Whether you’re considering renovations on a home in North Brisbane, South Brisbane or anywhere else in South East Queensland, any you do must add value to your home. Here’s how to ensure they do just that.
Prior to 2020, the Housing Industry Association (HIA) predicted that renovations would fall over the next couple of years. However, as a result of COVID and other factors, renovations have significantly increased in all major cities in Australia, including Brisbane. In fact, HIA is now calling 2021 the Year of the Renovation.
With more Australians than ever taking on home renovations, it’s become more important than ever to understand what you can do to ensure that your renovations are actually adding value to your home. And whether you’re undertaking renovations in North Brisbane, South Brisbane or anywhere else in South East Queensland, those value-adding items will be substantially the same. So, let’s dive in.
Value-Adding Renovations for Your Brisbane Home
Not all renovations will give you back a profit in terms of your home’s resale value. But some will. Here are the renovations that give you the best return on auction day.
Updating, modernising or replacing your home’s kitchen is one of the highest profit returning renovations that you can undertake. In fact, the cost of a basic custom kitchen can be relatively small, but it will add enormous appeal and value to the property, returning as much as five or six times the dollar value.
Buyers want to be able to imagine living in the house. They want to feel an emotional connection to the home. And the kitchen truly is the heart of the home.
Creating a kitchen space that appeals emotionally to buyers—by showing how they might enjoy family dinners or entertain their friends—is vital to them buying into the idea that this home is for them. But when they do, they’ll pay to have that dream become their reality.
There’s nothing that will let a home down more than outdated and inconvenient bathrooms. And there’s nothing that will put a buyer off more than a home without enough bathrooms.
The number of average bathrooms in homes has been increasing over time, and the average now is 2.6 bathrooms per home. And for each of those bathrooms, buyers today expect modern, up-to-date finishings, with clean, stylish fixtures and fittings. Because of that, adding a bathroom, and renovating those you have, is one of the best ways to add value and modernise your home.
But because there are so many components and choices for bathrooms, particularly at the luxury end of the market, it can be easy to overcapitalise. Working with an experienced renovations builder, like Osnem Projects, is a great way to ensure that you get it right.
Painting is a powerful renovation tool that offers a lot of bang for your buck. It’s relatively inexpensive, and quick and easy to do. And getting a contemporary colour scheme (both internally and externally) instantly modernises and refreshes a tired property. Most importantly, a great paint job with modern colours and tones helps to show off the home’s best qualities, highlighting its most beautiful features and creating a fresh, clean feel.
While no situation is exactly the same, a professional paint job can add 5% or more to the sale price. Even more importantly, it will help you sell the home in a more timely manner, saving you the cost of a long-term sales process.
Indoor-outdoor living has become an important driver for many homeowners, particularly in areas with beautiful weather, like here in SE Queensland. This could include renovating a patio or deck to embrace modern accoutrements, like privacy screens, fans, outdoor kitchens, heaters, lights and storage space.
You should also consider the weather, and what you might be able to do to make the space usable even in inclement weather (such as the installation of waterproof shutters). The money that you spend on an all-weather extension of your house will be well worth it.
Well designed and executed indoor-outdoor spaces can add 8-10% to the home value. And you could see a return on your investment of over 80%. And a beautiful alfresco lifestyle will drive the sales sign quickly.
Street appeal has always been important. But when it comes to adding value, it’s less about plants and more about the external features of your home. These renovations might include adding a garage or carport. Or they might focus on modernising cladding materials, updating colours and ensuring you have a new, contemporary door. Of course, you do want to ensure that all the gardens are tidy and weed free, too.
When your home looks its best from the outside, it will draw in more potential buyers and drive up the value of your home.
Consider Your Suburb
Finally, there is something to be said for considering what is being done in your suburb. For example, buyers in North Brisbane suburbs, such as Herston, Ashgrove or The Gap, may value certain renovations. While buyers in South Brisbane suburbs may value other things.
Speak with your local renovations specialist or builder (like our team!). We can help you understand the best approach to value-adding renovations for your suburb and your home.