Although renovations improve a home’s value, most renovations are done to improve lifestyle. So when you are doing renovations you must think about how much money to spend and how you are going to spend it. The three most common renovations are outdoor entertaining areas, kitchen renovations and bathroom renovations.
A recent article by Property Observer listed renovating tips from Australian experts. The ideas are worth sharing with you:
1. Match value to your renovation budget
Build your renovation to improve the value of the house. The increase in value must be more than what you spend on the renovation otherwise you are wasting money. You might not get your money back on an expensive renovation. A cheap and poor quality renovation may decrease the value of your home.
2. Match the renovation to your lifestyle
Build a renovation to match how you want to live. Is your lifestyle formal or casual? If you have pets and kids it has to be robust and easy to clean; if you like to entertain you need to think about how people will access areas, how will they interact and where they can eat. Lifestyle affects the design, layout, the style and finish of accessories, the quality of surfaces and even the colours you use to finish the job.
3. Choose the right builder
Choose a builder you can trust to give you the best value for your investment. Obviously we think you should use Amazing Projects!
4. Prioritise your renovation projects
Spend you money where it will have the most positive affect on the value of your house, before you think about lifestyle. Quality kitchen and bathroom renovations will always add value. But don’t forget the front of the house is important in making a good impression so don’t overlook having a great-looking façade.
5. Create good quality kitchens
Budget for the appropriate quality of kitchen appliances and fittings. Kitchens are where families spend a lot of their time and it is how people judge homes. One expert says 5% of the value of your house should be spent on your kitchen renovation. If you house is worth $700,000 that means you should spend $35,000 on renovating your kitchen.
6. Create good quality bathrooms
Spend 1% to 1.5% of the value of your house on your bathroom says another expert. Your bathroom is the second most important room in your house in terms of adding value. If your house is worth $700,000 you should spend between $7,000 and $10,500 on renovating your bathroom. Prioritise on what will give you the best improvement.
7. Green your home
Make your home more environmentally friendly. Having a green lifestyle is satisfying and can save you money. Many buyers want houses with the latest green innovations: solar hot water or solar panels, rainwater tanks, drip-feed irrigation systems, and shutters. Even simple changes like dual-flush toilets make a difference.
8. Avoid DIY
Avoid do-it-yourself renovations. Although DIY is a good way of saving money for simple things around the house, doing DIY renovations can lose your value. The quality of workmanship is important in adding value so make sure you get qualified and experienced builders to do all but the simplest of jobs. Obviously we recommend Amazing Projects!
9. Budget for landscaping
Allocate at least a small budget for outdoor areas and landscaping. The modern Australian lifestyle is reflected in our homes. We combine indoor and outdoor living so the garden becomes an extension of the house. Tidy and functional outdoors areas will improve property value.
10. Remember the importance of the floorplan
Create a floorplan that will let you live the way you want. One of the most overlooked and important things about a renovation is the floor plan. The right floor plan is at the heart of a successful renovation design because it will dictate how your family and visitors use and move within the space. The floor plan will dictate how the space functions and flows.