When it comes to renovating and remodelling your home, not all changes you make to the property will actually add value; some may even decrease the home's overall value and make it harder to sell, if you should ever put the home on the real estate market! If you're thinking of making some updates to your home, but also want to ensure you get a return on your property investment dollars, note a few renovation and remodelling details you'll want to consider.
Renovating a kitchen is almost always a good idea if you're concerned about your home's value, but simply adding high-end materials and appliances may not be the best choice. Consider renovations that make the kitchen more functional and comfortable for families, and more attractive overall. This might mean actually reducing the size of a kitchen island to open up the space for more foot traffic. Knocking out the wall between the kitchen and dining areas, or at least creating a pass-through, also makes the space more comfortable.
The kitchen flooring and benchtops might be in good condition, but if they're outdated, they can detract from the room's overall appearance. Have these replaced during the renovation to something newer and more attractive, and as durable as possible, to enhance the home's value.
Adding luxury features in the bathroom, such as a spa tub and dual shower heads, might not add to your home's value overall. Instead, consider a renovation plan that adds needed storage in the bath before you make any other changes; this might include adding an oversized vanity or knocking back a wall to create a linen closet or shelving. If you have room and money left over, then you might consider some luxury upgrades in the shower area.
A home office can be a good addition during a renovation, but consider carefully your plans for that office. Most people today do not need a large desk for their computer, printer, phone, etc., as they may do all their work from a tablet or very slim laptop, and their phone may fit in their pocket. Taking up valuable space in the home for a large office may then actually decrease the property's value. However, a smaller space that has charging stations for those electronics, as well as some "creature comforts," such as a coffee-making station or built-in stereo, can be the perfect option for today's homebuyers and may increase your home's overall value.
For more information on home renovations, contact a local renovation professional.