Are you looking to unleash the potential of your home? Knowing which renovations to invest in for the best return can be one way to work your way up the property ladder. Whether you’re a homeowner looking to make a good profit or a first-time investor, choosing the right renovations to add value and impact is essential if you plan on selling.
Not all renovations are guaranteed to provide you with a tidy profit though. There’s nothing worse than pouring your time, money and energy into a property makeover that doesn’t improve your home’s value or rental income. Smart renovations will improve functional space and visual appeal. Here are a few value-adds to get your reno plans started.
1. Add more space.
Homeowners, renters, buyers and investors all crave the feeling of spaciousness. Extending the living area and kitchen to create more internal living space is a big-ticket item when it comes to resale value. Knock out a non-structural wall and establish a sense of flow between the dining and kitchen areas. If an existing kitchen island is taking up too much space, you may want to consider installing a moveable island that can be adjusted as needed and to create extra storage and bench space too.
The resale value of your home can be drastically increased with a bedroom addition. Whilst this can be more costly than pulling down a few non-structural walls, it can have a massive financial upside when you sell. Be careful not to jeopardise the size of other rooms to squeeze in an extra bedroom. Adding another room may deflate the property’s value if it makes an average-sized living area feel too small.
If budget permits, more space can be added to a home by building upward or outward through a specialised home renovation builder. Attic, basement and garage conversions are also popular to make better use of existing space too.