Adding value to your home? These rooms are the best place to start.
How much could fixing up one room add to your home’s value?
We’ve had a look at some very specific renovations that can add value to your property when the time comes to sell, which can cut down on energy bills and improve the practicality of a home. But what about doing over an entire room? Obviously fixing up a kitchen is a completely different beast from making over the master bedroom, with different costs involved and different amounts added to your bottom line.
So without further delay, let’s see what you should do to some of the key rooms in the home – and if it will put many extra zeroes on your sale price.
Thought about adding a new bedroom?
Found yourself in the position of having two lounges one having no purpose, a size-able basement or attic that could be converted into a new bedroom? You may have hit a goldmine.
You’re unlikely to get this cheap of a renovation going unless you are an architect yourself, but it shows how it ca be done on a small budget. Given the rising real estate prices in many of our cities, you could be in for significant profits too.
Bulking up the bathroom
It can be done cheaply, but it depends on how much luxury you want to add. Adding a new toilet, bath or shower can make this an expensive task, numbering in the tens of thousands of dollars. Gauge the suburb and likely buyers you will be getting – dot they want luxury or practicality? Working this out with an agent and a professional remodeler can always be a good idea.
Last but not least, keeping it in the kitchen
Historically, a kitchen renovation is the go to task to add value to your home. However it’s one of the most expensive undertakings. The rule of thumb is you shouldn’t spend more than 5% of the value of your home on renovations, this should be within reach of many home owners.
However work that needs to be done will vary from home to home. Budget full kitchen kits can be found cheap for $5,000 but to do a full do-over it will cost at least $10,000 – up to about $25,000 for simple kitchens, and up to to $75,000 for a true luxury do-over. This includes flooring, walls, counter tops, sinks, plumbing, appliances – its all covered.
Make sure it stays with in the theme of the home though, an ultra modern kitchen in an older style cottage could ruin the homes aesthetic which could put people off.