Introduction
Home upgrades have the potential to add immediate functionality to your house. They can help you attract more buyers and increase your property’s sale value. However, not all renovations are equal. Some can cost more than they’re worth, and others could reduce the appeal of your home.
So whether you’re planning to list your property in a matter of months or further down the track, it’s important to choose the right upgrades for a good return on investment. Read on to explore eight of the best renovations that are worth your time, effort, and money.
1. Kitchen updates
By and large, the kitchen helps sell your home. It’s one of the central hubs in the home and essential for mealtimes, so it’s no wonder both minor and major kitchen updates can increase the resale value of your home. According to research, both types of kitchen improvements can see you recuperating anywhere from 53 to 72% of your investment outlay. Given this, well-planned kitchen updates could be as impactful as macro factors such as local housing supply and demand on prices.
Small updates include replacing faucets, countertops, lighting fixtures, and drawer and cabinet handles. Major improvements can involve new sinks, cabinets, countertops, backsplash, islands, and flooring. Other ideas include new windows, doors, and appliances.
2. Bathroom improvements
Another high-traffic area in your home that gives you the best return for your renovation dollars is the bathroom. As for the kitchen, small to large bathroom upgrades can enhance property value while improving your liveability and comfort right away.
Replace lighting fixtures, flooring, vanity units, faucets, mirrors, and toilets. Install a new shower or bathtub and add new towel bars and storage, like cabinets and shelving. Update your windows or exhaust fans. You could even add a whole new bathroom to create an en suite.
3. Outdoor living areas
Adding an outdoor living area or updating an existing one could also add value to your property. Consider adding an outdoor kitchen and al fresco dining area by creating a covered deck. For instance, decks or patios are cost-effective additions that increase the livable space of your home without the excessive outlay. According to experts, they can help you recuperate 100% of your investment dollars or more.
If you already have a deck, think about simple improvements like refinishing, updating the boards or pavers, and adding shading.
4. Energy-efficiency measures
Energy-efficiency measures can give you attractive returns for your dollar since they’re attractive to buyers. The savings on utility bills is one of the key reasons along with the inherent appeal of a sustainable home that’s easier on the environment.
These upgrades range from the basic to the more involved. Update your appliances, from dishwashers to hot water heaters, to energy-saving options. Add insulation and draft-proof doors and windows. Invest in solar panels and a battery system, and consider a smart thermostat. Don’t forget, energy-efficiency updates can be eligible for government incentives and rebates, so check with your local authorities to see if they’ll cover some of the costs.
5. Simple aesthetic and functional updates
Some of the simplest updates that make your home look and feel better and enhance functionality are also those that add significant value. For example, you can repaint interior walls, install crown molding, and add some ceiling fans.
You can update your window treatments, refinish wooden floors, and replace bathroom and kitchen tiles. Other ideas include a new front door and new door handles. Don’t underestimate how much these low-cost updates can increase the value of your home.
6. Curb-appeal enhancements
The exterior of your home is the first thing potential buyers see when they view your property. It’s no wonder paying attention to your home’s exterior can, in many cases, maximise the resale price and give you a great return on investment.
Invest in landscaping, such as mowing the lawn, pruning back overgrown trees, and adding flowers and shrubs. Add mulch, sow some new grass, and do some weeding. Invest in a new doormat, doorbell, and outdoor lighting.
Bigger updates include repainting your front door and garage door or replacing them. Refresh your mailbox and house number or give your exterior a completely new coat of paint. Have your roof and gutters professionally cleaned. Update or repair cracked concrete driveways or pavers on your front path.
7. Smart home features
Investing in smart home features can make your home feel like a modern, high-tech sanctuary. They can significantly enhance comfort, functionality, and convenience for residents. At the same time, smart home technology can increase energy efficiency and lower running costs, making the home greener as well as smarter.
Smart home features range from thermostats and lighting to complete security systems. These can be usually controlled from mobile devices, often with voice commands. Adding just one or two of these features could significantly boost your resale value.
8. Transform unused spaces
If you have an unused space in your home, consider turning it into a functional living area. For example, you could turn a neglected attic or basement into an extra bedroom, home office library, home theatre, second living room, gym, playroom, or even an additional bathroom.
All of these ideas expand the liveable area of your home and have the potential to increase the market value of your property. Transforming a space could be as simple as updating windows to bring in more natural light, adding drywall, installing lighting, and upgrading the flooring.
Conclusion
You now have a lot of inspiration for updates that will pay you back in some way. While a 100% return on investment tends to be rare, carefully considered upgrades can give you a high return on investment when you sell.
Whether it’s the kitchen, a refresh to your outdoor living space, or something else, start by weighing up the cost against value. If your priority is to increase resale value rather than home customisation for your unique tastes, these eight update ideas will likely see you achieving your goal.
