Renovation Improvements That Significantly Increase Property Value

Renovation Improvements That Significantly Increase Property Value

Read time: 4 minutes, 20 seconds.

Are you thinking of renovating your home? Whether you’re looking to sell or you simply want to change up the scenery for yourself, renovating your home is a great way to add value to your property.

You might be thinking that renovations take a lot of money but to be honest, it doesn’t have to. There are many small improvements and accents that you can add to your property and it doesn’t have to break the bank.

Speaking of renovation costs, the government announced the availability of a Home Builder Grant valued at $25,000. This Home Builder Grant can also be used for any renovations you want to do on the property.

One thing to note, though, is that the Home Builder Grant is not available for commercial or investment properties. For you to be qualified for the grant, you need a residential property and can only be given to individual homeowners.

If you are a single homeowner, your annual income can be up to $125,000. For couples, your joint annual income can be up to $200,000 to qualify.

Plus, the Home Builder Grant will not be taxed – Bingo!

Reneovations that will increase property value

“It’s often frustrating. It’s unpredictable, but the payoff can be amazing!” – Property Brothers

The best way you can approach home improvements is to start small. Add some ceiling fans, change the windows, redo your floors, or add solar. That’s just the beginning of what you could do. Let’s look at some more creative ways that you can start adding value to your property.

Outdoor Space

Take a look at your lawn or garden area. Is it attractive enough? Or could it be a lot more appealing?

If your answer is the latter, then you already have somewhere to start on this project. Let’s face it. Australia allows for a lot of outdoor living. So why not turn your outdoor space into a comfortable place?

Create a garden if you don’t already have one. If you do have a garden, spruce it up a bit. You can replace your lawn to bring back that new-home feel you had when first you moved in. Trust me a fresh lawn and a new driveway can give your property the ultimate facelift.

If you have large yard space, there is even more that you can do. How about you create a space for some outdoor entertainment? Start by getting some outdoor furniture to add elegance to your lawn. Or you could go a little bit further by building out a patio.

If you’re renovating to sell the property, people love outdoor spaces! Nearly 90% of Australian homeowners update or add either a deck, terrace, veranda, or patio to their homes. Adding a deck can increase the value of your house by as much as $100,000 and cost you between $10,000 and $25,000. Plus, a fresh coat of paint does not hurt either. All these outdoor improvement measures add to your curb appeal.

Upgrade your kitchen

One major selling point for a home is the kitchen. That is always one area that someone looking to buy your house will always be excited to see. Recently, a single kitchen in a home in Sydney was valued at $1 million all by itself!

While you don’t need to go to such lengths to renovate your kitchen, it’s still a good idea to make improvements there especially if you want to sell the property. A good tip is to open up space. So if you have a closed-off kitchen area, transform it into an open-plan space. Add an island for that special, close-knit family effect.

Many homeowners have owned their homes for decades. As such, a lot of the finishings are outdated, and changing them out could greatly boost your property value. So you could replace things like countertops, floors, and cupboards. Even changing out the cupboard doors could give your kitchen a new look.

According to Sydney Renovations, you can gain anywhere from 57% to 62% in added value from remodeling your kitchen. Kitchen renovations generally cost around $35,000.

Improve the bathroom

Like the kitchen, bathrooms are another area that helps to sell a property. Add the luxury of an ensuite bathroom to your master bedroom or any other bedroom of your choice. A large and spacious bathroom that is beautiful and welcoming will only add to the appeal of a bedroom. In fact, adding a bathroom could increase the value of your home by nearly $200,000, according to REIV.

Some improvements that you can do to your bathroom is waterproofing the floor and walls. Not only is this appealing to anyone looking to buy, but it will also place you on the right track with the latest regulations.

By the end of 2021, the homeownership rate is forecasted to reach 64%. Many people are now looking to buy homes now that the interest rates are favorable. If you’re looking to sell, simple upgrades like changing out fixtures, updating your floor, and creating an outdoor space can get your property sold faster.

“Owning a home is a keystone of wealth… both financial affluence and emotional security”. Suze Orman

If you are looking to renovate and make improvements to your home please get in touch with the MLS team today.  

🌐 Website: Get in touch

📞 Call: 02 9635 1888

📩 Email: enquiries@mlsfinance.com.au

🏠 Ready to invest now? Fill out this questionnaire and we’ll get back to YOU!

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