Want to increase the value of your property, along with the rental returns you can earn from it?
Effective renovations can be a sure-fire way to do so.
But, for too many people, renovation work becomes emotionally-driven and this often leads to significant over-capitalisation.
So here are some simple, cost-effective tactics to help you maximise your renovation returns.
Focus on the kitchen
Kitchens tend to be the hub of many homes. For this reason, they are the room which will add most value to a property when renovated.
Any improvements will earn high returns. But, if the room is structurally sound, you will gain most value from a savvy cosmetic renovation.
This can be achieved by:
Be creative with the bathroom
- Revitalising tired bench tops with a bench top resurfacing kit.
- Repainting kitchen cupboards and doors and replacing the handles.
- Going for tiles rather than expensive splash backs.
- Replacing items like sinks with clones of expensive “designer” versions.
Bathroom renovations are also considered a sound way to add value but, as bathrooms often suffer from poor layout, they tend to need more than simple cosmetic renovations.
However, some effective bathroom revamp techniques are:
Give the interior a clever make over:
- Knocking out a wall between a bathroom and a toilet – as long as it is not a load-bearing wall – to open up the rooms and create extra space.
- Using glass shower screens to create the illusion of space and light.
- Revitalising battered bathroom surfaces with specialist bathroom refinishing paint kits which can be used on tiles, baths and sinks – rather than replacing them.
- Putting in new fittings – in particular, replacing old toilet seats.
To make the most of your dollar, there are some simple tricks which can be employed to rejuvenate an interior. These include:
Enhance first impressions
- Getting your walls repainted.
- Installing floating floorboards.
- Laying carpet which is from discounted end-of-the-roll or discontinued products.
- Replacing fittings, handles and blinds/curtains which have seen better days.
- Increasing storage space.
It is the exterior of a property which provides most people – including valuers and tenants – with their first impression of a property. Yet, surprisingly, it is often neglected when it comes to renovations.
But there is an extensive range of work which will cheaply improve the exterior of a property. This value-adding work includes:
- Rendering worn external walls.
- Repainting the roof.
- Painting the fence to match the house.
- Putting in, or concreting, a driveway.
- Putting up new perimeter fencing and/or adding a front fence.
- Putting in a garage or carport.
- Water blasting and repainting battered driveways and paths.
- Landscaping the garden.
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