How to Add Value With a Renovation

Many Australians would like to put work into their home but are fearful of not getting a return on their investment. They worry that a renovation project will be nothing but a sunk cost. Although they may improve the aesthetics of their home, they will never get that money back, and they don’t deem the costs worth it.

However, a renovation could bring a high return on investment. Renovations are a useful solution, especially when compared to the cost of moving homes. How is it possible for home improvements to bring you a return on your investment?

Know What Rooms To Renovate

The bathroom and the kitchen are the two rooms most likely to maximize a return on investment after undergoing a renovation. This is because they are some of the more prominent, more attractive places in the home. Both of these rooms can surprise your guests, and there is a lot of flexibility with the design possibilities. With Kitchen and Bathroom renovations it’s quite reasonable to create rooms that stand out.

In fact, Australian homebuyers have said that they would be more likely to spend on a home with a spectacular kitchen or bathrooms. Because of this, if you renovate a kitchen or a bathroom, you can expect to see at least a 100% return on investment. Some homeowners even said that they saw a return on investment higher than 100%, meaning they made money on their remodel.

The myth that you can’t increase the value of your home when renovating is inherently false. You can see a considerable return on investment. It’s merely a matter of knowing where you should begin renovating.

It’s also worth noting that the longer you hold onto your home after renovating, the better chance there is that you’ll recoup your investment. Some homeowners have said that they sold too quickly after completing a project, and their returns diminished.

Renovating To Increase Value

Renovating gives you the chance to improve the value of your home, especially when compared with neighbouring homes. If you are the first one in your neighbourhood to have undertaken a renovation, your house will look instantly more attractive to homebuyers. So if you are planning a renovation project with the aim of selling, these tips should serve you well.