RateCity.com.au
powering smart financial decisions

Why you should renovate your home

Why you should renovate your home

There are numerous benefits to completing a home renovation, whether you plan on staying put or making the move to greener pastures.

Over one-third of Australians keep up-to-date with home improvement ideas, according to new findings from Roy Morgan Research. The number of people interested home decorating and design has increased 20 percent since 2010, highlighting what a house-proud bunch those with home loans have become.

If you’re tossing up whether to renovate, here are a few reasons that might give you a nudge in the right direction. 

You want to add value

Freshening up your bathroom or renovating your kitchen won’t just be for aesthetic benefit. By replacing dated countertops, ugly fittings and worn flooring, you may find that your property’s value actually increases — a huge plus whether you’re intending to sell or stay put. 

On average, a new kitchen adds $18,271 of value to a property (as of 2012/13), according to the Housing Industry Association’s Kitchen and Bathroom’s survey. Turn to the room of showering, scrubbing and teeth brushing, and you’ll find equally favourable figures — a new bathroom adds an average $13,986 value to a home.

You want to sell your home

Whether you’ve accepted a job in a suburb far away or your family is outgrowing the size of your home, there can be numerous reasons why selling up and making the move could be a good option.

Renovating your property in order to obtain a good re-sale price can be smart move. However, be sure you’re focussing on the right changes. 

It’s worth investigating what features similar properties in your neighbourhood have, and emulating these accordingly. If buyers are less concerned with a swimming pool or perfectly-manicured yard and more interested in modern kitchen space, tailor your renovation to match buyer preferences.

Start with small touches like cabinet fittings, shower heads and taps. Then you can move on to weekend-long jobs, such as painting your living room or bedroom. Shades like off-white, beige and cream are popular for their effortlessly chic vibe, while darker hues can add a sense of warmth and intimacy.

If your home’s layout is a burden, you might turn to big-ticket renovations that require you to knock down walls or add extra living space. However, make sure you don’t overcapitalise by spending more than you’ll make back.

You want to stay put

Just as renovating to sell can make sense, making changes to your shared areas, bedrooms or backyard for the purposes of staying put can be a wise idea.

If your children are enrolled at a quality local school, moving house could present difficulties – shift too far away, and you may end up out of the school zone. Perhaps you’re located to efficient transport links, making commuting to work a breeze.

It could be that your current suburb’s blessed with a friendly neighbourhood vibe.

If your external surroundings are top notch, consider renovations to make your property more comfortable, rather than selling up. You won’t necessarily have to use what’s in your savings account – if you have a home loan, you may be able to get a line of credit feature to fund your renovations.

Did you find this helpful? Why not share this article?

Advertisement

RateCity

Related articles

More articles? Read more here