How to Add Value to Your Home Through Renovation
Investors will make a kill for any brilliant idea dawning on them that makes their properties more appealing to the buyers. After all, the mantra of investment is based on buying at a “certain price” and selling off at a “distinctly higher price”.
Shy away from overcapitalising
The idea is simple. Do not overcapitalise when renovating because then you will feel cheated at the time of evaluation and sale. Your idea should be to spend each renovation dollar with an eye towards raising the property price by $1.5 to $2 dollars.
Within the ambit of this article, let me delve on a few smart renovations that make a mark with the investors and add value to your home.
Structural renovations over cosmetic ones
I know swimming pools are always an enticing project but this said, look for structural renovations more than the cosmetic ones. Buyers will love an extra bedroom a lot more than a swimming pool. Extra bedrooms are even more appealing today because first home buyers are finding it increasingly difficult to hit the market.
This translates into young adults running short of first home savings. They thus need to stay with their parents a little longer. Not difficult to understand why the extra bedroom can come in handy.
Granny flats can be a great addition
A granny flat is a small structure alright but it can be a swell whether you look at it as a route to positive cash flow or a means to accommodate your parents (the great pleasure of living with them). Granny flats are an avenue to create income for the retirees and they are a most welcome addition to your home. If nothing, they present an ‘outhouse’ effect when you want to be away on your own for a few hours.
Kitchens are the new kings of the present designing era
Kitchens have politely usurped from the living rooms the unofficial title of the “most sought room in a home”. Well, it was always in the coming. Encouraging open floor plans and bypassing the needs of the traditional dining halls, we have evolved into the kind of people who love to interact in their kitchen islands.
It then comes as no surprise that a prospective tenant or buyer wants to take a good look at your kitchen design, lighting, flooring, work-triangle, among other things. So you know why smart renovation is so crucial.
These are three ideas, not a dozen but may help you as much as a dozen if you put your trust in them. Renovation, remember, is just as much art as commerce and if you get it right, there is no ceiling of sale price you cannot touch.
Which renovation attracts maximum investor footfall in your opinion?