Not every improvement you make on your home will create a return on the investment you make. But some will, and the return can be great. From renovating bathrooms, to improving curb appeal, what’s really important to ensuring profit from your reno? Here’s my top 5 home improvements that will provide a return on investment.
Home Improvements That Will Provide A Return On Investment
It is important to point out first and foremost, that this isn’t a license to spend as much as you want! You renovations should be done with the overall price of your home kept in mind. Overcapitalizing can happy quickly when renovating, as we can get carried away with what we want instead of what actually adds value. Likewise putting a $25k deck on a million dollar property can actually devalue the home. So spend accordingly.
Carport Or Garage
If the space allows for it, put a garage on your home, if not a carport will do. Buyers are looking for somewhere to store their vehicles, it’s almost a must when shopping for a new home. The building of a carport will add a similar value to your home, a garage may return a little more.
Bathroom or Ensuite
A well renovated bathroom and or ensuite will add value to your home. Buyers want finished, not a project to complete. They also want fresh and clean, a well timed renovation to these areas can increase the value in your home. There is no need to spend up big to get the desired result, spend wisely and reap the benefits.
A kitchen has the power to sell a home. We can make an emotional connection to the kitchen the moment we see it, if we don’t the whole house can feel as though it is wrong. We spend much of time in the kitchen, therefore it needs to be functional and fresh to appeal to a buyer. Again you don’t need to spend a fortune to achieve that feeling, but any fair investment you make in your kitchen will provide a financial reward.
Before (photo credit Hannah Puechmarin)
This is the most underrated investment home owners make and yet such an easy and inexpensive one to get right. Increasing the curb appeal of your home can make a significant difference to your selling price. Tidy up the gardens, fix anything that isn’t working, hide the bins, give your home a fresh coat of paint. None of these jobs cost a lot, and yet they contribute to a higher value on your home.
Other than a deck that is too small or doesn’t function well, decks always add value, especially in Queensland. Remember to ensure your deck connects to the living areas of your home for maximum increase in profit. Bi-fold doors or big sliding doors, to really open up the space from inside the home to the outside living area, will help with the connected feeling. In proportion and well appointed decks or outdoor living areas will always add value to your home.
There are many other home improvements to consider when you own a home. We encourage you to do some research before carrying out those home improvements, to be sure they will contribute positively to the value of you home.
Are you renovating for profit? Found your forever home?