Will your renovation add value?

Nobody wants to spend $75,000 on renovations only to hear the bad news that they’ve overcapitalised. A good architect or builder can help you make the most of space if you’re extending upstairs or outdoors, and there are simple ways to save money if you’re just refreshing a couple of rooms.

Set a budget and think long-term
Don’t rush your renovations. Take your time planning what you want to create, how you want it to look and how the renovations will integrate with and enhance your lifestyle. There’s no point in fully renovating the kitchen after you move in, only to decide you want to knock out that wall out in a few years time to open up a living space.

Also, look at the type of property you have and how in demand it is in your area. If you live in family friendly suburbs, a home with 3 or 4 bedrooms will be fairly easy to sell. If your area is popular with empty nesters, a 2 bedroom apartment will be in greater demand than a substantial family home. Attend open for inspections in your suburb to see how other home owners have renovated, and see how it impacts on their final selling price.

Set a renovating budget and stick to it, bearing in mind that you will need a buffer of 10-20 percent to cover extra expenses.

You can get a registered valuer to look at your home beforehand and estimate the value of your property after renovations, for just a few hundred dollars.

Architects and tradies
An architect will help to make the most of your space, ensure it’s all completely functional and will be up to speed on all of the building legislation. A fixed fee will get you a Renovation Report from Archicentre, which includes an architect’s design concept including plans and elevation or perspectives, recommendations on materials and finishes and an itemised opinion of probable costs. Working with a name builder or architect will definitely add value. If you’re renovating more than one room you will need a builder, so ask to speak to previous clients they have completed work for before selecting one. If you’re just doing up a bathroom or kitchen, get at least three quotes from tradesmen before choosing one.

Up or out?
Extending into the yard to create in/outdoor flow is a hugely popular way to renovate. You can really open up the back of your home with glass bi-folds extending to a courtyard and a landscaped low-maintenance garden. Adding an extra level is more expensive but the only way to create more bedrooms, and it will integrate best with the rest of the house if you use the same materials.

Kitchens and bathrooms
These tend to be the most expensive rooms to renovate, but there are ways to cut costs. You can’t beat a stone benchtop in a kitchen for look and durability, and composites like CaesarStone and Corian offer cheaper alternatives to natural stones like marble and granite. Also consider the lower priced stainless steel appliances that will achieve the same look as more expensive brands. Similarly in the bathroom, you don’t have to use pricey fittings and fixtures. A popular look at the moment is to use a brown and gold marble tile on the floor as a highlight, but keep the walls simple with a cheaper white tile.

Cheap and easy makeovers
A makeover improves the cosmetic appearance of your home without the expense of full renovations. You can improve the value of your home straight away with new carpets, or by polishing floorboards that are still in good condition which have been hiding under old ragged carpets. Painting the interiors white or a neutral colour will have maximum appeal to the next buyer. Tiling the front entrance also creates a strong first impression.

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