Renovation: Achieving that “Wow” Factor on a “Not-So-Wow” Budget
Whether The Block, House Rules, or Reno Rumble has inspired your inner home renovator, you don’t need to think big dollars to have your property hold that “wow” factor. All it takes is careful planning, sticking to a budget, and focusing on the things that need attention.
If your goal is to freshen up the family home or increase property value, sprucing up the house through cost-effective D.I.Y. renovations can make a striking difference. You don’t always need to complete a full structural renovation; it only takes a cosmetic improvement to impact the look and feel of your home.
Having experience in renovating property, Peter advises that knowing your budget before you begin (and sticking to it), is important. In the planning stages, shop around for all the possible products you may need. The difference between renovating for yourself or a sale will determine the amount you will spend, and the areas of focus, to either emphasise comfort or raise the property value.
For a sale, consulting a real estate agent is a must. Their advice will be extremely effective in deciding which parts of your property need attention and will increase the overall value. With professional help, you won’t be wasting money on an improvement that could potentially have no increase in return.
While the bathroom and kitchen are considered the most important and expensive areas of a home, there are ways you can enhance the space on a small budget. Focusing on the small details can make a difference. Changing door handles, taps, cabinet doors, outdated light fittings, and adding a fresh coat of paint can go a long way.
Making a great first impression can count for a lot when trying to sell. While the Australian dream emphasises the need for a big backyard, a Masters Home Improvement study found that 81% of gardens and outside area projects are left unfinished. Having a neat front façade serves to maximise street appeal and can influence how a potential buyer will view the rest of the property.
By enhancing your garden with a natural water or plant feature, outdoor lighting, or improving the lawn with a little fertiliser, you will find the area will become a lot more appealing. On the street front, a new letterbox, house number, or fresh coat of rich, oil-based paint for your front door will give your properties image a big lift.
An important thing to remember when drafting a budget for your renovation is not to exceed more than 10% of your property price. You don’t need an over-the-top budget to achieve that “wow” factor; being well-informed, prepared, and focus-savvy can take you most of the way. Chuck in some imagination and enthusiasm, you will be surprised at the differences you can make to your property.
At Select, we are here to give you advice through the buying and selling process. Having experienced the ups and downs involved in DIY renovations ourselves, we understand having the finance behind you is an important factor. If you would like to talk about how we can help figure out how much you can afford to spend on a renovation, or were interested in receiving a mortgage health check-up, send us a message or organise an obligation-free appointment.