With the Australian real estate marketing as competitive as it is (especially for those of us living in Melbourne), taking care of and investing in your most valuable asset is a no-brainer. And one of the best ways to invest in your home is with a home renovation project.
Significant renovation projects – especially kitchen and bathroom renovations –can be disruptive and costly. However, they offer a range of benefits from increasing the value of your home to enhancing the aesthetics and liveability.
But, if you’re not yet convinced to take the renovation plunge, we’re going to run you through five reasons why you should consider a home renovation project.
- Home renovations build equity
Equity is essentially the amount of your home that you actually own. You can calculate how much equity you have by subtracting your loan balance from the market value of your home.A carefully chosen home renovation project will increase the value of your home, and that means more equity for you.
If this is your primary reason for renovating, then you need to carefully select your renovation project to get the best bang for your buck. Projects like kitchen and bathroom renovations, outdoor landscaping and energy-efficient renovations can offer you the best return on investment.
Given that a renovation will increase the value of the property, it can also be a smart thing to do if you’re preparing to sell your home.
- Improve home liveability
Whether your family is growing and you need more space or you have an outdated kitchen, a renovation can be a great way to make better use of the space you have and improve the functionality of your different areas. This may mean renovating a single room, like the kitchen, to make better functional use of the space your have. Or it could be adding an outdoor decking area to increase your entertaining space. Maybe you need a play area to give the kids a place to run around. Whatever it is, a renovation is a great way to make better use of the space in and around your home.
- Fix safety issues
Whether it’s a leaking or damaged roof, electrical issues or a cracked foundation, major safety issues around the home should be addressed as quickly as possible. A renovation project enables you to address any existing safety issues, as well as future-proofing your property against potential safety issues.
- Improve energy efficiency and sustainability
A renovation project is the perfect time to make a range of energy-efficient and sustainable changes around your home. There are plenty of ways to do this including installing rainwater tanks and water saving showers and toilets, double-glazing windows, improving insulation, installing solar collectors and making use of passive cooling techniques. Any and all of these changes will save you money on your utilities, lower your carbon footprint and increase the value of your home.
- Update a tired look
Let’s face it: styles change and trends come and go and sooner or later you should get rid of the lino flooring in the kitchen. A renovation will let you make major updates to the design aesthetics around your home. It could be anything from new flooring to new kitchen cabinets to a completely new and modern floor layout. With a renovation, you can completely overhaul the style and look of your property.
Whatever your reasons for wanting to renovate, if you do it right you’ll end up with a home that’s increased in value, is more functional and liveable and looks great!