How do you know whether a home remodelling project will pay off when it comes to selling up? Before embarking on a remodelling project, you should consider whether the change adds value to the resale value of the home. Here are five fool-proof remodelling tips that will guarantee a solid return on investment (ROI).
PLANNING IS KEY
Renovation fever is alive and well in Australia, however it’s easy to get carried away and follow the latest renovation fad instead of asking what will bring value to your property. Planning for renovations that will provide the best bang for your buck will prevent you from making emotional renovation decisions that don’t make any investment sense. You should be asking questions like:
- Is there a functional need? If it is more space required then think of building upwards to maximise on space created. A second storey addition (aka first floor addition) can create another floor if you need it. Don’t just renovate a kitchen or bathroom because everyone else is doing it, ask yourself if it will provide the best value of money for your current living requirements.
- What kind of neighbourhood is your house located in? Many homeowners can fall into the trap of undercapitalising their homes based on the location of their house. You need to consider buyers expectations of the neighbourhood. If you are living in a good street in a desirable suburb you shouldn’t be short-changing any renovation projects as buyers expect better homes in better suburbs.
IT’S NOT WHAT YOU BUILD SO MUCH AS HOW YOU BUILD IT
There are key design principles when remodeling your home that win every time and should never be overlooked when renovating.
- Maxmising on natural light. While you are unable to change the position of a house, you can use windows well to maximize the amount of natural light in a home. Consider the placement, size and shape of windows to ensure they’re consistent and cohesive with the rest of the exterior of your house.
- Floorplan. The interior layout can make a big difference to the look and feel of a home. A floor plan should accommodate for the easy passage between rooms and maximise space available like opting for an open floorplan.
- Sustainability of energy. With electricity bills on the rise, you should incorporate energy efficiency principles in remodeling your home. Have you considered installing solar panels? Or consider the benefits of installing energy efficient doors and appliances? Any additions to maximise energy efficiency will improve the marketability of your house in the long run.
ADDING ANOTHER BEDROOM
It should come as no surprise that most Australians dream living large. In fact most Aussies are after a four bedroom home based on an analysis by realestate.com.au of highly engaged listings performed by in an attempt to determine what Australian homebuyers are looking for in their dream home?
Make no mistake, adding another bedroom to your house can see a considerable jump in the overall resale value of your home. It’s been estimated that you can add as much as $150,000 or more by adding an extra bedroom to a two bedroom semi-attached house. If you want to experience greater returns, try adding a second storey renovation which could add up to two bedrooms on the second level and give your family that extra space it craves.
CONVERTING AN ATTIC TO A BEDROOM
It’s highly unlikely that you would regret the decision to convert an attic into an additional room, whether it be to convert into a spare bedroom, a study or even a parent’s retreat. The great news is that you don’t have to alter a home’s footprint like its floor, walls and ceiling when undertaking an attic conversion therefore making substantial savings in the remodeling process.
The changes required will include strengthening a structure, adding insulation and windows. All renovation projects can get off track when confronted with building challenges and an attic conversions is no exception. The most difficult technicality is locating the stairs without affecting the layout of the first level which will require a building expert like Keystone to undertake the modifications so livability is improved not negatively impacted.
AN EXTRA BATHROOM
If you decide to add an extra bedroom or two then you should always consider incorporating an additional bathroom. If you put a bathroom on the same level as bedrooms then the return on investment is considerable. It can cost anywhere near $20,000 to $30,000 to add an additional bathroom where buyers can pay upward of an additional $100,000 for a second bathroom on a two storey home.
In addition to four bedrooms, Aussies are now wanting two bathrooms in their dream home- so it’s not hard to believe that one of the best return on investment decisions you can make is adding a second storey. Besides from being an economical option, an upper level can also improve views although you should always get an expert involve to make sure that the floor plan and design provides results in significant improvements to your resale value.
To make your home remodeling dream a reality and expand your living, get in contact with a team member from Keystone Building today.