Home improvements that are worth the money
Renovating your home? These are the improvements that are worth the money.
The government's recently announced $25,000 HomeBuilder grant has got many of us thinking about home renovations. But not everybody can, or should, splash out on a major $150,000-plus overhaul needed to qualify for the grant. Spending more than $150,000 doing up a modest house with little chance of capital appreciation, may mean you never recoup your money should you want to sell at some time in the future. But there are many smaller, more affordable improvements that will not only make your home a nicer place to live, but will also increase its sales value. So what sort of improvements give you the most bang for your buck? We asked the experts which home improvements are worth the investment and which ones aren't.
(Plus, the eight home DIY jobs you should never attempt.)
From a lick of paint to a fully renovated kitchen, Melbourne-based buyers’ advocate Nicole Jacobs says there are simple ways to improve your home’s allure. But not all home improvements are created equal, which means there are some you should consider carefully before engaging a tradie.
“While you want to spend time and money on creating your home to live in, it can be done wisely with future planning of a sale too,” says Nicole, author of SOLD! How to Buy and Sell Your Home With Real Confidence, and regular expert on TV renovation show The Block. “It really comes down to what is the price point of the home. What buyers expect and what they will pay for in a $500,000 apartment will be very different to a home worth more than $2 million.”
Lachlan Bishop, sales executive with West Footscray real estate agency Compton Green, agrees it’s important to consider your spending carefully if you’re planning to sell.
“You obviously don’t want to over-capitalise by spending too much on major improvements that buyers might not want,” he says.