The goal of renovating for profit is to minimise expenditure and maximise return.
Focus on renovations that will increase your property’s value, whilst not costing you the earth.
Here are 6 smart renovation ideas that will resonate with prospective buyers and help you get great returns when you sell.
And remember, if you need assistance with financing your renovations, your mortgage broker can offer you competitive loan choices. We’ll do all the legwork for you, so you can focus on transforming your property into something extraordinary.
Curb Appeal
- First impressions are everything. Consider the view from the street and if it has that ‘wow’ factor.
- Spruce up the front façade, fence, garden, windows, roof and driveway. Make them work together to add charm.
Kitchen
- Renovating the kitchen is one of the most effective ways to add value to a property. Do the hard work so buyers can move straight in and enjoy it.
- If you have a larger budget, you might like to opt for a custom-made kitchen that’s made-to-order to suit the home.
- There are some great modular kitchens available at reasonable prices.
- Focus on the key areas. New cabinetry, appliances, benchtops, and a striking splashback will do wonders for your home’s sale price.
Bathroom
- If your bathroom is passable but just needs some love, you could simply respray the tiles, fixtures and fittings, rather than redoing the whole lot.
- Redo the tiling yourself, and update only the fixtures that need replacing, whether it’s the bathtub and vanity, or basins and shower screen.
- If you only have one bathroom, consider adding extra bathrooms to your property, as this can boost a property’s value.
Flooring
- There are plenty of budget flooring options that look attractive. Vinyl planks and laminate flooring are both popular, durable, budget-friendly products that you can install yourself.
- When choosing your flooring, remember your target audience. If your market is a family or property investor, wall-to-wall carpets may not be the best option.
Paint
- A fresh coat of paint can transform a property. Best of all, a paint job can be relatively inexpensive, particularly if you do the painting yourself.
- If you want to give your property a lift and appeal to most buyers, be sure to go for a neutral colour scheme that won’t date quickly.
Additional bedrooms
- If the space and your budget allow, adding more bedrooms to your property is another way to increase its value.
- Properties are typically valued based on land size and the number of bedrooms – the first, you can’t change, but the second you can.
- Remember, structural renovations usually require a sizeable outlay in the tens of thousands but should yield rewards come sale time. Careful budgeting and planning are key.
There are all sorts of ways to fund your renovation, whether it be refinancing to access equity, applying for a line of credit or taking out a loan. Speak to us about your options.
