As families grow and needs change, we find ourselves looking around to see how we can improve our home and our lifestyle in it. If you’re wondering whether to sell or renovate, here’s 5 good reasons to consider renovating your home.
Moving can be costly and stressful. There’s stamp duty to pay, legal fees, real estate commission and removalist costs. Instead of spending that money to move, you could invest it directly into renovations to improve your home.
If you are going to sell your home in the future, renovating is a great way to boost your property’s value. If you are planning on renting your property out, the right renovations can ensure your home rents for a higher price. With some special renovations that make your property unique, you might consider renting a room out on Airbnb! Even if you are staying put and not selling, a well maintained home will hold its value better over time.
If your home is live-in ready, this makes it a lot easier to sell. If you are renovating with the plan to sell, keep your colour scheme neutral, so that your home has a broad appeal to a range of buyers. Seek advice from a designer if you are unsure of what style to choose for your renovation and what aspects to renovate. Be strategic about what you renovate to ensure you recoup the costs of the renovation, and possibly even make a profit. Renovations that consistently show a good investment return include indoor-outdoor rooms and improving the home’s street appeal.
Older homes can offer a spectacular return on investment when brought back to their former glory. If you are in a terrace, federation or bungalow home, these can be very profitable when tastefully restored. If you have a home with special features, use these to your advantage and restore them. Even a simple fibro home can be transformed into a charming beach-side cottage with cladding, paint and replacement windows.
Implementing green modifications to your home lowers your living costs, saves our planet and can make your home more appealing to prospective buyers. Renovations are the perfect time to look at how you can make your home more energy efficient. There may even be subsidies or grants from your council for making environmentally friendly changes to your home. While some of these green features may have upfront costs, over the long term you will be better off. When planning your renovation, look at each step you take and consider how it can be made greener, for example if you are replacing windows, use better insulating glass. Your energy bill and home comfort over time will reward you for it.