Add value through renovations
Renovation has long been an effective tool for improving both lifestyle and property value. It is a popular choice among homeowners who want to transform their homes into their dream spaces while also increasing their investment potential.
However, according to Archicentre, the building advisory service of the Australian Institute of Architects, renovating can go wrong if poor planning is involved. To ensure that your renovation project adds maximum value to your property, it is important to keep a few key tips in mind.
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Firstly, before purchasing a home with the intention of renovating, it is crucial to ensure that the structure is capable of supporting the desired extension or renovation. It is important to assess the overall structural soundness of the property to avoid any unexpected issues or costs down the line.
Additionally, it is essential to check with your local council and relevant authorities to ensure that your renovation plans comply with all relevant legislation and planning guidelines. Failing to do so can result in delays, fines, or even having to undo work that has already been completed.
Another important consideration is to avoid overcapitalizing on the property. This means being mindful of the design, finishes, and fittings chosen for the renovation. It is important to balance creating a desirable and modern space while also considering the current market demand and the potential return on investment.
Creating a design that matches the lifestyle requirements currently demanded by the market is also crucial for maximizing the value of your property. This could include incorporating indoor/outdoor areas and other entertaining spaces that are highly sought after by potential buyers.
Lastly, it is important to obtain multiple quotes for the building and any subcontracting work involved in the renovation. This allows you to compare prices, services, and quality before making a final decision. It is advisable not to rush into signing a contract until you have thoroughly explored all alternatives.
By following these tips and ensuring proper planning, homeowners can increase the value of their property through successful renovations. It is important to approach renovations with a strategic mindset to achieve both personal satisfaction and profitable investment.
