The Best Room to Renovate For Profit
The many home renovation show on TV prove time and time again that renovated homes can invariably help sell your home for a profit. Of course, we all don’t have big budgets to spend on renovating the entire house. But here’s how even limited funds can go a long way in transforming your place into a magnet for potential buyers.
The good news is you don’t necessarily have to renovate every room to make a profit. But then which area or room is the best to renovate to add value to your home and give you the best return when it comes to sale day? Here’s where you start:
It’s all in the street appeal
First impressions matter and can draw in potential buyers. What’s the first impression someone gets when they walk into your driveway or front yard? Is it inviting? Does it instantly attract and draw in potential buyers to discover more?
Depending on how much money you can spare, you could give your front yard a mini makeover in a short amount of time. Even with a few hundred dollars you could make some attractive improvements like:
- Replace the front door with a more modern one or paint the existing door in a bright new shade.
- Do some landscaping, prune the hedges and add new plants for greenery.
- Pressure clean the driveway and house exterior.
- Mow the lawn, clear the weeds and add fresh mulch.
- Add a welcoming garden feature.
- Paint the front walls of the house or consider rendering the front of the house if your budget allows. That will instantly give a fresh new appearance.
The kitchen comes a close second
With most homes these days having an open plan living and kitchen area, this remains one of the best places to renovate inside the house. This area is usually the heart of the home, where the family spends most time together. Potential buyers inspecting your home need to make an instant emotional connection to want to buy your house and your kitchen could be the draw card.
Although it may cost much more to renovate than your front yard, many people see a large return on profit when they give the kitchen a makeover.
Some ideas to improve the kitchen area include:
- De-clutter and create an appealing open plan design for entertaining.
- Create lots of bench space for essential appliances like toaster and kettle, plus enough room for preparing and serving food.
- Put in an island to add more bench space and storage.
- Replace or paint over cupboards to freshen up the area, however remember to choose neutral colours that will appeal to a wide range of buyers.
- If you cannot afford to repaint the kitchen then how about painting the splashback area to instantly create a point of interest and give the kitchen more personality.
When you’re considering renovations one of the options to consider if you’re short of funds is using the equity in your home loan to cover the renovation costs. You could talk to your lender about refinancing your home loan to access the money. If you are interested in using your home loan to invest in your next renovation, talk to one of our home lending specialist who will be able to help you with options that may be suitable.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.