The Australian home renovation market is worth a whopping $32 billion dollars according to the HIA’s 2017 Renovation Roundup Report, citing the environment of record-low interest rates and high housing costs as one of the reasons home owners are choosing to renovate rather than relocate, with forecasts predicting further growth in the market throughout 2018 to 2020. Another study found that 34 per cent of Aussies found staying on budget their biggest overhaul challenge, although it didn’t deter them spending up to $66,900 on their renovations in 2016.
It makes sense then, that homeowners are looking to identify what areas of the home are worth renovating for maximum added value on a limited budget.
Kitchens & Bathrooms
The 2017 AU Houzz & Home Renovation Trends study found that kitchen renovations are at the top of the list for homeowners, followed closely by living rooms then bathrooms. However, to get maximum bang for your buck you should focus on rooms that can have a big impact on potential buyers, such as the bathroom and kitchen. When renovating these rooms carefully consider the layout of the space; they need to be functional and allow for people to move freely through the space, and don’t forget storage.
Another important factor to consider when working on kitchen and bathrooms is appliances versus cabinetry and hardware. Don’t blow the budget on high-end appliances if they’re going to be fitted into cheaper cabinetry. Disperse the cost thoughtfully. An eye-catching splashback, amazing layout or luxe-looking tiles and hardware can add wow-factor more than a fancy appliance hidden in a basic kitchen.
Environmentally friendly additions
The report found 42 per cent of Australian homeowners are concerned about reducing energy consumption, making homes with energy efficient and sustainable features extra valuable, such as solar panels, water tanks and natural materials that are low VOC and don’t off-gas.
Using natural materials such as stone for benchtops and flooring will also add value to your home, as will using timber, concrete or brick for the structure or feature spaces. Not only are natural materials often more robust and hardwearing, but they add a ‘designer’ or ‘architectural’ touch to your home that will increase its value.
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