3 Compelling Reasons Why Renovating Your Home is Worth the Investment
If you are a homeowner, you may have considered renovating your home at some point, whether that be updating an outdated kitchen or bathroom, adding more living space, or simply getting some new appliances to improve the aesthetics of your home. But before you start tearing down walls or ripping out fixtures, you may be wondering if the renovation is really worth the investment. The simple answer: yes, it is. From increasing value to decreasing maintenance costs, this blog will cover three benefits of renovating your home.
1) Increase the value of your home.
Making adjustments to your home such as improving functionality, comfort and aesthetics will all add value to your home and appeal to potential buyers or renters in the future. These adjustments can range in size, depending on your budget, but are likely to add a reasonable increase in value to your property.
It is important to keep in mind that some renovations typically add more value to your home than others.
Renovations that significantly increase the value of your property:
- Kitchen: The kitchen is not only a space where we enjoy some of our happiest moments, but it also serves as the heart of the home where families come together. It’s widely recognised as one of the most valuable renovation investments you can make for your property. If you’re interested in learning more about how to renovate your kitchen and increase your home’s value, check out our blog post titled What Renovation Adds The Most Value.
- Repainting: Repainting your home is an efficient way to maximise your renovation budget. This budget-friendly upgrade offers a fast and simple way to give your living space a fresh and updated look, making your property more attractive to potential buyers or renters. Additionally, repainting can give the impression that your home is well-maintained, which can increase its perceived value.
- Street appeal: While upgrading your home’s street appeal may not seem like a top priority for renovation, it’s a crucial element that can’t be ignored. First impressions are key, and the exterior of your home is the first thing that potential buyers or renters will see. Neglecting your home’s curb appeal could turn off potential buyers or renters and make them less interested in seeing the interior. Conversely, a well-maintained exterior and attractive landscaping can create a welcoming and inviting environment that can positively influence visitors and add value to your property.
Renovations that have little to no impacts on increasing your property’s value:
- Integrated heating and cooling systems: Although heating and cooling systems can add value to your property, a full ducted system may not be necessary. A more cost-effective and equally efficient option is a simple split system. It’s important to keep in mind that the amount spent on these systems may not necessarily translate into a significant return on investment, so it’s best to keep costs as low as possible. By opting for a simple split system, you can achieve the desired heating and cooling effects while minimizing your expenses.
- Bespoke features and luxury fittings: While it’s tempting to splurge on unique fittings and fixtures during renovations, it’s important to exercise caution and avoid overspending. These items can quickly add up and significantly impact your budget and may not necessarily add value to your property. It’s important to keep in mind that buyers may not share the same taste or appreciation for these high-end items and could potentially see them as unnecessary or even detracting from the property’s value. If you’re looking to incorporate standout features and fittings into your renovation, it’s important to shop around and compare prices to ensure you’re getting the best value for your money.
- Swimming pools: When selling a middle-range property, having a pool may deter potential buyers and not necessarily add value to your home. For some buyers, the idea of owning a pool may seem daunting due to the associated costs and maintenance required, which can be perceived as a significant financial and time investment. Therefore, while pools can be a desirable feature for some homebuyers, they may not necessarily increase the value of a property and could potentially limit its market appeal.
- Integrated heating and cooling systems – ducted heating and cooling systems are expensive to install and are just as effective as a simple split system unit.
- Bespoke features and luxury fittings – installing things such as the latest tech, imported tiles from Italy and fancy light fittings may impress some buyers at first glance while others may not even notice them (let alone their value!).
If you are a first-time renovator or even on a tight budget, it may be a good idea to focus on the renovations that are more likely to add value to your property.
2) Improve energy efficiency.
Renovating your home can enhance its energy efficiency in several ways, leading to savings on your energy bills while also reducing your carbon footprint and promoting an eco-friendlier living environment.
Here are the top ways in which you can improve energy efficiency and save on those energy bills:
- Proper insulation installation is key to minimizing energy waste and preventing heat loss during the winter and heat gain during the summer. By regulating your home’s temperature, you can potentially save on heating and cooling costs.
- Replacing old or poorly insulated windows with new, energy-efficient models can enhance your home’s insulation and reduce energy consumption.
- Upgrading to energy-efficient lighting, such as LED bulbs, can significantly reduce energy consumption. These bulbs last longer and use less electricity compared to traditional incandescent bulbs.
- Investing in appliances that have an Energy Star rating can be a smart choice as it indicates that they meet rigorous energy efficiency guidelines.
Don’t forget to keep track of the money you are saving and use it as effectively as possible!
3) Reduce maintenance costs.
By replacing damaged, worn, and aged fixtures and fittings during your renovation, you can minimise the risk of future issues. This may involve fixing a leaky roof or repairing foundation damage. When renovating, it’s essential to use durable materials that have a longer lifespan, even if it takes longer to save for them. Beginning your renovation with these “small fixes” can be a wise decision as every passing day can potentially lead to more significant issues that will cost you more in the long run.
Some small fixes that may reduce maintenance costs:
- Cleaning out heating and cooling systems and servicing them regularly will ensure they are working efficiently and effectively.
- Regular maintenance of pipes, faucets and toilets can prevent leads and other issues that can lead to water damage and costly repairs.
- Regular inspections of the roof can help identify and fix issues before they cause damages to the rest of the house.
- Regular cleaning of appliances can help extend their lifespan and prevent costly repairs or maintenance.
- Regular maintenance of the lawn, trees and other vegetation can help prevent overgrowth and potential damage to the house.
Whether you’re a seasoned renovator or a first-time homeowner, choosing to renovate your home is a decision you won’t regret. The potential returns on investment are significant, but the idea of renovating can be intimidating, especially if you’re concerned about affordability. At Vision Property & Finance, our financial planners can offer you expert advice and create a plan that’s tailored to your renovation needs. So, contact us today to get started on your renovation journey!
If you’re interested in renovating, be sure to stay tuned for our next blog post on the costs associated with renovating!
Want to keep up-to-date with what’s happening at Vision?
Vision Property & Finance is dedicated to providing you and our clients with the best advice for engaging in your property and financial journey. Follow us on our social media and subscribe to our newsletters to get exclusive content and keep up with the latest news.