Renovating your home can be a great way to increase its value and improve your living space.
However, not all renovations are created equal when it comes to producing optimal returns. There are several key renovation considerations that can help you maximise your investment.
1. Kitchen and bathroom upgrades
Kitchen and bathroom upgrades are consistently at the top of the list for renovations that produce the best returns. These are the high-use areas of the home that are also important for resale value. Upgrades to these spaces can range from a simple facelift with new countertops and fixtures to a complete overhaul with new cabinetry and appliances.
2. Outdoor living spaces
Outdoor living spaces are becoming increasingly popular in Australia with many homeowners seeking to make the most of their outdoor areas. This can include adding a deck or patio, creating an outdoor kitchen or dining area or installing a pool or spa. Outdoor living spaces can significantly increase the value of a home and provide an additional area for entertaining and relaxation.
3. Energy efficient upgrades
As energy costs continue to rise, energy efficient upgrades are becoming more important for homeowners. These upgrades can include installing solar panels, upgrading insulation and replacing windows and doors with more energy efficient models. Not only do these upgrades help to reduce energy bills, but they can also increase the value of a home and make it more attractive to buyers.
4. Open floor plans
Open floor plans are becoming increasingly popular in Australia as they provide a more spacious and modern feel to a home. This can involve knocking down walls to create a larger living area or combining rooms to create a more open plan. Open floor plans can improve the flow of a home and make it more attractive to buyers.
5. Smart home technology
Smart home technology is becoming more affordable and accessible for homeowners and it can provide a significant boost to the value of a home. This can include installing smart thermostats, lighting and security systems. Smart home technology can improve the functionality of a home and make it more attractive to buyers who are looking for modern high-tech features.
6. Stylish lighting
Lighting can have a significant impact on the look and feel of a home. Upgrading lighting fixtures can add a touch of style and sophistication to a space and can also help to improve functionality. This can include adding dimmer switches, installing pendant lighting or upgrading outdated fixtures.
Storage is always in demand and homeowners can increase the value of their home by adding more storage options. This can include installing built-in wardrobes, creating additional closet space or adding shelving and cabinetry to garages, laundries or other storage areas.