When it comes to renovating your home, choosing wisely could mean the difference between making a big profit or an even bigger loss… so to make things easy for you, I’ve decided to put together a short list of Renovation Do’s and Don’ts that will ensure you end up adding value to your home and not losing out.
If you want to see your property’s value go through the roof, then it’s important to make sure that you focus on areas that are going to have the biggest impact to potential buyers. Likewise, it’s going to be just as crucial to know exactly where to avoid spending your time and money so that you don’t end up worse off than you were before.
Let’s start with the Do’s. These will be the revamps, refurbishments, and restorations that are going to put you and your pretty little house in the best position to make some serious bucks.
Open up Small Spaces
One of the best ways to add value through renovations is by opening up cramped or boxy floor designs. Confined and closed in spaces are not fashionable and don’t make a great first impression. Instead, you want to give potential buyers the space to breathe and give them grand visions of entertaining in an open plan kitchen and dining areas. And don’t forget the outdoors! Sprucing up a patio, installing a deck, or putting in some sliding doors will all go towards expanding small spaces and revitalising stagnant layouts.
Kitchens are Key
An almost guaranteed way to boost value to your home is by updating your kitchen. Kitchens are a massive feature in any sought-after household and a stylish and modern one will always bring up the dollar value. Just think, everyone loves food, and the kitchen is where the food lives.
Bathrooms are Boss
In a similar vein, bathrooms are a must when it comes to choosing what to refurbish and where. Buyers these days are expecting more and more for their money and generally speaking, aside from wanting a beautifully immaculate bathroom, most are secretly – or not so secretly – wishing for more than one. A main bathroom and a bedroom with an ensuite is a highly coveted feature and is going to have buyer’s drooling all over your newly renovated bathroom tiles.
These are all renovations that are going to score you serious points during house valuations and should inevitably reward your hard work and investments with a significant boost in value.
Now we get to the renovations that you’re going to want to stay the heck away from. More often than not, this is going to fall under the category of ‘unseen’ or ‘invisible’ work, which, as you might have guessed, is work that does not produce an obvious or noticeable change. This might sound kind of silly and isn’t always going to be the case but at the end of the day, selling houses is a very visual business, and most people feast with their eyes.
So if your goal is to increase the value of your property, then it’s vital that you put your time and money into renovations that result in unmistakable and conspicuous changes. This is crucial because if potential buyers can actually see the renovations and refurbishments that have taken place, this is always going to have a bigger impact than any work that’s low-key or hidden from view.
You’re best game plan is going to be investing in very obvious changes that won’t break the bank. Sure, a new driveway might be obvious, but for a tenth of the cost you could repaint half the house and make an equally radical impact.
Don’t Sink your Savings in a Pool
If you’re like most of us, you probably have wonderfully nostalgic memories of blissfully floating around a backyard pool when you were little, soaking up the rays in the carefree days of old. As magical as that summer may have been, when it comes to boosting property values, a pool might not be your best bet.
As pretty as a pool might look as a backyard feature, and may indeed attract a few individuals desperate to re-live their poolside glory days, many buyers find swimming pools to be more of a nuisance that is just going to require a ton of maintenance and more work than they’re willing to put in. So don’t throw your money into a pool.
Another thing you shouldn’t go spending your money on is expensive fittings and fixtures. OK sure, expensive adornments look chic and will improve the aesthetic of your household, but you don’t need to spend a small fortune on them. Light fittings, taps, door handles, etc. are all components that you can buy cheaply, whilst not having to compromise on quality or style.
You might be surprised, but even something as visually appealing as an exquisite backyard and an immaculate front garden will not actually be worth it in the end. The cost of hiring a professional landscaper, plans, materials, and the cost of labour is going to set you back way more than you’re likely to get in return.
Preferably, all you really need to do is make your outdoor spaces looking neat and tidy, spruce up your gardens, and give the lawn a good mowing. Don’t go crazy and install 3-tier water fountains, a koi pond, and a meditation gazebo… I know you want to, but don’t.
D(D)IY – Don’t Do It Yourself
This might be one of the most important Don’ts on the list. Shoddy renovations. It should go without saying that poorly done repairs and low-quality refurbishments are an absolute no-no. If any of your renovations are noticeably crude or sub-standard quality, this will not only ruin your chances of increasing the property’s value, but it may even bring its value down.
This is obviously the last thing you want to happen, so make sure that before every renovation project you’re planning to tackle on your own or with a mate, that you have a good think about whether you’re really up to the task, or whether it’s best to call a professional.
So there you go, as important as it is to know what to do, it’s equally important that you know when and where to restrain yourself. Armed with all the tricks of the trade, you’re now primed to make a killing by boosting the value of your home, and can now deem yourself worthy of the title “renovation sensation”!