renovate, but for many savvy property investors, a well-planned renovation can be a proven way to add value to a home before reselling and pocketing the profits. But it’s not as simple as knocking down walls and giving a fresh lick of paint, in fact if you don’t plan your renovation project carefully, you could even find the property more challenging to sell or worse – be forced to sell at a loss.
As the Brisbane builders behind some of the most attractive, functional and value adding commercial and residential renovations, the team here at Marshall Renovations share some reminders to maximise value before your next reno project.
What to renovate? Watch the renovation market!
The most commonly renovated areas of the home are kitchens and bathrooms – and for good reason since they are also the areas of the home with the most utility per square metre. This means they get a lot of use, and also a lot of wear and tear. People who choose to renovate their own kitchen and bathrooms are the same people will also appreciate (and be willing to pay) for a home with high specification kitchen and bathroom areas.
Current trends in kitchen and bathroom renovations
The fixtures, fittings and inclusions you choose in your next project should bear some reflection of what people are looking for. Here’s what currently in demand when it comes to kitchens and bathrooms.
• Larger showers
• Stand-alone bathtubs
• His and hers sinks
• And everyone always appreciates an ensuite!
When it comes to kitchens, plenty of counter space, centre islands, acrylic splashbacks, new lighting and good quality appliances are always appreciated.
Renovating for the market:
It’s important that your renovation project is always completed with your target market in mind. If you’ve only got a modest sized property, luxury finishes such as marble bench tops might not add as much value as their original cost and cause you to overcapitalise without any noticeable return. It’s also important to renovate in a style that will be appreciated by the greatest number of buyers. Often these are light neutral colours, open plan areas and other design features with a broad appeal.
What not to do when renovating
As we mentioned if you’re renovating for resale and to add value, it’s important to go with choices that will have broad appeal, and not your own personal touches or expensive features that won’t add value. Invisible improvements like a new plumbing or electrical wiring might be great for the home, but will add little value since it can’t be seen by the buyer.
Renovating to match the style of the home is also an essential thing to do – older homes need tasteful renovations to match the original features otherwise a disconnect in design can be a real turn off for buyers.
ONE FINAL TIP: Despite what you might see on the new wave of home improvement shows like The Block and House Rules, DIY renovations can be a recipe for ruin. Dodgy finishes and botched DIY reno work can prove costly to fix and can inhibit a sale.
For your next renovation project that will value add to your home, call the Brisbane builders at Marshall Renovations today on (07) 3342 6675