Many people dream of completely overhauling their properties to transform them into their dream homes, but there comes the point when you must decide whether you are overcapitalizing. Some home renovations can add more value than others when it’s time to sell or refinance, so we thought we’d have a look at the ones that add the most value.
Home improvements (kitchen and bathroom remodels, adding a new level) can get expensive, which is why it’s worth knowing which ones will hold their value.
Read on to learn more about which home renovations add the most value.
Extend your living space and accommodation
Hands down, adding floor area is the best home renovation investment.
You could creating extra living space through the addition of a larger family room or dining area, or move outside by adding an alfresco area that enables year-round outdoor living, dining and entertaining. Adding bi-fold or stacking doors can create an attractive feature and provide an open transition between indoors and out.
Adding extra accommodation is also an excellent investment. Adding an extra bedroom and bathroom opens your home to a new market of larger families.
Capitalise on a view
If your home has a potential view, a second storey addition can be a very good investment indeed. City views and water views are always highly sought after, but don’t underestimate tree-top and park views, as these can also provide a solid return on investment.
Whether you add a parent’s retreat, kids rooms and activity area, or a sitting room and balcony, adding floor space upstairs can add significant value to an undercapitalised single storey home.
Granny Flats, retreats for all?
Adding a pool house or a granny flat will not only give you extra cross-generational living space but will also increase your home’s value. With children staying at home longer than ever before, the thought of having separate living quarters for them is growing in its appeal. Pair that with the potential income you could accrue through home letting sites like Airbnb; there has never been a better time to talk to a granny flat builder in Perth.
Kitchens & Bathrooms
While adding floor space generally provides the best return on investment, updating a tired interior can have a positive affect on a home’s resale value.
You have possibly hard the saying ‘Kitchens sell homes’, so renovating outdated layouts and cabinetry can have a very positive impact on resale. Potential buyers see the inherent value of this kind of upgrade and fresh spaces make a property more attractive. If you present potential buyers with an inspiring kitchen, there’s a good chance you’ll see a return on your investment.
Similarly, bathroom remodels can also provide a good result. They can be undertaken with relative ease, breathe new life into a home and add a luxe element that may previously have been missing. Purchasers can be turned off by a dated and worn bathroom, so a fresh and clean remodel can assist with getting a home sold quickly and for maximum return.
The right home renovations can be a good investment
Renovating your home adds to your enjoyment of the space, but it can also boost your home’s value over time. So, if you decide to sell your home, buyers are likely to pay more for a clean, well-kept property with all the modern technology and finishes. Start by contacting Addstyle and talking to our team of respected and experienced renovation and extension builders Perth.
Choose Addstyle Master Builders
Trust Addstyle Master Builders to create a personalised, detailed renovation or extension design that elevates your living standards.
We’ve been helping WA families achieve outstanding results by collaborating closely on home renovation projects since 1988.