What’s the value of key home renovations?
Renovating a property can be a huge success for a home owner not only financially but also personally… but before your inner warrior straps on its tool bag it is always crucial to look at all the important numbers before swinging a sledge hammer.
Make sure your well educated on the extra value that you can expect to make from your investment and also the cost and time of all the renovations.
Planning is key!
The profit of a renovation will always depend on the asset type, age, condition and location of the property.
What’s the value of repainting your home inside?
Property gains when it comes to re paining the interior of the house will always depend on the style and location.
For example if you where to re paint the interior of a house that is located in outer southeast Melbourne and you spent $3,000-$5,000 you will only likely gain $8,000-$10,000 in value but on the other hand if you were to do the same thing in a house situated in the inner-city suburb you’d need to budget around $15,000 to paint the interior but you could profit upwards from $50,000 in overall value.
Paint will always give the biggest bang for the buck!
What’s the value of repainting your home outside?
This will all depend on the streetscape of the property and what the surrounding style of the neighbourhood is.
When your considering re painting out house always remember that a freshly painted weatherboard will always outsell a brick home, how ever it is important to maintain the weatherboard and keep it in good nick because once it starts to be poorly presented it will struggle to compete in the housing market.
If you spend around $10,000 it could add up to $50,000 to $100,00 to the property’s overall value so long as the internal walls match with the exterior impression.
How much value does a landscaped garden add?
A new garden or landscaping will usually add value to your property, as long as it is easily maintained, and it suits the buyers needs.
The value gained by a new garden or landscaping will of course depend on the area, type, space and location of the property and if the garden is completely finished.
If the garden isn’t completely finished and needs a bit of work, then it will add very little value to your property.
What’s the value of a kitchen renovation?
Kitchens are always the focal point in a household and highly used room that needs to be easily functional. Spending $15,000 - $20,000 on a new kitchen will not only add extra storage and functionality to the home but also will boost its value.
Kitchen renovations are normally the starting point when renovating a house, but they are the most expensive but also the most crucial room to any home.
It Is important to always keep in mind things like storage, bench space, distance from sink to dishwasher, positioning of the fridge. The gain in profit will all depend on the quality of the renovation.
It is said that for every $1 you spend on the kitchen adds $3 in value overall.
How much value does a new bathroom add?
A new bathroom can cost less than $10,000 especially if you don’t need to move any pipes and you can simply update, re- tile and re paint by doing this is can add up to a valuation boost of $30,000 to $40,000 and just like any other renovation it is important to assess your property type and potential buyers needs.
Now there is ONLY one thing left to do ….
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