With the value of real estate finally on the rise again, many Australian homeowners are starting to once again look into doing home renovations to improve the value of their properties. For years people have been putting off employing a landscape design company or doing a full home renovation project, to avoid putting more money in their home without seeing a similar increase in its value. However now, with the market slowly and steadily recovering, renovation projects are once again a smart way to increase the value of your property.
Finding something to remodel or upgrade in your home is typically the easiest part of the process. It is easy for anyone to point out the areas that they are not happy with or wish to upgrade. It is far more difficult to know which projects to pick, both for your own enjoyment and the resale value of the home. When working with limited funds to renovate a home, it is important to pick and choose the projects that will really make an impact. Upgrades in a few key areas of the home can make a big impact on the property value, without blowing the budget.
Makeover the Kitchen for a Big Impact
The kitchen is always referred to as the heart of a home, making it a great place to invest your renovating budget. You don’t have to be a professional chef to appreciate the beauty of a high quality kitchen renovation. A gourmet kitchen will not only become the favourite room to spend time with the family, it will become a more functional space where cooking becomes much more enjoyable. Not only will the new kitchen look swish, it will be the first thing that prospective buyers look at should you decide to sell your home further down the track.
The elements to upgrade include flooring, counters, cabinets, taps and appliances. Generally speaking, homeowners can expect a return on their investment of approximately 75-120%.
Build a Master Retreat
A master bedroom is supposed to be a luxurious space to retreat to at the end of a long and hard day. By adding a master bedroom to your home or improving upon the existing one will definitely improve the look and feel of your home as well as increase the resell value. A home that has a master bedroom and en suite bathroom will almost always sell for a higher price than a similar home without a dedicated master bedroom.
Upgrading the master bedroom is best done by adjoining it with a private spa like bathroom. When designing the ensuite bathroom it is crucial that high-end fixtures and tiles are chosen, along with installing functional storage and lighting.
Many homeowners also like to add extensions to their master bedroom to make room for a big walk in closet and a luxurious bath. The return on investment typically ranges from 45-85%, though a good remodelling project or addition could easily fetch as much as 100% or more.
Create an outdoor living space
Creating large outdoor living rooms, alfresco kitchens and other spaces have quickly become the most popular home renovation project. Having an outdoor room will let you enjoy the beautiful Australian weather from the comfort of your home, rather than being stuck in the stuffy indoors. The great thing about designing an outdoor space is that it can be done without investing a lot of money, especially for homeowners willing to do some of the work themselves.
The goal for designing an outdoor space is to make it a comfortable extension of the space indoors, and to achieve this a good landscape design company would be very helpful. Adding features like a large grilling or kitchen area, a dining and seating area, a fireplace and beautiful landscaping will make the backyard feel more comfortable and much more like an actual room than a backyard. The return on investment for an outdoor living room ranges from 50-85%.
To top off your outdoor living space you will of course need a lush garden with an efficient reticulation system. This should be installed by reticulation experts.
If you have been putting a renovation project on hold because you were worried that the investment wouldn’t be worth it, it is finally time to take another look. Upgrading your home in one of these three areas will help improve your quality of life and with the right design choices, will also net you a good return if you choose to sell the home later on.