Proven Value Adding Tactics for a Profit-Driving Renovation

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We all know that the heart of the home is the kitchen, which is why many first-time renovators start by refreshing this hub of the home.

But when you want to tackle a renovation of a whole house from the ground up, what are some of the best ways to ensure you add both value and appeal?

Jo Powell, director of 3 Pea’s Property Styling, has overseen several house renovations in her time and says the first key to success is to follow through. Many renovators get started and then, for whatever reason – usually a lack of time or money – they lose steam.

“We’ve all seen partially renovated properties, where the newly renovated areas make the unrenovated areas appear even worse than before,” Powell says. Completing your renovation is key to getting top dollar, as unfinished maintenance items will “detract from the property, in the buyer’s eyes”. 

“The only thing more important than knowing what to do to increase the value of a property is knowing how much to spend doing it,” she adds.

Here, Powell shares more tips for managing an effective and profi table property renovation.

•  Remember: Kitchens and bathrooms sell homes
As a minimum, at least one of these areas should be renovated, if not all of them. 

If only one area can be renovated, let it be the kitchen – and any unrenovated area must be scrupulously clean.

The kitchen is one of the most used rooms of the home and should contain all expected modern conveniences and a practical layout.

Budget: Upgrade whole kitchen – $16,600

• Freshen everything with paint In many cases a coat of paint is a 
low-cost and incredibly effective way to freshen up and make an area vastly more appealing. 

It’s amazing what a good paint job can achieve. For instance, although we were tempted to replace the wardrobe doors in one bedroom, we opted instead to ensure that the internal wardrobe spaces were relined with melamine and fitted with hanging rods that could accommodate hangers at full depth.

Budget: Full professional repainting of entire house – $17,900

• Maximise storage space 
Think carefully about how to ensure that the storage space is maximised in all areas of the home, and, in particular, consider the type of storage offered with regard to its practicality.

Whether renting or occupying, everyone needs storage, so it is a big asset when tenanting or selling a property. This is really relevant in older homes, where there are typically fewer cupboards built in.

Budget: Makeover of pantry – $1,000

• Reveal the purpose of each space
Where the purpose of a space is unclear, do whatever is necessary to demonstrate to a buyer or tenant how the space can be used. 

This can apply equally to how a space could be utilised in terms of how the furniture should or could be set out. The whole idea is to show buyers how well the home suits them.

Budget: Create usable sunroom – $4,300

• Create something from nothing Turning a three-bedroom home into 
a four-bedroom, or a one-bathroom property into a two-bathroom, is a winning strategy for increasing the value of a property. 

However, good research is required to know and understand the market in your area, because increasing from four to fi ve bedrooms, for example, might not necessarily have the same benefi ts as increasing from three to four. In general, maximising space to create better functionality will always be a winner.

Budget: Create second bathroom – $11,100

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Top Suburbs : homebush , wallsend , glendenning , bendigo , mortdale


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