There are many benefits to renovating your home. Renovations add value to your property, whilst also giving you the opportunity to improve your lifestyle. For those looking for more space, it may also be a more cost-effective option than buying a new place, considering the cost of agent’s fees and stamp duty.
If your current home no longer serves your needs, it may be a better idea to give your property a facelift than sell up and move. Here are some renovation ideas to future-proof your home. But first, why renovate?
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REASONS TO RENOVATE
- To make the home more suitable to your family’s needs
- To increase the resale value
- To avoid the costs of selling, purchasing a new home and moving
- To restore an old home to its former glory
- To make your home Eco-friendly
- To make it more attractive to future buyers.
Where you spend your money will depend largely on your motives for renovating. Here are some things it pays to consider when renovating your home to make it future-proof.
Updating the kitchen offers great bang for your buck in terms of your property’s resale value. According to Domain, spending $10,000 on a kitchen reno could improve your home’s value by as much as $50,000! It can also go a long way towards improving the long-term liveability of your home.
When planning the design, consider how your family’s needs may evolve over time. If you’re having more children, will you need a larger kitchen where everyone can gather? Would a breakfast bar be useful for informal dining? Perhaps energy-saving appliances are important to you in the long-run?
WHAT’S HOT RIGHT NOW?
- Contrasting materials like timber and tiling
- Statement Splashbacks
- Contrasting colours (think dark benchtops against creamy walls)
- Smart storage options (deep drawers, roll-out trays and caddies for pots and pans)
- Tapware with a difference (motion sensors and matte-black finishes)
- Benchtops that incorporate dining tables into the design.
Renovating your bathroom allows you to improve functionality, increase storage space, address problems like mould and leaky fixtures, and enhance energy efficiency. Even simple enhancements can make your bathroom more durable for years to come and add value to your home. If you can add a second bathroom, even better.
WHAT’S HOT RIGHT NOW?
- Energy savers like instant gas hot water
- Statement mirrors (round and timber-framed mirrors recessed into the wall)
- Bold basins mounted on top of vanity benches
- Floating vanities that free up floor space
- Smart additions (sensor-activated toilets with self-cleaning capabilities, customisable showerheads, smart mirrors with in-built speakers and LED clocks)
- Oversized free-standing bathtubs
- Spa-inspired designs (heated towel rails and underfloor heating).
When future-proofing your home, consider the communal living areas and how your needs might change in coming years. For example, you may like to renovate to include a second living room that could double as a toy room. This area could function as a study during the kids’ teenage years, then as a reading nook when you’re older.
Upgrading the flooring or repainting the walls in your living areas are relatively inexpensive enhancements that can add value. Choose durable flooring to suit your family’s long-term needs, and neutral tones that offer wide appeal. Limit the use of carpet as it wears quickly. Don’t forget to consider renovations that could maximise outdoor living areas.
WHAT’S HOT RIGHT NOW?
- Open-plan living areas
- Concrete flooring
- Indoor outdoor living (all-weather extensions)
- Recycled materials in landscape design (rusted metal sheets and reclaimed timber)
- Motorised pergolas and awnings operated via remote control
- Smart gardens (technology to water your gardens or turn your lights on via your phone).
We hope you’ve found these renovations to future-proof your home handy. If you’re feeling inspired to renovate, your mortgage broker can explain your finance options. For example, you may be able to refinance and unlock the equity in your home to pay for your renovations. Let’s get your renovation dreams off the ground – please get in touch today!
FINANCE FOCUS | AUGUST 2018
The information provided in this page is general in nature and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information with regard to your objectives, financial situation and needs. You should seek independent advice from your financial adviser before making any decisions.
AUSTRALIAN MORTGAGE AND FINANCIAL ADVISERS (AMAFA)
Phone: 07 3378 2056
Fax: 07 3378 2069