With property delivering record-level prices and not a lot of stock for sale, some owners are putting plans to sell on hold, fearing they may not be able to find their next dream home.
If you feel you need to re-evaluate your options right now, consider the option of renovation. It can provide an opportunity to add value to your home and create an improved living environment as you consider your next move.
Refinancing your current home loan can be an option to pay for a major renovation, especially if the equity in your home has grown significantly and you have a good track record paying your current mortgage.
Before you decide on the work needed, it can be helpful to talk to a local real estate agent. They’ll be able to share with you the features and fashions that they see are popular in the suburb and in demand from buyers, and which will add the most value to your home. You may find investing in a renovation will get you to the next rung of the property ladder faster than you had assumed.
Here are some ideas to inspire your thinking:
- Bedroom blitz
Buyers value property in many ways. Location is an obvious one, but then comes the number of bedrooms. Buyers have a fixed idea of their desired number of bedrooms, and if you can add an extra bedroom, your home’s value will increase straight out of the blocks.
- Bathrooms & Kitchens
Bathrooms and kitchens are the most popular areas of a home to renovate and can add significant value to your home. These can be significant investments and it can be easy to go overboard so set a budget and manage it carefully. Go for styles that are classic, functional and won’t date rather than all the latest bells and whistles which can quickly date your home. Pick materials, appliances and fittings that are quality rather than trendy to deliver true value that will also last the test of time.
- Open wide
Today’s buyers love modern interiors, even in homes more than 60 years old. If your interior is a little old school with smaller rooms, consider creating an open-plan living area. A large space that integrates the kitchen with a living area and then leads to an outdoor entertainment area is a winner.
- Go external
Building a small flat for granny or a home-office using one of the thousands of cabana designs available can be a good investment. An external living area is also an excellent halfway house for young adults before they leave home. Check if you need council approval.
- Stay outdoors
Today’s buyers are constantly thinking of how they can entertain friends. Creating a flow between the house and an outdoor living area has become incredibly popular. If you include an outdoor kitchen into a design, you’ll have a real wow factor.
- This article is provided for general information only and does not take into account the specific needs, objectives or circumstances of the reader. Before acting on any information, you should consider whether it is appropriate for your personal circumstances, carry out your own research and seek professional advice.