Three home renovations that add value

The home improvements that can help make you money.

If you’re thinking of renovating your property before selling, there are a number of things to consider.

Renovating to add value to a property is very different from renovating for lifestyle.

Whether a renovation adds value will vary as every property is different. Knowing what adds or detracts from value is imperative if you are looking to make a profit in the competitive housing market.

The Real Estate Buyers Agents Association of Australia revealed the top renovations that add value to a home.

Space

Creating extra floor space by extending the footprint of a property is by far the biggest drawcard for buyers to pay more. In some capital cities the inclusion of one extra bedroom can add anywhere between $80-200k on top of the price.

Creating space for parking, especially within inner-city areas, is also a boon for buyers for which they will happily pay more.

Kitchens and bathrooms

Buyers know the value of these big-ticket rooms and will pay accordingly if they are done tastefully for the buying market.

Few homeowners enjoy going through the process of having no cooking or bathing facilities for weeks on end, so not having to plan and spend here is an area where renovators can profit.

Landscaping

Australians are predominantly an outdoors lot when it comes to entertaining. Having an attractive, usable and well-designed al fresco area or garden can be a boon for value-adding.

Creating a level yard for children in a family-driven area or the addition of a beautiful garden oasis can add emotional value to a property. Improving outlook is also a winner if the home looks out onto manicured greenery.

Looking to renovate? Talk to RACQ Bank about the right loan to meet your needs.