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Renovating for Profit

By Emelyn Hinrichs

Common sense plays a big role in renovating if you’re looking to maximise selling price. This means abandoning any eccentric tastes that lead to installing a bright orange splash back in the kitchen or ornate and expensive fixtures. Paving a backyard in an area sought after by families with small children will not help your cause either.

Neutral colours are best and modern yet modest fittings will do just fine. While modernising your home is highly important, so is restoring any attractive heritage features.

There are a number of other factors that can lead to a property appealing to a wider market.

  • Adding an extra bedroom with either a loft or extension.
  • Adding an en-suite to the main bedroom if possible
  • Creating more storage
  • Sacrificing outdoor space if possible to offer off-street parking
  • Renovating the bathroom to include a bath, a big key for attracting young families.
  • Air conditioning
  • Open plan living

Living rooms and kitchens will best appeal if open-plan. Should you need to knock out a wall or two, shop around for the best possible quotes from builders. And if you have added another bedroom, it can be displayed for inspections as something in between. The more multi-purpose the rooms in a house the more it lends itself to a buyer’s imagination.

Landscaping is as important as the interior. Firstly ensure the property is screened well from nosy neighbours with fences and foliage. Low-maintenance gardens with hardy plants are also terrific value-adds.

Swimming pools are seen as luxuries and usually not a good investment, but can add value if factored correctly into the budget. Financial institutions when assessing loans follow a formula that if the pool cost does not exceed 10 per cent of the home’s current market value it will add 80 % of the cost of the pool to the value.

The bottom line is to renovate in such a way that you can offer a home that is low-maintenance and easy to live in.

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