What renovations most improve a property’s appearance and value for the least cost?
seven top renovation tips the provide the most return on investment
It pays to plan carefully and make smart choices with return on investment in mind. While the average renovation job recoups less than two-thirds of its cost at sale. Here are seven smart projects that almost entirely pay for themselves in resale value:
1. A fresh coat of paint and change of colour scheme
Paint the inside of your property before putting it on the market. Use classic modern colours that are attractive to the many rather than the few.
2. Landscape
A buyer has only one first impression, so a little lawn care can go a long way. However, it doesn't need to be over the top. Just something simple and welcoming is enough. The last thing a new homeowner wants is to move into a property and have a large volume of gardening to attend to. Having a definitive path to the front door is key and often overlooked,
Adding an alfresco dining area can also be a worthy investment.
3. Bathroom
The bathroom is one of the most heavily criticised rooms in a house, yet often the smallest and costliest, and therefore the most neglected. For a more restricted budget, modestly updating the tapware and storage space is a simple way to modernise the bathroom.
4. Open the living areas up
People gravitate towards open-plan living areas. Combining living and dining areas by removing walls can really add to the feeling of light, functional space. Original timber floorboards are known to attract buyers and are often less expensive than installing new carpet.
5. The kitchen is a 'make or break' room
While it pays to remove any outdated kitchen elements, renovating to match the latest trends runs the risk of alienating buyers, who generally prefer neutral tones such as white, and greys. Try to incorporate a kitchen island (which may mean removing walls). It will be money well spent and will create the open-plan scenario that buyers like.
6. Bedrooms
Ultimately buyers just want to see the scale of the bedrooms and what size bed they can fit into the room. Therefore, extensive changes are rarely worthwhile for generating profit. Think about simply re-painting, installing new carpets and blinds. Built-in wardrobes will add value and appeal to buyers, especially if the room is small.
7. Laundry appeal
A designated internal laundry can be very attractive to buyers. The laundry can be a major selling point but is often overlooked when refurbishing a property for sale,