Not all renovations are equal when it comes to boosting a property’s value, particularly for sale.
The important thing to determine is the home’s price point: budget, standard or luxury. The type of reno undertaken should be a reflection of this.
Property experts say to start with an overall budget of 7-10% of the market value of a home (check your area’s median price for ideas). Drop 1-2% if it’s not a great area, or raise it 1-2% if it’s a desirable area. Then allocate this budget across renovation costs of the property.
When selling, kitchens are one of the top profit performers because it’s a fast way to update the liveability of a home. A well constructed kitchen not only means that the buyer has less to do, but it helps them to imagine living in the house they are buying.
Design for today
When undertaking a kitchen reno it’s important to consider how people are living. Today’s families enjoy the connectivity of open plan spaces. Consider removing walls between kitchen and dining rooms, or open up to an outdoor living space, to give a larger, airier feel.
People now have larger fridges and ovens for entertaining so consider the placement of these. The area also serves as a casual dining and homework area, so it’s worthwhile adding a generous island or bench with stools and additional electrical points.
Splash the cash
Spend on rangehoods, dishwashers, storage space, quality workmanship and stone surfaces.
Save on handles, splashbacks and gadgets—and buy appliances as floor stock or in a package deal. If the reno is for resale be sure to keep the design neutral and don’t get emotionally tied to it.