When selling your home, you should take a few steps to ensure you get the most value possible. Many Aussies often find themselves stuck in thinking that value-raising can only come from a major renovation, though that’s not always true.
In most cases, you can add a significant percentage point jump in value just by making your home look on-trend. A few practicality-focused changes, a new lick of paint, and some more storage are a great place to start, and these will add a lot of value for potential buyers.
For the most part, small, affordable renovations will add the most value to your home as the overhead costs are low, and returns can be exponential if you play your cards right. Keep in mind that a lot of the time, perceived value (or value at a glance) to buyers is in the superficial parts of a home, with risky structural changes often coming in second.
Going the DIY route with a well-thought-out plan and a theme or focal point for the renovation will give you a good chance of maximising your home’s value.
Here are our top tips for maximising value from a DIY home renovation.
Creating a Budget or Expenditure Plan
Before we delve into the renovation itself, it’s vital to be aware, prepared, and disciplined about the up-and-coming renovation. All too often, we see homeowners massively blow out their budget, to the point where added value is entirely exhausted by the cost of the remodelling itself.
A good rule of thumb is to limit all DIY renovations to between Two per cent and 1.5 per cent of your home’s value—depending on the renovation. Two per cent is ideal for the kitchen, though don’t extend beyond that for a bathroom or especially a bedroom.
You’ll also want to do plenty of digging and price-maximising research to get the most out of the reno budget you’ve built up. Not relying entirely on professionals for everything is an excellent place to start, as is bargaining for materials and products with suppliers.
Lastly, it’s also a good idea to have a safety net and action plan should your renovation lead to an unexpected cost blowout. Have a structure where you can effectively ‘tie off’ the renovation to a high standard and not leave yourself stuck with an incomplete job.
1. Target the Floors First
A great place to start any renovation is on the floor. It’s the most significant single visual element in the home, and if it’s not in style or is badly worn down, it must be dealt with.
Our tip here is to tear out carpeting that’s showing any sign of ageing or is in an unattractive colour. As you’d probably agree, carpeting is on the out, and laminate faux timber flooring or tiles are in. These are much more modern, easier to clean and will open up the home more effectively than carpet. In many cases, buyers want to see large, open and airy spaces, and carpeting will almost always put a damper on this.
If your home has fantastic timber flooring, have a professional re-polish this, or consider doing it on your own. It isn’t too challenging to revarnish a timber floor, and the payoff will be massive when it comes time to bring potential buyers into the home.
Finally, remember to tie your flooring changes to the rest of your renovation. Of course, the floor is the ‘base’ of your home's interior style, so don’t go too dark, bright, or textured if it will clash with existing colours, materials, or cupboards.
2. Restyle Your Interior Doors
If one element of the home is a dead giveaway of its age and trendiness, it’s the doors. Old multi-recessed doors are a big no-no in 2020, and if your renovation is focusing on creating a new, modern look, you’ll need to switch up your doors.
Thankfully a door can be effectively ‘redesigned’ with a fresh coat of paint and a new doorknob, so take a peek on Pinterest at some styles you like and go all-out.
We suggest opting for doorknobs in a colour that matches your bathroom and kitchen fixtures to help with visual cohesion. Alternate between matte and chrome finishes. If a kitchen tap is polished chrome, opt for doorknobs in a matte version of that colour.
It’s also a good idea to say goodbye to any ‘artsy’ or retro doorknobs that are ornamental in design. There’s nothing more stylish than a solid, squared-off metal door handle.
3. A Repainting is a Requirement
There’s nothing more telling to buyers that your home’s out of style than a poorly chosen interior paint palette. On top of that, if there are any nicks, stains or chips, you can say goodbye to an excellent first impression.
A new coat of paint is absolutely essential to maximise your home's value, and it’s imperative to select a universally preferred colour. I suggest going for crisp white interior walls to show off your home’s size and dark tones for feature walls like behind the living room TV or at the end of the hallway.
The good news here is that for each dollar you spend on paint, the returns are generally between $5 and $10.
4. Let There Be Light
There’s almost no way to overdo lighting, so if your home has dark spaces, consider installing directional lighting to make these rooms pop.
Down lighting and strip lighting are another unique lighting installation to help you get the most value for your home. These are ideal for spaces like kitchens and bathrooms where you, of course, want to light the entire space, but also highlight a specific area.
