Considering renovating your home but want to know where’s the best place to start? Cowan Building takes a look at what renovations add value to your home with some top tips on improving the sale value of your investment.
Home renovations have certainly increased tenfold over the past decade. With many enthusiastic buyers digging in and flipping homes with an impressive profit margin. But where do you start? And what renovations give you the best return?
According to Statistics NZ building consents were granted for $735.8 million dollars’ worth of renovation work in 2019 and $809.9 million in 2018.
That’s an awful lot of kiwis renovating their homes! Australia is on par with 2016 figures noting that 8.4 million Aussies were working on home improvement projects. The desire to renovate and update is only growing daily.
The Best Home Improvements
The key to looking at any renovation is how much value will this add to your home. Look at the most needed aspects, if you already have a half-decent kitchen, but the bathroom is stuck in the 1960s it’s probably best to start with the bathroom. But it’s not just all about kitchens and bathroom renovations…
Insulation! A renovation MUST
One of the most important aspects is the warmth of your home. Insulation is a top priority. Not only will a well-insulated home sell, but it will also ward off any issues such as mold and help with noise control. Well-insulated homes are also super energy efficient as they are easily kept cool in summer and warm in winter. Statistics coming out of the USA state that insulation is actually the best investment for any home renovation. So if you are in desperate need of a new kitchen or bathroom but your home is poorly insulated, it’s a good idea to pop this renovation on the top of your list.
Sadly this aspect is often overlooked, leaving many renovation dreams with beautiful kitchens, bathrooms, and new carpet, but unbearably cold in the winter or super-hot in the summer.
Kitchens & Bathroom Renovations
There is no doubt that sprucing up the kitchen and bathroom adds value to any home. But it’s important to stay neutral particularly for investments or flipping. The super modern approach may be your style, but keep in mind that this may date and your possible buyer may be turned off with the latest trends when it comes to design. Keeping it neutral and sticking with traditional and classic designs with prevent turning possibly buyers away. Buyers also love to look at a home and not have to consider revamping these important family zones.
For Bathrooms:
· Good sized shower
· Plentiful storage
· Added tech (fogless mirrors)
· Clean simple designs with neutral colours
· New tapware, toilets, and sinks
For kitchens:
· Clean fresh designs (open plan)
· Plenty of bench space
· Clever storage
· Updated ovens & range-hoods
· Plenty of light
· Taps and sinks
The Importance of Street Appeal
There is simply no point in having a home that is stunning on the inside and not so attractive on the outside. Remember that 90% of the time, people will judge your investment well before they’ve walked in the door. Make sure your home is on point from a street view.
Updating landscaping, a fresh lick of paint, or fixing up the pathways and even a new front door can add value. Don’t forget about the letterbox and even the cleanliness of your roof! Ensure the home is attractive from the outside in, this also helps immensely with photography when selling.
Need professional advice on your next renovation? Don’t hesitate to reach out to the experts at Cowan Building.