In the current climate of (relatively) low house prices, and in the aftermath of successive interest rate cuts, now and the near future may be the perfect time to buy, renovate, and either sell once the market has risen, or let out as an investment property.
The key factor in this plan is cost-effectiveness. How to minimise expenditure and maximise return. Prioritising key additions to high-impact areas of your property can help inform an effective budget, and showcase the useability of the home. Renovations involve serious commitment, so make sure you’re ready before you venture on your home improvement journey.
So where should I focus on?
According to interior designer Krystyna Jensen, owner of Krystyna J. Design, the room that adds the greatest impact to the value of a renovated property is, of course, the heart of the home – the kitchen.
“The kitchen is the heart of home. Today, the formal side of living has become obsolete, and what people want is a nice functional kitchen where family and friends can gather. You want to create the feeling of a new home, well-planned, where taste and practicality can be shown.”
The kitchen is the place where families convene. Food is prepared, plans are hatched, days are shared, stories retold. Most social gatherings in Australia centre around meals, to the point where modern architecture has morphed to include kitchens that run uninterrupted into alfresco entertainment suites, with walls all-but-abolished in an attempt to include all that happens into the thrumming nucleus of home. In short, it’s a high-traffic area, and if you want to impress, you have to deck the kitchen out with efficient equipment that will last. Find out how to renovate your kitchen on any budget for a profit.
What hardware are we talking?
The kitchen houses some big-ticket items, so use them. Can you name a room that permanently accommodates assets that amount to more than a fridge/freezer, dishwasher, oven, stove-top, rangehood, tapware, and potentially more? These items, whether SMEG or Electrolux, will be in your kitchen, so you need to concentrate on encompassing them into the design.
Krystyna says to focus on quality – not needlessly expensive- appliances in the kitchen (her pick is Westinghouse).
“People do like to see good appliances. In higher-end suburbs, you want to put in quality appliances to appeal to a refined taste.”
So what not to do? Do not leave obvious signs of damage, especially water damage. Krystyna says there is nothing worse than looking at an old room and thinking, “How much is this going to cost me? What damage is already present?”
Keep it simple:
So if renovating or building an investment property, use this to your advantage. If you are not to be living in the property, you don’t need to style it to your own outlandish tastes. Stay safe; apply clean, neutral colours. And remember: Fresh is the new luxe.
Want to find out what your home might be worth?
Our agents can provide a free appraisal of your home in person or online to give you an indication of what your home might be worth in the current market.