Adding strip lights below countertops, inside cabinets and below a vanity in the bathroom will give your home that ‘show home’ look that buyers crave in a new home, and it’s a very affordable renovation idea.
Again, Pinterest will be a big help here if you’re unsure where to install accent lighting for the best effect.
5. Resurface Ageing Bathrooms
It’s good to know that beauty in the home is only skin deep, which is fantastic for anyone looking to spruce up their aging bathrooms. If you’re stuck with a disastrous tile pattern, old yellowing chrome taps or brown floor tiles, replace these first. A tiled floor can be easily resurfaced and marbled with multiple paint shades, massively adding to perceived value.
In line with our door restyle suggestions, make sure all tapware in the bathroom matches the doors, though in a chrome or matte variant depending on what you’ve chosen for the doors. Also, be sure to copy the same style from the kitchen and doors. Match a boxy squared door handle with a similar (not exact) style of tap.
A few final things to consider are replacing toilet seats, replacing old shower screens, and covering up exposed sink piping. Remember that beauty is in the details in the bathroom, and if you can see drainage pipes, old tile patterns, or marks and cracks in the bath, take these on, too.
Cooper Klein
6. Strategically Transform the Kitchen
Because we all know that the kitchen can quickly gobble up even the biggest renovation budgets, it’s best to be highly calculated when tackling this space. You want to maximise your home’s value and also get the most from your kitchen reno budget — so here’s what you’ll need to do:
- Change Cabinet Handles
- Zone and Re-floor Only the Kitchen
- Repaint to Match the Floor
- Add a Feature Light
- Create an Open Storage Space
- Swap Out Fixtures to Match the Bathroom
With those few and affordable changes, you’ll be able to effectively create an all-new kitchen without actually doing it. Most kitchens in older homes lack visual cohesion, so by tying in the kitchen floor to the cabinet colours, the water fixtures to the bathrooms, and the cabinet handles to the interior doors, you’ll be ensuring there’s a ‘flow’ to all of your renovations.
To buyers, this style unity hints at an entire renovation of the home and gives the impression that they’re stepping into a wholly remodelled investment property — significantly adding to the value.
Darren Sherwood
7. Improve Street Appeal
When it comes to making an impact and capturing the attention of investors, your home’s entrance really needs to stand out. Buyers will, again, be looking for visual unity here, so make sure that colour tones and styles match the rest of the home.
If you’re a DIY renovator, we highly suggest repainting your fence if you have one, adding a new front door or repainting your door for climactic effect, and lastly, giving the front a major clean. A pressure washer will be your best friend here, as you might find that below a layer of weathered grime, mould or dust there’s a clean and crisp lick of paint.
Keep in mind that the home needs to be exceedingly welcoming to buyers, so if you’re going to alter gardens, fences, or footpaths, make them highlight the front door by creating a V shape out to the street. This will draw the eye to the entryway and remove any confusion about where best to enter your house when walking up from the road.
Laura
8. Enhance Lawns, Patios and Outdoor Fun
Our final tip for a home renovation is maximising your outdoor spaces. In most cases, these outdoor zones are weatherproof, so you shouldn’t need to replace anything. Consider a few additions and touchups.
If the tiles or stone paths in your backyard are weathered or cracked, replace them with a modern, colour-matched version that complements your indoor tones.
All grass, garden beds, and trees should be greened up and pruned and must look as low maintenance as possible. Buyers want to see a home that offers a relaxed lifestyle, and a messy, unkempt garden shows the opposite.
To end, show off your outdoor spaces like an extra living area. If your budget allows, add a deck, pergola, or a simple BBQ space by your back fence away from your home.
Mark
From our renovation tips above, it’s easy to see that there’s a tonne you can do on your own to truly transform your home. You’ll need to be as calculated and organised as possible, and you’ll see some pretty big returns.
A few final things to remember:
- Consider Creating an ‘Easy’ Lifestyle
- Add Outdoor Living Space
- Visual Cohesion and Flow is Imperative
- Carpet is a No-go
- Be Conservative with Kitchen Changes
- Buyers Want Low-maintenance
- Well-lit Rooms Look Bigger
And there you have it, our eight top tips to get the most out of your home renovation and to maximise your home’s value without spending a boatload of cash.
){kind=link}