Useless renovations that won’t increase your home’s value
Are you thinking of selling your home? You may have heard that renovating the kitchen and bathroom or adding an extra room are necessary for increasing your home’s value. But what adds value to a house nowadays, particularly in Australia’s current market?
You may be surprised to learn that some renovations are not only a waste of time but can waste thousands of dollars with very little return. Kitchen and bathroom updates, for example, can be expensive, and the return on investment is not always there.
We look at what renovations are a waste of your time and what you can do instead.
Extending a room to make more space
Extending a room is costly and will not necessarily give your house more value. With extensions, you have to weigh the cost of doing it versus the added value it provides to your home. This requires knowledge of what the market is like in your area.
Remember that home extensions may require council approval (and fees), possible structural changes, and inconvenience to you during the building. It is essential to get licensed professionals to carry it out as a poorly built extension can lower your house value.
Here’s what you can do instead:
Rather than building an extension, you may want to get the necessary planning permission from the council in place instead before selling your house. This makes it convenient for the potential buyer as it gives them the option to extend the house without you having to foot the bill to do it.
High fashion bathroom renos
It might look great on Pinterest, but high-fashion bathroom fixtures such as brass and tile murals may not be to everyone’s taste, and they can go out of fashion quickly. Choosing neutral colours and fixtures that will stand the test of time, such as chrome fittings, is best if you’re looking to renovate to sell right away or down the track. This way, your house can appeal to a broader market and have a “blank palette” for a potential buyer to personalise to their liking.
Here’s what you can do instead:
A coat or two of paint to freshen up the space makes a big difference to a tired old bathroom. Other ideas include:
- Decluttering to open up the space.
- Updating the bathroom cupboards with new paint or new handles. There are beautiful cabinet handles you can buy online or at the hardware store for an easy but stylish update to outdated cupboards.
- Replace bathroom curtains.
- Paint over bathroom tiles.
- Place a decorative pot plant or two to freshen up the room.
Lush landscaping
Street appeal is essential, but many people think investing in eye-catching plants and trees and elaborate landscaping will attract buyers, but this is not always the case. Firstly, landscaping is not cheap; secondly, the potential buyer may not appreciate or find the landscaping to their liking.
When it comes to the aesthetic appeal of gardens and landscaping, people’s tastes vary. It’s much better to allow the potential buyer to use their imagination on how they can remodel the landscaping to their taste than for you to spend big on it.
Here’s what you can do instead:
It’s much better to aim for a neat yard than spend huge on a done-up garden and landscaping. Prune back overgrown trees and hedges, keep lawns short and immaculately trimmed, and eliminate weeds and dead plants. Make sure the plants are framing the house, rather than covering or overpowering it – this adds street appeal without the big budget.
Putting in a swimming pool
While it may give your property a luxurious resort feel, a swimming pool isn’t always a win for buyers. While a pool makes sense for high-end properties where it’s expected, most buyers view swimming pools as expensive upkeep rather than an asset.
The general rule with renovating to add value for sale is if a buyer can’t see the improvement, it won’t add value.
Here’s what you can do instead:
It’s far better to put in a deck or spruce up the patio to create an outdoor room and an indoor/outdoor connection than spend big on a swimming pool.
Electrical and structural work
Necessary home improvements such as re-wiring, asbestos removal, or adding installations are costly and more common in older homes. While it might make sense to fix these before selling your house, the return on your investment may not be worthwhile. You may end up spending thousands of dollars while only adding a few thousand to the value of your home.
Here’s what you can do instead:
Electrical and structural work is not seen from the outside but will be seen when the potential buyer conducts professional inspections. If your house needs electrical or structural work, it will shave a few thousand dollars off the price of your home, but that is a trade-off you may have to make, rather than spending thousands of dollars out of your pocket. You can leave the future owner to do the work here instead, as some buyers prefer to knock down and rebuild old properties or purposely purchase old properties as a passion project. In these instances, buyers are prepared to address these issues themselves.
The bottom line
Ultimately the best investment you can make if you’re considering selling your property is cleaning supplies or a professional cleaner. A clean, neat, tidy, and well-presented home is more desirable for buyers, especially one with a neutral colour scheme. This appeals to a broad market, allowing the future owner to tailor and decorate the home to suit their needs.
If you need professional advice on how much your home can sell for in today’s market, contact us on 0450 914 535 and speak to one of our friendly agents.
