As property prices continue to soar to record highs, there is no time like the present to look at adding a little value to your home. There are many different ways to do this, but one of the most popular is to undertake some sort of renovation.
If you have looked at renovating your home before, you are probably aware that certain types can be quite expensive. However, two types of renovation have become very popular and can add a lot of value to your home without breaking the bank.
These are kitchen renovations and bathroom renovations. Let’s take a look at each and see how they can increase the value of your property.
Why Renovate the Kitchen?
Kitchen renovations in Melbourne have become increasingly popular in the past few years. While in the past it might have seemed quite difficult and stressful, there are now specialists who work renovating kitchens full time, making the process much easier.
They have a clear idea of how much things cost and how long it should take, and they even now have showrooms set up, allowing you to see the finished product before you lay any money down.
The cost of a kitchen renovation can range from ten thousand dollars all the way to upward of fifty thousand, depending on the size of the kitchen.
While that may initially seem a bit expensive, many experts believe a new kitchen can add between 5-15% extra value to your home, making the investment well worth it.
Why Renovate a Bathroom?
Another type of renovation that is both popular and cost-effective is a bathroom renovation. Like kitchen renovations, bathroom renovations have become a lot simpler and more manageable these past few years.
There are now also bathroom specialists who work on this type of renovation full-time. They know all the ins and outs of the industry and can help you design a bathroom to your exact specifications.
They will provide a much clearer idea of how much it should cost and how long it should take. Like kitchens, there are also bathroom showrooms. The number of options can be overwhelming, but a showroom can help narrow things down and also give you some fresh ideas.
Again, on the surface, it might seem initially expensive, with a bathroom renovation costing between five and twenty-five thousand, depending on the size and chosen options. However, the ROI is often worth the cost, with some experts estimating a 10% increase in the value of the home.
If you are looking to increase the market value of your property in Melbourne, these are two easy, relatively cheap options that can have a tangible impact. While on the surface, any type of renovation may seem like a risk, over the past few years, the process has become more streamlined to give you the highest chance of success.
Like many, you may find a few minor improvements can exponentially increase the value of your investment.