Here are some ideas to help you decide which part of your property to focus on for the best results.

(Your LoanHub)

Renovating is one of the best ways for property owners to increase the value of their homes.Ā If youā€™re looking to add value to your home, but donā€™t want to renovate every room, it can be difficult to decide where to start.

 

The kitchen

The kitchen is widely regarded as the best place to start when renovating ā€“ and while it can be a lot of work, the rewards can be substantial. Despite being one of the most expensive rooms in the house to renovate, thereā€™s no need to break the bank.

An updated kitchen can make a huge impact on potential buyers, by giving your home a ā€˜ready to move inā€™ feel. The Housing Industry Association of Australia report that theĀ average cost of a kitchen renovationĀ (PDF) in Australia is $21,862, but the difference a modern kitchen makesĀ when youā€™re selling can be substantial.

As far as appliances go, you might choose toĀ purchase a single-brand suite to give a cohesive look and feel to the room. However, thereā€™s often no need to go ā€˜top of the lineā€™ when it comes to elements such as ovens. Adding value is about keeping costs to a minimum while refreshing the room.

The bathroom

Next on the list is the bathroom, a key element in any house ā€“ especially if the structure isnā€™t particularly modern. Similar to kitchens, an updated bathroom can provide a home with a much-needed contemporary boost, and it doesnā€™t have to cost the earth.

There are a number of cost factors to consider when renovating a bathroom that donā€™t apply to other rooms in the house, such as plumbing and waterproofing. Moving the location of sinks, toilets and showers can add a lot to the overall cost, and this money probably wonā€™t result in a lot of value being added in the long run. Therefore, a key tip for doing up a bathroom: donā€™t overcapitalise.

Itā€™s important to consider the home as a whole, and the features you believe will be desirable for your location and target buyers. If youā€™re hoping to attract a family, for example, consider installing a bath.

The great outdoors

Another area ripe for high-impact renovation is gardens and back yards. Opening up the rear of your home to create an outdoor entertainment area is effectively the same as adding a whole new room.

If your home already has an outdoor entertaining area, itā€™s worth considering whether there are elements that could be updated.Ā Adding an outdoor kitchen or designated barbecue area can have a positiveĀ impact on the value of the property.

And because first impressions count, donā€™t overlook the front yard.Ā  ā€˜Curb appealā€™ can be the difference between potential buyers driving by or stopping to take a look inside.

Thereā€™s more to adding value than giving your property a quick lick of paint and hoping for the best. The right renovation, in the right area of the house has the potential to add tens of thousands to the value of your home ā€“ and choosing the right way to invest your time and money could mean a better result when you decide to sell.

 

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