When you’re planning to give your home a makeover, it’s a good idea to think about where best to spend your hard earned cash.
Everyone wants to maximise that precious renovation budget to achieve a better return when it’s time to sell.
But if your funds won’t stretch to the entire home and you’re weighing up which room to make over, the experts suggest a renovated kitchen will bring you the best financial return.
Cherie Barber, who has been advising on renovations for 21 years, says the kitchen is definitely the room that adds the most value to a property. But the creator of the Renovating for Profit course advises renovators to stick carefully to a budget.
“You don’t want to spend more than 2 per cent of the value of the property on the kitchen remodel. So, if you’ve purchased your home for $400,000, you want to spend $8,000 on the kitchen remodel or cosmetic refresh, which is plenty to update a kitchen in a home of that value,” Barber says.
Managing the process yourself is a great way to save. Flat-packed kitchens that you install can be a cost-effective way to add value to your home, she says.
And bear in mind that you can end up paying double if you go for a kitchen from one of those gorgeous showrooms, which are designed for time-poor people unable to manage a renovation.
Frank Valentic from Advantage Property Consulting, who has judged the renovations on the Nine Network program The Block, agrees with Barber.
“The modern-day kitchen in Australian homes is much bigger than they have been in generations before us. They have a real communal feel that allows for easy entertaining.
“There’s no doubt you can get a lot of extra bang for your buck if you’re presenting a top-quality kitchen.”
Key elements to consider in a kitchen renovation include wide benches, stools so people can sit in the kitchen area, and modern appliances such as a quality oven, he says.
If your budget extends a little further, Barber recommends upgrading or refreshing the bathroom.
“Well-renovated wet areas are the most important elements of an upgrade, so spending your renovation budget on either your kitchen or bathroom is what will bring you the most profit when you come to sell.”
Do you think a kitchen is the best room to renovate? Tell us in the comments below.