Tips For Renovating Your Property
Renovating your property can add value and make your home a nicer place to live. Thousand of Kiwis undertake residential property renovation projects each year despite the stress for these reasons. If your are looking to improve your home or to increase the value of a property for increased rental return or for future sale there are some factors to consider to ensure the end result is rewarding.
Renovations need to be both well planned and executed and the first thing to review when considering a renovation is your budget. A renovation budget can vary hugely depending on the scope of your project. If you are making small and mostly aesthetic changes such as fresh paint or changing fixtures you can often do the work yourself to keep costs down.
If you are looking at making big changes then it’s wise to engage professionals, particularly if the work involves structural changes. When deciding on your budget make sure you know the current value of your property and get an estimate on the value the renovations should add to ensure the work is worth the investment. It is also a good idea to leave a contingency in your budget (5-10%) to cover yourself for the unexpected.
Whilst renovating your home to live in is usually more emotionally challenging it can also be a lot more fun. Renovating a property you are living in means you can pick out colour, details and décor that you are going to enjoy yourself. Whilst less important, you should still ensure that the renovations are still going to add value to the property.
Over-extending, removing important features or adding awkward or small rooms to your property can actually reduce the value so it is essential to do your research. Consider the market interested in living in the area and their needs. A large kitchen or an additional bathroom in popular family area will likely add value, as would adding an office space in a busy, urban area popular with young professionals.
If you are extending it is important to ensure that the style matches the existing house. When making structural changes you should also consider the architectural style of the suburb you live in as many buyers are attracted to an area based on this.
Some common residential property renovations that will add value to your home include:
- Laying new flooring
- Replacing the kitchen and bathrooms
- Upgrading window treatments or double-glazed windows
- Converting unused space such as an attic or garage
Some non-structural and relatively cost effective ways to improve your property include:
- Fresh paint in key rooms and kitchen cabinets
- Replace fixtures and fittings
- Increase natural light by Installing skylights or by make existing windows bigger
Whether you are renovating to improve your home or to add value to a property good planning is critical. If you have a clear plan you are less likely to require changes half way through the project and problems you didn’t expect which can cost you money and time.Tags: home renovations, property investment, renovations