If you're like most people, your home is your largest investment. So, it only makes sense that you want to do everything you can to increase its value. But, let's face it, home renovations can be expensive - and, unless you're an experienced contractor, they can also be a lot of work. But don't worry, we're here to help.
In this blog, we'll share some of our favorite renovation ideas that will help increase the value of your home without breaking the bank!
1. Adding an extra bedroom
If you have the space, adding an extra bedroom is a great way to increase your property value. This is because it provides potential buyers with more options (can be used as a guest bedroom, a home office, a playroom for children, or even a storage room) and can make your home more attractive to a wider range of people.
Research, conducted by real estate valuation firm Herron Todd White, found that the addition of a bedroom can add up to 10 per cent to the value of a home in some cases. This is based on the assumption that the extra bedroom is of a good size and is well-designed, and that the rest of the house is in good condition.
2. Renovating your kitchen
It should come as no surprise that that renovating your kitchen can add a significant amount of value to your home.
According to a report by CoreLogic, kitchen renovations are the most effective way to increase the value of your home in Australia. The report found that, on average, a kitchen renovation will increase the value of your home by $20,000.
This is likely because kitchens are one of the most important rooms in a home. They are where we prepare our food, entertain guests, and spend a lot of time. A well-designed and functional kitchen is essential for a comfortable home life.
While any renovation will add some value to your home, kitchen renovations are particularly effective because they are usually visible and make a big impact. A new kitchen can completely change the feel of a home, making it more modern and inviting.
3. Bathroom renovations
Bathrooms are another important area of the home and can also add value when renovated. If you’re planning on doing some work in this area, it’s important to focus on making it functional as well as stylish.
In particular. floor to ceiling tiling, new vanities, toilets and even heated towel racks are some of the features that can make a bathroom luxurious and add value to the home.
4. Outdoor living areas
Outdoor living areas are a sought-after feature in Australian homes as they provide extra space for entertaining and relaxing.
Infact, a study by the University of Queensland has found that outdoor living areas are the number one attribute Australians look for when buying a house. The study found that an outdoor living area can add up to 20% to the value of a house.
More and more people are spending their leisure time outdoors, and they are willing to pay more for a house that has a good outdoor living area. A well-designed outdoor living area can add value to a house in several ways. Firstly, it can increase the amount of usable space in the house. Secondly, it can provide a space for entertaining and socializing. Thirdly, it can create a sense of luxury and exclusivity.
While most people think of an outdoor living area as a deck or patio, it can also include a pergola, gazebo, outdoor kitchen, fire pit or even a swimming pool. The key to adding value with an outdoor living area is to design it with features that will appeal to the widest possible range of buyers. That means keeping it simple and avoiding anything too personalized or quirky. A well-designed outdoor living area will make the most of the available space and the natural features of the site, while providing shelter from the sun, wind and rain. It should also be low maintenance, so buyers don’t have to worry about spending their weekends mowing the lawn or painting the deck.
5. Energy efficiency
Making your home more energy efficient is not only good for the environment, but it can also save you money on your energy bills. In fact, a number of studies have found that energy efficiency is one of the most important factors when Australians are looking to purchase a home.
One study, by the Real Estate Institute of Victoria, found that energy efficient homes sold, on average, eight days faster than homes that were not energy efficient. The study also found that energy efficient homes sold for, on average, 3.5% more than homes that were not energy efficient.
Another study, by the University of Melbourne, found that energy efficient homes sold, on average, $4,000 more than homes that were not energy
Installing solar panels, double glazing windows or insulation are all great ways to make your home more energy efficient.
In general, Australia is a country that is known for being safe. The crime rate is low and there are a lot of things that the government does to ensure the safety of its citizens.
Nonetheless, studies have found that properties with good security are worth more than those without security features. In fact, Australian properties with security systems installed can be worth up to 10% more than those without security. This is because potential buyers perceive these properties as being more secure and therefore more valuable.
There are a number of different security features that can be installed in a property in order to increase its value. These include security cameras, alarm systems, motion sensor lights and security gates. Installing just one of these features can make a property more valuable, but the more features that are installed, the greater the increase in value will be.
So, if you're looking to increase the value of your property, installing some security features is a great way to do it. Not only will you make your property more attractive to potential buyers, but you'll also be providing them with a sense of security that could be worth a lot of money.
7. Curb appeal
The first thing potential buyers will see when they pull up to your home is its curb appeal. In Australia, potential home buyers will often drive by a property before they ever step foot inside, so it is important to make sure that your home’s exterior is well-maintained and inviting.
This is why it’s important to make sure your home looks its best from the street. Some simple ways to improve your curb appeal include painting the front door, trimming the hedges and planting some flowers.
8. Renovating your garage
If you have a garage, renovating it can be a great way to add value to your home. This is because a well-designed garage can provide extra storage space or even be turned into a home office or workshop.
If you are thinking of renovating your garage, there are a few things to keep in mind. First, you want to make sure that the garage is big enough to fit at least one car. If it’s too small, it won’t be useful to buyers and won’t add as much value to your home.
Second, you want to make sure the garage is in good condition. This means repairing any cracks in the walls or floor and making sure the door is in good working order. If the garage is in poor condition, it will bring down the value of your home.
Third, you want to make sure the garage is clean and organized. This will show buyers that you take pride in your home and that you are a responsible homeowner.
Investing in some landscaping can make a big difference to the look of your property and add value. This is especially true if you have a large block of land. Some great landscaping ideas include planting trees, installing a water feature or building a garden shed.
10. Home automation
Home automation is becoming increasingly popular and can definitely add value to your home. This is because it can make your life easier and save you money on your energy bills. Some examples of home automation features include automatic lighting, heating and cooling, and security systems.
In conclusion, there are a number of different ways you can add value to your home through renovation. By considering some of the ideas on this list, you can make your home more attractive to potential buyers and increase its value.
For further insights, take a look at the Chimni Dashboard to get free insights through our property data and analytics.