As property values soar across the nation, even a small renovation can add value to your home.
Quality home improvements can enhance your home’s value – and your lifestyle. The trouble is, major renovations don’t come cheap.
According to the latest Cost Guide from building advisory service Archicentre, a bathroom renovation can cost anywhere between $9,500 and $25,000. A kitchen makeover can set you back as much as $32,000.
If price tags like that are beyond your budget, rest assured, there are lots of ways to maximise the value added to your home without spending a fortune.
A simple solution is to do a good chunk of the work yourself. Archicentre figures show qualified tradespeople can cost from $40 to $60 per hour. So a DIY approach can stack up financially – especially if you stick with straightforward projects that don’t call for a master craftsman.
Budget-friendly kitchen updates
Give your kitchen a quick, low cost revamp by replacing old knobs, cupboard handles and tap fittings or replace ceiling lights. For the more adventurous, updating the splashback with new tiles can give the space instant rejuvenation.
A facelift for the facade
With a bit of effort – and not much cash – your home’s facade can shine. Give the garden a thorough tidy up by replacing dead plants and repairing broken fencing. Add a distinctive touch with a water feature, a new letterbox or give your home a character look by replacing a dated front door. Trawl builder’s salvage yards for interesting, low cost replacements.
Add a splash of colour
There’s nothing like a paint job to refresh your home inside and out. For inspiration, visit a specialist paint retailer – though aim to avoid overly bright, high-contrast colour schemes that can exaggerate your home’s flaws.
Make more of outdoor space
Outdoor living is a hot trend in residential property, and creating an outdoor living area that leads off indoor areas can make a big difference to your property’s value while creating extra space to relax and entertain.
Consider a simple paved barbecue area or add a pergola for extra shade and privacy. Many hardware chains provide user-friendly construction guides that take the guesswork out of the project.
Reducing your home’s eco-footprint can offer long term savings on utilities bills and this will definitely add value to your home over time. Even better, affordable changes can easily be completed by the average home handyman.
According to Archicentre, some of the top water saving improvements to consider include installing rainwater tanks (approximate cost $2,500- $4,000), replacing old showerheads with AAA-rated versions (approx. $200 – $300) and adding a drip watering system to the garden.
Need more information? The federal government’s Your Home website (yourhome.gov.au) offers plenty of tips to go green.
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