It’s a fact of life that almost every type of home renovation project will add less value to your property than it will cost to complete. However, some renovation projects are much more appealing than others in terms of ROI. Below, we are going to take a look at those we consider to offer the best value for money to homeowners in Western Australia.

Which Renovations Offer the Best Return on Investment in Western Australia?

As a reputable home builder in WA, we have an in-depth knowledge of the real estate market in this part of the country and understand which features add the most value to residential properties. In our experience, renovations in the following areas are the most promising as far as adding value to your home is concerned.

  • The Kitchen – It’s been said many times but it bears repeating: the kitchen is one of the most important rooms in your home and, with this in mind, it’s an excellent place to start when renovating. A modern, modular kitchen could cost as little as $10,000 and has the potential to add at least double that amount to the value of your home. Of course, you could easily spend $100,000 on a high-end custom kitchen renovation project if you wanted to but the potential ROI on such a project is not as appealing. If your primary aim is to maximise the sale price you can achieve in the future, it’s probably best to stick to a more moderate budget. If you’re an accomplished handyman or woman, you could tackle a kitchen renovation project yourself but, for most people, hiring a team of professionals is the best way to go.
  • Bathrooms – Many homeowners tend to forget about their bathrooms when planning home renovations but you can be sure that prospective buyers won’t. If you want to maximise the appeal of your home to viewers, a bathroom renovation is one of the very best home improvement projects to choose. This is especially the case for owners of older properties who have done little or nothing to their bathrooms since moving in. A clean, modern bathroom with sparkling fixtures could easily tip the balance in the minds of prospective buyers who are having difficulty deciding whether to make an offer. In terms of ROI, we’d estimate around a 10% increase in the sale price of your property for a well-executed bathroom renovation. Adding an ensuite bathroom could lead to a similar increase in the value of your home. However, as it is generally a more expensive proposition than a simple renovation project it may not offer such a good return.
  • Interior Painting and Decorating – Repainting the interior of your home will not add a huge amount to its overall value but you should still come out in front, which makes it one of the better renovation projects in terms of ROI. It’s also one of the least expensive renovation projects and will have a major impact as far as buyers are concerned when you decide to sell up and move. In our experience as a home builder in WA, a professionally painted interior attracts significantly more interest from prospective buyers than many other, more expensive, renovations, making it an easy pick when you’re looking for ways to improve your property. Unless you’re very skilled with a brush, we would recommend paying a local painting and decorating expert to do the work: a poorly repainted interior won’t add anything to the value of your home and could well have the opposite effect.
  • The Exterior – An exterior renovation project could increase the value of your home in WA by around 5% – 10% but it’s the impression it will make on potential buyers that makes it a great choice in our opinion. The exterior of your property – the front garden, garage, porch and front door – is what potential buyers will see first when they arrive for a viewing. If they don’t like what they see, they might not even bother coming in. On the other hand, if they fall in love with your home before they even set foot inside, you will have a much easier job attracting offers that meet your asking price. You don’t have to spend a fortune on landscaping or remodelling: simply replacing your front door and making sure that your garden is free of weeds will go a long way to helping you obtain the price you are looking for when selling your home.

All of the above renovations are well worth considering if you are keen to add to the value of your property but if you really want to maximise the return on your investment in your home, buying a brand new property is probably the best option. Hiring an experienced home builder in WA to design and build a new home to your personal specifications is certainly the most cost-effective way to get the home of your dreams and in terms of future capital gains, it makes the most sense.

To conclude this article, we’ll take a look at some of the worst home renovations to perform, if you are looking to increase the value of your property:

  • Garage conversions – Converting your garage into a games room may seem like a great idea but most buyers will want to use a garage for its originally intended purpose: to park their car in.
  • Solar power – Great for the environment but not likely to add much, if anything, to the value of your home.
  • Replacement windows – Replacing the windows in your home will definitely increase its kerb appeal but you will probably only recoup a fraction of your investment when you sell.

If the idea of having a brand new home built to your specifications is more appealing than any of the renovation suggestions we have covered, don’t hesitate to contact your local home builder in WA to discuss your requirements. Together, we can design a home you’ll never want to sell!

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