With the government’s HomeBuilder grant scheme giving homeowners looking to renovate up to $25,000, many Australian’s are wanting to add value to their homes through renovations. Many are asking
“What renovation adds the most value to my home?.” The answer is the Kitchen. Below, the experts at Vision have provided a few pointers on renovating to add the most value for your money, and making your home look better than ever.
“The Kitchen really is the Castle itself. This is where we spend our happiest moments and where we find the joy of being a family”Mario Batali
Renovating to add the most value: Set up a Budget
Before you touch anything, you want to be sure that you can plan out your expenses to ensure that renovation costs do not get blown out. Renovating should add the most value as possible, not reduce it. Therefore renovations should not be half-completed, or underspent on, as this can potentially reduce the value of a home. A general rule of thumb is to spend 5-15% of the value of a home on a kitchen renovation. A large proportion of this expenditure can be attained through the HomeBuilder scheme. This can also be attained through a range of flexible loan options. For more information on how the scheme can apply to you, please contact Vision.
Renovating to add the most value: Kitchen Design
Utilise the concept of the Kitchen Triangle when designing your renovation. This involves understanding how people interact in the space between the fridge, sink and the stove. The placement of these elements within the kitchen should allow for an easy flow of movement by kitchen users.
Renovating to add the most value: Cost-Effective Elements
Adding Kitchen Islands
Kitchen islands are a cost-effective renovation that can give a feeling of spaciousness to your kitchen, and also increases the amount of bench and preparation space available. Kitchen islands also increase the amount of cupboard space available, which can be especially useful in crowded kitchen situations. The average cost for a kitchen island is $4,000, however for higher-end and more valuable options can be up to $10,000.
Update Kitchen Benchtops
Benchtops are an extremely visible component of your kitchen, and should directly reflect the value of the house. These benchtops are utilised for cooking, baking, cutting and meal preparation, and should use a durable material. These can include engineered stone, timber, stainless steel, or a cheaper option such as laminate. Kitchen benchtops can range from $120 to $2,990 per square metre. Information on different material costs can be found here.
Re-doing Kitchen Cupboard Doors
Switching up cupboard doors can be a cheap and easy way to give a tired looking kitchen a facelift. Instead of the expensive process of changing entire cabinetry, plumbing and electrics, switching up the hinges, shelves, handles, doors and drawer runners can save you thousands in adding value through your kitchen renovations, whilst giving you a virtually identical result. Changing your cupboard doors on average costs about $7,000.
Vision Property and Finance is offering a free consultation to discuss the arrangements for a loan for anyone looking to boost their home value through a kitchen renovation. Book in with the button below:
Renovating to add the most value: How Vision can help
Looking to take advantage of the HomeBuilder scheme add the most value through a renovation? The team at Vision are happy to help arrange finances for you to get your value-adding renovations underway. Contact us here, or check out more information on how to add value to your home here.