Now is the time to take action!
Renovations are soaring across Australia as homeowners shun moving costs for sprucing up their existing homes.
The latest ABS statistics show home renovations have hit a record high, and is set to keep increasing as property markets continue to cool.
Although it may not be the right time to sell your property, don’t wait – renovate!
Property Value Increases of 10%
A well-designed renovation can potentially increase the value of your property by 10%.
Let’s say your home is worth $500,000. If you spend $25,000 on the renovation, you have the potential to make over $50,000 when you put it on the market – that’s double your initial investment.
But before you start knocking down walls, it’s worth chatting to a real estate agent or a conveyancer to determine how much value a renovation could bring. Property values can vary significantly over time, so it’s important to do your research.
Boost Your Standard of Living
Re-modelling your existing home can be a great way to accommodate the lifestyle changes headed your way.
You could potentially boost your standard of living by making the following changes:
- Upgrading outdated fixtures and finishes
- Adding/removing rooms in your property
- Replacing older carpet with floorboards
- Adding a pool or deck to your backyard
While not an exhaustive list, these ideas could potentially add thousands to the value of your property.
Cut Out Buying Or Selling Stress
Moving costs can be expensive.
From stamp duty to legal fees, it all eventually stacks up.
Depending on the size of your renovation, renovating your old home can be a cheaper option.
A well-managed renovation with a practical budget can easily convert a tired two-bedroom home into a modern three-bedroom palace.
But again, before you charge in and start hammering, make sure you finalise any outstanding quotes and develop a realistic budget. Allow 10% leeway for any unforeseen costs.
Planning A Renovation In The Near Future?
Chat to the team at Adpen! Our in-house team of architects, designers, and engineers can help you make the most out of your renovation.