Not all renovations will give you a nice profit in the end when selling your home. There are some projects that will cost plenty more to do than what they will give you back in return. To make sure you know which ones are worth the trouble (and the $$), I’ve conducted thorough research to find the best solutions. Here are a few renovation and design trends that will give you the best return when you decide to sell:
There are two options here: you can either update the bathroom or add another. The trend for more bathrooms has been growing over time and it is being reflected within the renovation market too. It is not unusual for homes to have 1 bathroom and 1 ensuite these days. If you are renovating or adding another bathroom, then it is important to have your budget set out from the start and aim to stick to that fixed price (to the best of your ability). Most buyers want bathrooms to be up to date and modern with stylish fixtures and fittings. It’s also important to style if properly; add some beautiful coastal style home interiors or a couple of plants. There are so many components to a bathroom, that it’s easy to make small improvements that will have a big impact.
Renovations are meant to show off the home’s qualities rather than diminish its value. By doing good renovations, you’ll have the best opportunity to make a good profit when you sell. Painting is a good option to give the home a cheap and easy “lift” (as long as you are using modern shades and colours). Paint is actually a powerful renovating tool. You can modernise and refresh an outdated and tired home with just a coat of paint in a modern colour scheme. Trust me, if you add one of those stunning armadillo rugs to a newly painted, white room – people will go nuts for it!
When you are renovating a home with a set resale in mind, ensure you are making improvements to the outside of the house as well. You want to maximise the number of potential buyers that are walking through the door enticed from the street view. With this in mind, consider incorporating things like modern cladding materials. You also need to clean up the garden and make it look thriving and beautiful. Your front door is important for the street appeal. If you’ve got an outdated door, consider replacing it with a modern front door that has more of a wow factor to it. You can even paint the door with rich colour and give it a big lift. Ensure the garden is tidy, the front lawns are mowed, and no weeds are seen popping out anywhere. Either replace or repaint the front fence and add a new modern letterbox and house number.
There is a big trend when it comes to upgrading your outdoor area to a more indoor-outdoor style of living. We used to see barbies on a patio, but now the outdoor area is an extra room that is just an extension of the home with big, wide-open doors opening right outwards. Your outdoor area is now a driver for the buyers. They imagine themselves using it and suddenly they are sold on the type of lifestyle it could offer.
All home renovations should be done with the intention to increase profit. Try not to inject too many personal preferences and tastes into your design choices. Try to keep a broad audience in mind – less is more here!
Things like pools and new appliances won’t add much profit and are not exactly what people are looking for. Search the current market and see what is selling and what isn’t, and work out how it differs from yours and what extra could you be doing to bump up the profit.