A well-executed renovation can add considerable value to your property when it comes time to sell it, but home renovations are not for the faint hearted. Renovating your home is a significant undertaking with many things to consider before you’ve even picked up the tools. That’s why we decided to create The WBP Renovator’s Guide to Property, to make all those tough decisions, easy!
Each property is unique and needs to be judged on its own merits, including its location, style and size. Taking these factors into consideration will help you decide where your money is best spent.
Researching your suburb and understanding the needs of the demographic of the area is critical to determine where to allocate your funds and maximise the value of your property. For example, residents of lower density outer suburbs will be influenced by different features to those living in higher density inner city areas.
Our guide to renovating property lists increasing a property’s physical floor space by adding bedrooms, an additional bathroom or a modern kitchen as some of the surest ways to add value. These additions do come at an expense though, so buyers need to avoid overcapitalising — costs should not exceed the value added to the property.
Other features that add value to keep in mind are having manicured gardens and building a garage, all of which can add up to $100,000 to a property’s value.
Before renovating, engage an architect for guidance, source quotes from a local builder and seek property advice to determine market value before and after the proposed renovation. Following these simple guidelines and planning ahead can help save you time and money and significantly maximise the value of your property.
WBP Property Group’s Renovator’s Guide to Property is available here.
— Greville Pabst is the chief executive of WBP Property Group and one of The Block’s new buyer’s advocates.