With the increasing property values, many Kiwis prefer to put their money into improving their existing homes rather than buying a new property and relocating, which is costly in itself. As well as enhancing the aesthetics of a house and adapting its use to changing lifestyles, renovations add value when it’s time to sell.
While all renovations boost a property’s value, some give higher returns than others do. So which projects exactly add the most value?
The biggest value-add in will come from the kitchen, which could rake in about $50,000-$60,000 in return. Understandably, kitchens have become the social spot of many homes in New Zealand. It’s become more than just a place for cooking and eating, but a focal point for gathering and family bonding.
However, looking at the 2018 figures from Refresh Renovations, homeowners actually prioritise bathrooms (19.2 per cent) more than kitchens (14.9 per cent). This may be due to the fact that kitchens are expensive to renovate. In fact, a basic kitchen remodelling project can set you back by $10,000 to $30,000. If you don’t plan it thoroughly beforehand, the figure climbs rather easily and can get out of hand.
Too often, the biggest cost there is manpower. If you think about DIY-ing to cut your expenses, think carefully. Going the DIY route may extend the duration of the job, and you may even pay more in buying or renting equipment for certain parts of the project. A lot of people don’t realise that time they spend on DIY renovations is time they could be spending in other money-generating pursuits.
If you want to keep costs in check, you could DIY the smaller tasks like painting or replacing hardware, and leave the more complex parts of the project to the professionals. You can leverage their expertise to help with planning a project and selecting the right materials, colours and fittings. Professional input makes a world of difference, and it significantly reduces the margin of error so you can have that a seamless, high-quality finish.
Professional builders can also give you ideas on the most desired kitchen features among homebuyers as well as tips on how to achieve the look you want in the most cost effective way possible.
On average, you can recover almost 80 per cent of the cost of a well-executed kitchen renovation. The most common updates are energy-efficient appliances, refaced cabinets, new countertops, new fixtures and a repaint.
The bathroom is one of the important parts of a home that house hunters check. A flash new bathroom remodel will not only impress buyers but will also make your home more satisfying to live in.
Like kitchens though, bathrooms can be expensive to fix up. They are also tricky since there’s usually plumbing involved. And in New Zealand, plumbing is generally restricted work that only qualified persons can carry out.
If your bathroom is still in good condition but looks outdated, you could save money by simply giving it a fresh coat of paint or installing a modern showerhead. Believe it or not, even a simple repaint can give a more practical return on investment than a full makeover. But if the bathroom needs repairs as well as a facelift, you’ll need more than a few cans of paint. It’s a good idea to hire the right people to pull off your renovation ideas rather than attempting it on your own.
Get in touch with a renovation expert for advice before getting any work started. Always plan ahead – it’ll be harder and more costly to fix a botched-up job halfway through than to hire professionals in the first place.
Having an exterior living space makes a lot of sense for outdoor-loving Kiwis, which is why decks are a big boost to the value of a house. So if you are lucky enough to own a property with a big yard, a deck installation is one of the best enhancements you can do.
But there’s more to it than just simply building a deck. The area must be conducive for relaxation and recreation if you are to use it as a major selling point come resale time. This could mean adding built-in seating, privacy screens and shade.
To maximise the potential returns, choose wooden materials for your deck. A wooden deck with railings, built-in bench and planters can hold around 75 per cent of its value at resale.
Hiring a builder to construct the deck and decorating the area yourself is a good way to keep costs to a minimum. It may just take more time shopping for the right decor to pull off the look that you want for your deck, but it could be satisfying as well. Note that depending on the design and height of your deck, you may need to secure building consent from your local council (which your builder can take care of on your behalf, if you ever hire one).
In any project, the so-called hard costs of labour and materials are a given. So don’t get stuck on computing the costs. Instead, think of the real value it adds. The real value is a combination of personal satisfaction and the price you can add at the time of resale.
If you are renovating to sell your home faster, try not to make the design too personal. There’s always a chance that your choice of style will not translate to the buyer, and you will be limiting the market for your property. Keep the colours and finishes neutral.
However, if you are renovating simply to make your home nicer, there is great value and enjoyment in those personal finishes. Find a renovator who shares your vision so you’ll not only get the most satisfaction but also the best results possible. The good thing about hiring professional renovators is they can find ways to make your ideas come to life with your budget in mind.
Got renovation plans? Talk to us today!