The best renovations to boost property values

Lodge Real Estate - City

If you’re looking to sell your house, but it needs a do-up to increase your property value and get people through the door. Even if you’ve mapped out a budget, it can be tricky to know where to start. Which renovations add the most value?

These are the home improvements known to bring the best return and boost your property price:

INSULATION
If you’ve ever lived in a freezing house in the middle of winter, you’ll understand why insulation is such a big draw card. Which would you rather: sitting on the sofa in jeans and a sweater, or turning into a living michelin man/woman with five layers, gloves, beanie and two pairs of woolly socks (and still being cold)?

Insulation makes a home both comfortable and livable, so much so that from 1 July 2019 it will be compulsory in all rental homes. A well-insulated home also makes for an energy efficient home too. With less heat escaping, the less need you’ll have for heaters or a heat pump, which means lower power bills. It could be partly why midrange attic insulation in the US generates the best return on investment (107 per cent).

KITCHEN
A kitchen is more than a cooking space, it is a gathering point in many a home—especially for families and people who like to entertain. While we have no figures specific to New Zealand, in Australia a kitchen remodel can increase a property’s value as much as AUD $50,000 to $60,000.

The bad news is kitchens can be expensive. In New Zealand, a basic kitchen remodel can range from $10,000 to $30,000, so research the current value of your home and how much you it can sell it for with a redone kitchen. It may turn out to be more cost effective to do minor work such as repainting, changing the cupboard doors and handles, and installing new work surfaces, rather than a full gut and refresh.

BATHROOM
After the kitchen, a bathroom can be the second most cash-draining renovation you can make, but it can make a difference—not just on the resale value of a house, but also because it attracts more buyers.

Modernising a bathroom and ridding it of scunge, grime and mould can instantly draw a greater crowd of buyers. What’s more, they’ll be willing to pay top dollar for the convenience of moving into home that doesn’t need any work. If the budget is tight, replace the tapware, toilet and sink—in that order.

ADD A DECK
An outside deck can expand your home’s usable space and increase your home’s value by up to 30 per cent. Price will depend on the size and material you use. As a guide, a 20m2 deck can range from $3,400 to $12,100. Just keep in mind that if it is going to be over 1.5m high, you’ll need to get building consent before you start.

KERB APPEAL
First impressions count. That’s why kerb appeal - how your house looks from the street - continues to play a large role in generating strong returns. This includes replacing and/or changing garage doors, main entry doors, fences, windows, cladding, and sliding doors. Get your FREE guide to learn more