Tips to maximise your home renovation dollar
Renovation Quotes
from local renovators
Whether you're preparing your home for sale and want to maximise its value, or renovating your home to enhance the lifestyle of yourself and your family, everyone is always looking to stretch there renovating dollar as far as possible. However, home renovation can be a difficult and expensive exercise. Here are some tips for ensuring that you spend each and every home renovation dollar wisely:
- Do not over-capitalise your home. If your home renovation makes your home the most valuable in your area then you might be making it difficult to sell your home for its full value. Its best to keep the cost of your renovations in line with your home's value.
- Undertake renovations that will add more value to your home than their cost. For example, painting a home often makes the home more valuable and attractive, and costs relatively less.
- Renovate your home relative to your budget. If you have less than $5,000 then consider painting, landscaping or making small replacements such as windows and doors. Only consider big renovations such as a new kitchen or a new bathroom if you have more than $15,000 to spend.
- Don't be suprised by the cost of renovation projects. It is difficult to renovate a kitchen or bathroom for under $15,000 and they often cost much more. Similarly, building a pergola or a new patio can cost upwards of $10,000 when done properly.
- Adding an extension can often dramatically increase the value of your home. Adding an open plan living area at the back of the house, or building a second storey, can make your home feel more spacious. This can be very appealing to home buyers.
- If you're selling your home and it is on a decent sized block, you might get more value by spending $20,000 obtaining a planning permit for a 2-3 house development and selling the property to a property developer. This can be emotionally difficult for many, but financially rewarding for those that go down that path.
When stretching your renovation spend you should consider all options and focus on what will deliver the best value for money. Often it is the small renovations which add the most value, however when done correctly a new kitchen or a major extension can add great value as well as improve your lifestyle.
Renovation Quotes
from local renovators
