For homeowners looking to increase their home’s value, energy efficiency and appearance, home renovations may be the answer.  But, how do you determine where to start?  If you are looking to get the most out of your investment, it is advised to complete renovations to your kitchen or bathrooms.  

Experts say that kitchen and bathroom renovations are the easiest to make to recoup your investment and increase the value of your home. One of the first steps in home remodeling is creating a budget plan.  For the average homeowner, a home remodeling project is a daunting task. However, with a set budget, it is easier to make decisions. When setting a budget, keep in mind that there will always be unexpected costs. Make sure your set budget is forgiving enough to accommodate such unforeseen costs. Next, prioritize which renovations must be done right away, and what you can live without. Oftentimes, it is the kitchen that significantly affects the general feel and appearance of your home. Kitchen remodeling can be an intimidating task and the primary reason for this is the many factors and components involved. 

Kitchen remodeling is not something that falls under the “do it yourself” projects; unless you have extensive knowledge, experience and skills in the subject. Kitchen remodeling often involves plumbing and electrical works, which often requires permits. Then you have to decide on the flooring, cabinetry and fixtures in relation to your budget and lifestyle.

Compared to kitchen remodeling, bathroom remodeling is easier to estimate. You will still have to decide on flooring, fixtures and cabinetry. Bathroom remodeling is also easier than kitchen remodeling, as long it does not involve complicated changes to the sewage and the electrical layout of your house. When it comes to money for money, kitchen and bath remodels offer the biggest return for your money. These areas significantly increase the perceived value and the actual comforts of your home. Therefore, if you are planning to remodel your home for increasing comforts or for the purpose of selling your home, then its best that you spend money on the bathroom and kitchen first.

Good reasons to renovate Property renovations can improve your lifestyle, add to your property’s value and provide an enormous sense of satisfaction. But there are pitfalls to avoid to completing a quality project. Good renovations start with good planning Renovating can be rewarding financially – adding value to both your property and lifestyle. However no matter whether you have major improvements or a simple do-it-yourself project in mind, it’s worth doing the job well. And it all starts with knowing what you are aiming to achieve with your renovation. Consider your reasons for renovating Each year thousands of property owners undertake successful renovation projects. Some of us are motivated by the need to add space, or save on moving costs. Others just want to restore an older home to its former glory. And in some cases, home owners choose to renovate in order to maximise their property’s value ahead of a sale. For investors, renovating may be an opportunity to improve the value of their asset and make a profit on sale, or it may mean being able to command a higher rent.

Taking some time to think about what you want from your renovation will ensure the end result meets your goals. With this in mind let’s take a look at some of the key reasons for undertaking a home renovation:

1. Avoid the costs of movingEnhance the returns on an investment property

If you like the area or home you live in, renovating rather than selling up and buying elsewhere may be a cost effective option.  It helps you avoid legal fees, agent’s commission, stamp duty, and a raft of other expenses associated with buying and selling, that can add up to thousands of dollars. It’s money that can go straight towards your home improvements. However, be sure your renovations will have lasting benefit for your lifestyle and family needs. Otherwise you may still need to consider moving further down the track. Renovations may mean enjoying a greater profit on sale or being able to charge a higher rent on a rental property. If the property is to be sold immediately after renovating, any improvements should be designed with broad market appeal in mind. Improvements focused on increasing rental returns should take into account the factors that are most likely to appeal to tenants otherwise the capital spending may not achieve this goal.

2.  Increase your property’s value

A well-designed, well-executed renovation may add significant value to your property. It’s an opportunity to grow your property’s value regardless of how the overall market is faring, and in this sense a renovation can also be a great investment of your time and money. Be sure to speak with local real estate agents to check that your planned renovations will increase your property’s value by at least the cost of the project. This is especially important if you don’t plan to remain living in the home for at least the next few years. 

3. Achieve a higher sale price for your property As mentioned above, renovations could make your property easier to sell – and you could potentially secure a higher sale price with a renovated property. But make sure to consider other people’s tastes as well as your own. Aiming for a design that has broad appeal and selecting neutral colour schemes can make your property appealing to a wide cross-section of buyers/renters. If in doubt, talk to local real estate agents about whether your proposed renovations will enhance your property’s likely sale value. If you are planning to sell your property in the near future, it’s worth thinking carefully about undertaking major renovations. Unless you renovate sensibly you may not recoup the costs of your renovation particularly if the property market takes a dip while the works are being completed. 4. Restore a character home Many older or unrenovated homes are hidden gems just waiting to be polished. Renovating these homes can be extremely rewarding but be sure to thoroughly research the history of the property and the sort of features that apply to different historic styles. This will help you achieve a renovation that is sympathetic to the style while still providing modern conveniences. Demolish or renovate? Finally, if the existing building is in poor condition, the question will come up: renovate or demolish and build new? To come to a decision, different factors must be considered: your aims, desires, the state of the building and the investment involved. Another question is whether your expectations and changes are feasible with the existing building. What is the architectural value of the building and, finally, what is the emotional value that you connect with the existing building? Often it is advantageous to involve an architect to help you with this decision, who will be able to tell you what the technical options are, what costs are involved and compare it to the construction of a new  Investment Renovation sometimes asks for long-term planning if all requirements, for example flexibility in usage, aesthetics and sustainability targets, as well as regulations must be met, while staying within the available budget. It is not only an investment in your quality of life but also in the building itself, as it increases the value of the property and extends its lifespan. In addition, long-term savings can be achieved through reduced energy consumption, lower utility bills and lower maintenance costs in the future. Building materials made of clay or concrete are hard-wearing and robust and thus especially durable. Hardly any repair and maintenance costs are incurred, and the value of your building is not only retained but can be expected to increase.  In short, the materials have many advantages when it comes to renovation. Why renovate? Our home should be warm and comfortable. It should provide enough room, be beautiful and at the same time functional as well as affordable. Furthermore, it should comply with latest energy standards, be sustainable and save costs. To achieve all that, our home sometimes needs improvement and some work needs to be done.

Should you be looking to take a bold step to get the best look out for your property,  feel free to contact us for a quote