Not all renovations add value – what to do, and what to avoid...
Personal finance guru Mary Holm’s wrote recently that ‘not all property upgrades increase value’ – it’s a piece of advice all homeowners thinking of renovating should take to heart, especially in the current property crisis.
Ms Holm advises home owners against additions like a swimming pool as a means to increase the value of your property – people with young kids and those averse to maintenance don’t like them – and expensive fittings, curtains, carpets are also ‘no, no’s’.
It's often also good to insulate, remove walls to allow for open-plan living, add a third bedroom, or build a deck with large doors out to itMary Holms
It’s not surprising that more and more homeowners are thinking about renovating rather than selling, but make sure your renovations add value – rather than detract – and don’t break the bank doing it.
The Real Estate Institute reports that property prices are going up, but listings are dropping – we believe it’s because the current housing crisis means you might get a good price for your home, but getting something better is risky and not guaranteed. Auctions and market speed make it difficult to do due diligence, and prices are rising so fast it’s a challenge to keep up.
Here at Fresco we’re noticing more and more people opting to make better use of their outdoor spaces – see our free eGuide on how to create a fantastic outdoor space – because it costs a lot less than adding a new room, but can be just as liveable.