Top Five Profitable Home Renovations
If you have a surplus in your budget, one way to effectively grow your money is to invest in home renovations. This is particularly the case if you are considering selling in the near future. While not all home renovations can add value to your property (some may result in over-capitalising), there are a handful which have historically proven effective ways to grow the overall value of your home. Renovating for profit is about strategically targeting where you spend your money and focusing on the return on investment rather than aesthetic appeal. In this blog edition we discuss five home renovations which can increase your equity.
Home Office Renovations
Considering the current circumstances in the COVID-19 pandemic, a home office is now more crucial than ever. Adding a home office to your property will add significant value, especially if you live in a house which would typically appeal to working professionals. Designing the office requires some thought regarding the use of space. There must be enough storage to house all the necessities of working from home, like computer equipment, paperwork and stationery. Some thought should be given to lighting as well because effective lighting can increase productivity. It also helps to plan ahead. For example, by utilising portable storage options you may be able to convert the office into a guest room after you retire.
Outdoor Area With Fire Pit
A home with a tranquil outdoor space is hot property. A fire pit is particularly appealing in the Australian climate; where entertaining guests outdoors in the evenings is possible all year round. Your backyard can quickly become a popular destination for friends and family if you plan the space appropriately and guarantee enough features to keep the evening lively. When planning an outdoor area with fire pit, cast your mind to holidays where you have spent luxurious evenings in such a space and try to replicate your experience in your own backyard.
Bathroom renovations are historically more remunerative than kitchen renovations, which cost more. Bathroom renovations are most profitable when they implement storage options which do not subtract from the open appeal of the space. At the end of the day, when planning a bathroom renovation, try to achieve functionality and serenity with your design.
Kitchen renovations are some of the most expensive home renovations available, however can result in exceptionally high profit margins when done right. Kitchens should fulfil a utilitarian role in the home; catering to as many different possible scenarios as can be imagined. Every nook and cranny in the kitchen should have a purpose and the overall space should flow into the rest of the house without needing obvious transition space.
Wine Cellar/Media Room
Entertaining becomes so much easier when you have a dedicated space for fun with your guests. A wine cellar or media room can easily become a feature which ties the house together for prospective buyers. You should aim to create a rectangular room with carpets, for optimum sound projection. One of the walls could form the back of the wine cellar, and there should be stairs leading to the entertainment room. This will require employment of an engineer and/or architect.