Renovations are becoming increasingly popular as home owners seek to increase the value of their homes and generate resale profits. One of the surest ways to turn a profit when reselling a house is by increasing the value of the property with renovations. Whether the market is rising or falling, renovations will add value to your home. The other major reason homeowners renovate is to increase the comfort and liveability of their home. Many renovate to improve their enjoyment of their property.
One of the biggest growth areas in home renovations is the outdoor entertaining area. This is one of the most popular areas to improve as more and more householders seek to enjoy outdoor living. Hire companies and contractors can provide the equipment, things like mini excavators and other tools, so really there is little stopping the average person from creating a great outdoor area.
Australians love the outdoors and more and more Aussies are seeking to maximize their outdoor space. Whereas once renovations would refer to remodeling of the structure of the home itself, today the term ‘renovation’ conjures up pictures of backyard makeovers. Dressing up the outdoors has become increasingly important to homeowners and discerning buyers are definitely looking for a nicely landscaped yard. Landscaping your yard will increase the value of your property.
Renovate to Suit your Lifestyle
Renovations are an opportunity to tailor your home to your particular needs, tastes and lifestyle. You can think of renovating as a customisation of your property to make it your very own. Before you begin your renovations plans, it’s a good idea to ask yourself some questions. What makes you feel at home? Do you like formal or casual living? Do you want to entertain? Do you hate cleaning and want something easy to maintain? These kinds of questions will help you choose renovations that suit your lifestyle.
The All-Important Kitchen
The kitchen is one of the most important considerations when someone is looking to purchase a home. It’s that vital. A good rule of thumb is that five per cent of the value of your home should be in your kitchen.
When thinking of renovating the kitchen, think wow factor. A great kitchen will add value to your property and it will also give you an edge when trying to sell. Make sure you include lots of storage in any renovation plans for your kitchen.
The bathroom is another room that many buyers are fussy about. While not as important as the kitchen, the bathroom is still a major factor in the decision process for many homebuyers. When renovating the bathroom you should aim at spending approximately 1 to 1.5 per cent of the value of your home on your bathroom. So if your property is worth $800,000 you should plan to spend around $8,000 on it. Of course, there are some people who will spend much more; those enthusiasts of the spa for example, will want to beef up their spending on the bathroom for lifestyle purposes.