For many people, a property is their main and most significant asset. This can make cost-effective renovation ideas extremely valuable for homeowners looking to increase their property value and potentially yield positive financial gain.
What are some smart areas to renovate?
Front and backyards
Curb appeal can play a major role in how far you’ll manage to increase your property’s value. For example, trees can be attractive to buyers and having them strategically placed in your front and backyard is an investment worth considering.
In addition to trees, you should ensure that any hedges and lawns are neatly maintained. Buyers will see an already maintained lawn as a bonus to the property and it may increase the likelihood of a higher property valuation.
As far as plants and shrubs go, it’s important that you leave enough room in your borders and garden beds to show the possibilities that your garden space offers. When selecting varieties, remain reserved as some buyers may be put off if your selection is too adventurous.
Should your budget allow for it, you might consider installing patios, awnings, or even a swimming pool. These kinds of backyard renovation ideas could add significant value to your home if done well.
Modern, clean, and well-planned kitchens are highly sought after. If your kitchen is outdated and you can afford to, investigate your options for a total refurbishment. If you don’t need a thorough refurbishment, look at ways to increase your storage space, add new shelving, lighting, or apply a nice finish. A new benchtop could do wonders!
When it comes to living spaces, marrying paint with natural light can provide much appeal. In combination with natural light, white paint will help to brighten your interior, and this remains hugely desirable with property buyers. If any areas of your home have wallpaper, you might consider its removal and replacement with a more modern print, finish or a fresh coat of paint.
Don’t underestimate the power good flooring can have on buyer perception. Fresh carpets, beautiful tiles and polished wood makes a home feel more inviting from the moment you enter. If you can’t afford to buy new, think about having your existing carpets cleaned or your tiles and wood flooring polished.
As a final thought, look at investing in state-of-the-art technology for your home. Energy efficient materials along with renewable and smart technology are some examples of added value and appeal.
Finally, old insulation and windows can sometimes be replaced to help regulate temperatures and reduce energy wastage through heat loss. You could also consider adding solar panels to your home in an effort to offset the cost of your energy bills throughout the year.
Make sure you understand the costs behind any renovations you intend to make and the costs to refinance if relevant. If you’re not sure, speak to one of our ALI mortgage brokers for help. They’ll also be able to help you with a quote for our loan protection insurance. If you’ve already got a Loan Protection Plan with us to cover you against a wide range of unexpected life events, this can help to limit stress when refinancing.
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