For most Australian families, owning your own home is important. But with the housing prices in Melbourne, that dream home may feel out of reach. However, you don’t always have to buy a bigger house for you to reach that goal. By using smart renovation strategies on your existing home, you can either create your dream space out of your existing home; or you can increase the value of your existing home and then use the equity as capital towards your next home upgrade or investment property.
Home renovations can be addictive, and are great for adding value, increasing functionality or improving the aesthetics of a property. It’s important to remember, that not all home renovations are created equal, which is why it’s important to research home renovation companies in Melbourne prior to employing a custom home builder for your project. ..
Be sure to always consider – what’s the purpose of my home renovation?
If you are looking for renovation projects to add value to your existing family home, then here are 4 important tips we believe you should consider to make sure you renovate the smart way.
Tip 1: Avoiding Short Term Trends
The latest styling trends can be fun to follow and imitate into your own home design and structure. But more often than not, these are usually just fads that go out of style quickly.
For example, let’s explore some of the kitchen trends that we’re seeing in the marketplace at the moment. In Melbourne, the kitchen is the second most renovated part of the house after the bathroom.
If you want to add value to your home by renovating, make sure the changes are practical. If you plan to sell the house in the future, consider making any changes to the permanent fixtures neutral. This allows the new owner to make their own changes to suit their own personal lifestyle.
Granite countertops in bathroom and kitchen renovations, for example, were the rage for quite some time. But now, they’re often considered impractical. Bright or dark patterns are personal styles, and the buyer might not have the same taste as yours. Go for neutral surfaces so the buyer can easily redecorate according to their personal preferences.
Tip 2: Adding Value Through Kitchen Renovations
We’ve all heard the phrase, “The kitchen is the heart of the home”. So it makes sense that a well-renovated kitchen almost always adds some form of value to the existing family home. Provided you don’t go overboard with your renovation, and keep the end result in mind, a lot of people have found they’ve been able to recoup their kitchen remodel investment upon resale.
It comes down to being smart about your renovation budget and expectations. Always be sure to consider how the kitchen would fit in with the rest of the home. A deluxe kitchen is always nice, but does it fit in with the aesthetics of the rest of the house? Or would it segregate the look and feel of the home? A buyer would be less likely to pay more money for a house with a fancy kitchen if the rest of the house doesn’t match.
Fresh paint can quickly update the kitchen’s looks without having to completely remodel. Some cabinetry can also be updated with a fresh coat of paint, which may save you having to install new cupboards. When done right, this simple tip can help save a lot of money.
Another way to add value to your kitchen is by using energy-efficient appliances. The current appliances in your kitchen may be outdated, so consider more energy-efficient models. Look for the Energy Star rating when looking for new kitchen appliances. Potential buyers see this as a way to save money in the long run.
Using a Melbourne custom home builder ensures your project is managed from beginning to end. At Dymond Homes and Renovations, we take that burden away, and manage contractors, engineers and trades to ensure your kitchen renovation is delivered on time and on budget.
Tip 3: Adding Value Through Bathroom Renovations
Similar to the kitchen, the bathroom is often the most renovated part of the house. The great news about renovating the bathroom is that it may increase the value of the property and if, (or when) you later decide to sell your home, new prospect owners appreciate a well-renovated, functional bathroom.
In Melbourne, it’s common for bathrooms to be a bit smaller. A small bathroom can contribute towards a decreased value of the home. So again, thinking smart, look at ways to help your bathroom look and feel larger. It doesn’t always have to come with a huge price tag. A carefully selected (and well-placed) shower, vanity, toilet along with a fresh coat of paint can freshen up the bathroom and make all the difference to the overall look and feel of the space.
Bathroom Renovations that add the most value
So which bathroom renovation projects can help add the most value? Here are a few simple points to consider:
- New plumbing fixtures. Installing new fixtures in the bathroom can make the whole space look more inviting and updated. As a home renovator, this is ideal since replacing things like shower heads and faucets won’t cost you much.
- Fresh paint. The same with the kitchen, you can add value to the bathroom with a fresh coat of paint. Paint can also provide additional protection from mildew and moisture.
- Vanity upgrades. You can also upgrade the sinks and the cabinets if you have the budget for it. Choose materials that will appeal to a lot of buyers. Go for neutral designs and colours so it’s easier for the new owner to redecorate if they want.
- Energy-efficient upgrades. Energy efficiency isn’t just for the environment – it also adds value to your home. For example, you can optimise the toilet, sink, and shower for a low flow, which uses less water and helps you save on water bills. Water compliance certificates are also worth considering if you plan on turning your home into an investment property down the track.
- Flooring. Replacing the bathroom tiles or even the grout colour can completely change the look and feel of the space, and again this is also relatively inexpensive to do.
For such a small room, the humble bathroom renovation can easily turn into such a big job! By using a Melbourne custom home builder, we can help you to manage your bathroom renovation budget and get your new bathroom delivered without the stress.
Tip 4: Adding Value Through Exterior Renovations
If you live in Melbourne, and are lucky enough to have an outdoor living area, then you can also add value to your home by doing exterior renovations. It’s important that your outdoor living area suits potential buyers, and also caters for the ever-changing Melbourne weather.
Here are some simple tips to help get you thinking about improving the value of your home through exterior renovations:
Good landscaping can contribute to the house’s overall value. So, it’s an important project to contemplate when doing exterior renovations. Most potential homebuyers consider a house’s curb appeal as an important decision factor. Since most buyers nowadays browse the Internet when looking for their dream homes, those photogenic stills of your beautifully landscaped house can really be a selling point.
An outdated roof can be both an eyesore and a liability. The roof is your home’s foremost protection against the elements. If it leaks, it can lead to more damage and water intrusion can be very costly. Like good landscaping, good roofing also adds to the aesthetic and may increase the overall value of your home.
To give your home a fresh facelift, consider giving it a fresh coat of paint or install new sidings. Neutral, inviting, and warm colours tend to appeal to most buyers.
In Melbourne (particularly for older Melbourne homes) it’s important for any external renovations to meet strict heritage laws and council guidelines. When using a custom home builder to manage your exterior renovations, you can rest assured that any council permits and architectural designs fit into these guidelines.
Choosing a Quality Home Builder for your next Home Renovation
Although renovating parts of the house adds to its aesthetic and market values, the activity can be quite stressful. That’s why it’s usually best to hire the services of a custom home builder like Dymond Homes and Renovations. We have over 30 years of renovating homes across Melbourne and the Bayside area. Our renovation projects have helped to increase the value of a lot of our client’s homes. Some of our clients loved their finished project so much, they decided not to sell after all!