Areas to renovate which add value to a property

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Despite the fact that times seem to be harder nowadays especially with ongoing pressures brought to the global financial market by the Eurozone, an article at news.com.au written by Anthony Keane stated that more than half of Australia’s homeowners are planning to renovate their properties in the next four years.”

Renovating a property in the right way could mean not blowing the budget and finding the right place in the house to renovate is always a good choice.

Appliances Online conducted a national survey and it was found that the prime focus of renovators are usually the bathrooms but experts say there still are other places where one can better spend money for.

According to the survey, “South Australians are the most likely of all people to renovate in the next 12 months, at 34 per cent, with 37 per cent targeting the bathroom and 28 per cent planning a kitchen upgrade.”

John Winning, chief executive of Appliances Online said that if one were to choose between renovating a kitchen and a bathroom, the kitchen is always the good place to start.

Winning shared, “Clean the bathroom and renovate the kitchen. It’s really obvious if you have an old kitchen.”

Adding on some items to one’s kitchen like soft-closing drawers, self-closing cupboards, classy benchtops, steam ovens and induction cooktops are the features that usually impress people and the good news is that prices for these items have dropped recently.

Winning added, “Never go cheap on the rangehood. Everyone tries to save money on it but it’s the most important appliance for the longevity of a kitchen.”

Tim Thredgold, a Toop & Toop sales partner shared that another renovation that is within budget and could add value to a property is a new paint job. Thredgold shared, “A good paint-through will change a home, clean it, brighten it, and lighten it.”

Thredgold stated that people who plan to do major renovation projects should focus to those which add value. He listed, in order, renovations which add value to a property like a “family room addition, outdoor living spaces, kitchen, and then the bathroom.”

Thredgold shared a tip to renovators saying, “Pay attention to the money areas, kitchens and bathrooms. A change of fittings, taps and towel rails can give a lift if they match. Appliances in a kitchen can give a mighty lift.”

It is also vitally important to make sure you have sufficient finance in place before you start knocking holes in the walls.  Renovating almost always costs more than you think and we regularly have clients calling for an urgent home loan refinance in order to complete the job.  The problem is that most lenders won’t touch a property that is not full habitable, what’s more if your credit cards are maxed out then lenders credit scoring is going to be very hard on you.  Plan ahead and speak to your lender or mortgage broker to ensure that you have access to funds in place just in case the budget blows out.

 

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