A client came to me recently with a familiar problem; their family was growing and their current house that they love was starting to feel a little small. A decision was needed to either renovate to add room to the existing house or look at selling and buying a larger home. And one of the considerations was to also keep an eye to the future and will this renovation add value to the existing house?
This is a common dilemma that many families face and you will need to weigh up the costs of either option. Obviously selling and buying a new home can come with agent’s fees, advertising, stamp duty, moving costs etc.
Similarly if you are looking to renovate the decision should incorporate not just what you require at this stage of your life but also will this add value to my home? Spending $50,000 on a renovation doesn’t automatically equate to a $50,000 increase in the value of your property.
Ideally you are looking to renovate to suit your lifestyle, your growing family and to add value to probably your biggest investment to date.
So how do I maximise the chance that my renovation will add value to my home?
Space is one area that can make your home more appealing while also meeting your lifestyle needs. If you do not have the budget to increase the actual footprint of the house then you may look at an internal renovation. Removing an internal wall to develop a more open plan flow to your living / dining room can make a home appear more spacious.
Adding a new bedroom can definitely increase the appeal of your house when it comes time to sell. Similarly with an extra bathroom. If you have a growing family and have dealt with the joys of sharing a bathroom then you will really appreciate the extra space that a new bedroom / ensuite will bring.
Kitchen renovations can definitely add value to an existing home. Renovating an old, cramped kitchen to create a modern, user friendly environment will encourage you to utilise your kitchen more often while also adding value.
Landscaping is an area that many people over look when deciding on a home renovation. Creating a usable outdoor entertaining area, combined with space for the children and an attractive, low maintenance garden can be a huge bonus to potential buyers. This will also encourage you to utilise your outdoor space more often which creates that sense of space you are looking for with a growing family.
One other area that people are looking at more these days is eco-friendly renovations. With the rising cost of power and people looking to make everyday savings by installing solar panels, using eco-friendly paints and energy efficient appliances, utilising natural light and looking at insulation to reduce their power consumption.
So ultimately yes, a well-planned renovation, with quality finishes and an eye on what potential buyers in your area may be looking for can add value to your home while also improving the quality of your home lifestyle.
