24 May The Power of Renovations
You spent a lot of time saving to buy a home, and once you finally have enough for that huge expense, the last thing you want to do is spend even more. But have you considered the possibility of adding more value to your home through renovations?
What if you could make your house $20,000 more valuable, by only spending $10,000 to do it? This is a great way to invest in your future, and it’s a very real possibility. If your home has the potential for major value-adding renovations, why not go for it?
Doing more with the space you’ve got
After years of obsessing over deposits and loan interest rates, how much do you really want to keep spending on real estate? You may want to strongly consider it if you can make a $2 return on every $1 you invest through renovations. The best way to do this, says buyers’ agent Patrick Bright, is to redefine large outdoor space.
“If you have one big paved or grass area, break it up and put a pergola over one part of it so that it is a defined entertaining area,” Bright recommended. “And if you’ve got room to do it, whack in a built-in barbecue, so that the space becomes a ‘barbecue entertainment area.'”
If the indoor part of your house is already fairly well defined, why not change the outdoor amenities, adding value where there previously was none. Your front and backyard spaces can be turned into small pools, carports, garage spaces, outdoor kitchen and dining areas and more. All of these can add serious amounts of value to your home.
Investing in high-quality renovations
You might think the best way to earn a strong return on your investment is to get materials as cheaply as possible, minimising overheads, but often that’s not the case. It’s almost always better to avoid cheap materials – any defects in your renovations such as chipping paint or rotting wood will detract value in the long run, not add to it. Even if you need to find a mortgage broker to help you finance a more high-quality renovation, that’s usually worth it.
At Finestream we can give you an estimated valuation of your home that includes the renovations you have been wanting to do for a long time. This gives you the ability to realistically see the value a renovation can bring to your home.
Work with us, and we’ll find help you plan and finance every stage of your home renovation project.
Contact us at email@example.com, or call us on 1300 669 538 to organise a property report of your home currently, and what it can be.