Renovations are not all about spending your extra money to make your house prettier and more comfortable. Some people who are planning to sell off their property do some renovation first so that it can add value to their beloved home. Now this one is a little bit tricky since not all improvements pay off, sometimes, the amount you spend for renovations will not yield enough returns, so that’s why you need some guide on how to this. Luckily, I’m here to give you some basics that you can use for your next renovation.
Do repairs for usability and not just beauty.
Most of the mindset when doing renovations is to make everything prettier. While this is the reason that we are doing renovation, in our situation in which we need something that will make our place pricier in the day of sale, that is not the only thing you should consider. The best example of this is the kitchen. An old kitchen will not net you that much amount, but if upgraded right, it will be worth it. And, it is easy to do and will not cost you that much during the renovations. Things like upgrading an old microwave to something that is more efficient and will match the theme of the kitchen is something that you should do. An old refrigerator that does not fit well and at the same time cost a lot of electricity is another example. You will not believe how a good kitchen can increase the price of your house. The only thing that you should be aware of? Just do not go overboard with the appliances, make everything balanced, for example, a do not go buying off a super-luxury table for a set of devices that are only middle class. They will not fit well and will be ignored during the time of sale.
Bathroom addition or renovation might be good at a glance, but not in the long run.
Sometimes, you might be thinking that adding a bathroom in your house is a good investment. Well, at a glance, it is. But once you considered the renovation cost, you will see that it is not. Bathroom addition or renovation cost a lot because you’ll need a lot of new things, like tiles, bowl, bathtub, etc. Do not forget plumbing, electricians, etc. Well, according to research, on average, compared to the cost and the amount you received during the time of sale, bathroom addition, renovation or major expansion will not yield more than 60 percent of the expenses you’ve done. This percentage return is minuscule, unlike the kitchen part which in some situation, could yield a larger amount compared to the amount you spent. A lot to consider right. So before planning that major overhaul of your bathroom, think about if you need it since this is not a sound investment if you are planning to sell this property in the future.
Good insulations are always good if you don’t have them yet.
Good insulations might cost you a little bit more, but it is essential if you want to compete in the housing market. If you already have insulation installed but they are not that good, they barely matter. So the only thing that matters is sound insulation. In the housing market here in Melbourne, it is either right or nonexistent; there is no in between.
Renovations that pays off are rather few, but with enough research and statistics, you can be aware what might be a sound investment, and house renovation when you are planning to sell off your property should be approached with a different mindset as compared to standard improvement. So, the thing about it, or stay tuned, will talk about this in our future articles.