According to Statista, by 2025, major home renovations will increase in Australia by about 2%. Moreover, considering that in 2019, 38% of Australians embarked on remodelling projects to increase property value, it’ll be a great idea to consider doing the same for yours. Do you currently own a home and need ways to increase its value when you’re ready to sell? How well do you keep it in good condition? Below are some vital areas of the home that automatically raise value when you pay a little attention to renovations.
- The kitchen
According to Houzz Australia, many Australians prefer renovating their kitchens to meet growing demand. Besides the value increase, the joy of having a gleaming kitchen that meets local and global standards makes this step even more rewarding. Indeed, the kitchen is the home hub and is one of the places buyers pay extra attention to when interested in a house. As a frequently used area, the kitchen needs to be revamped to accommodate the work volume that usually goes on in there.
Another survey by Houzz Australia in 2019 revealed that more millennials are leading the race in kitchen renovations. This is because they’re more likely to resell their property within eight years of owning it than other age groups. Nonetheless, home appraisers and building experts recommend starting small on kitchen renovations. For starters, it helps to begin with benchtops, cabinets, clutter storage, faucets, etc.
Starting small helps you follow a budget that handles both the little details and the major ones. In a Kastell Australia report, they discovered that an investment in kitchen remodelling could help homeowners recoup up to 65% of their initial purchase. If you’re considering a new look for this part of the home, you’ll find companies such as Newcastle Kitchen Renovations beneficial.
- Curb appeal
First impressions count in many situations, and in the world of home renovations, the curb needs some upgrading as well, as it’s the open area that leads into your home’s interior. There are many things you can do in this part of the house to increase property value. For example, these are three things that most Australians do with their curbs:
- Front door facelift
- Statement light fixtures on the porch and front of the house
Although many design elements add personality and value to curbs, the three listed above are the most common.
Remodelling or revamping flooring is costly but worth every penny. Ideally, flooring is expensive because it’s designed to last for many years. You can at least spend two decades or more (depending on quality and type) without having to change them. However, if your home is an old one, your current flooring may not remain in shape for very long.
If you intend to resell your old home, it’ll be better to change the flooring to raise the overall value. What you must avoid doing is covering up worn floorboards with new carpet, as a discerning buyer will most likely want to see the floor beneath it. In this situation, you’d have lost value and credibility.
Although the home renovation list includes many more areas such as bathrooms and bedrooms, these three lead the pack. Therefore, whenever you plan to resell your home, hopefully, you’ll consider adding value to these areas to increase your profits.