A Renovators Guide to adding Value to your Home
When it comes to spending money on your property, most home owners will consider what will add value to their home. Whether you own your forever home or are using your current property as a stepping stone, making calculated and considered financial decisions can result in your property being worth more than what you invested. We all like a return on our investments, but how is that achieved for your house?
If you are hoping this article includes a formula for making a lot of money on your property – sorry, it’s not that simple! However, after renovating our own properties for the past 10 years we have refined the projects we take on in order to add value.
Here are some of the key aspects we focus on to guide our decisions to determine which projects to do, and how much we spend on them.
Improve the layout
The default response to changing the layout of a house is to make it open plan, and there is a reason for that. We like living in more connected environments - it creates more space, living options and better flow between spaces. But there is more to layout than removing all the walls in your house (which we wouldn’t recommend as most walls make your house structurally sound!). Layout is about the flow of the house, how each space connects together and how you want to live.
When reviewing the layout of your house, there are two main things to consider. The layout of the furniture within the room and the way you plan to live within the spaces. Take for example our Relocatable Reno (the images above) - we removed the wall between the kitchen and the living area. As we planned the layout of the dining, kitchen and lounge we thought about where people would gravitate to, the walkways through to the kitchen and deck, making sure each space could still serve its purpose within a shared setting. The dining space design focused on maximising the space in a functional layout. The bench seat and shelving gave the room a feature, as well as storage, but allowed the table to be close to the wall, creating more room in the rest of the space.
As an alternative, in the Rookies Reno (images below) we intentionally didn’t remove the wall between the kitchen and the lounge. In this smaller two bedroom unit (where the kitchen also includes the laundry) the wall was important. It created wall space in the kitchen for storage and the stove, as well as a wall for the TV within the lounge.
You may even find that improving the layout of your home will be as simple as changing the placement of your furniture. So how can you improve the layout out of your home?
As you look at the layout of your home here are some simple things to consider:
Is there a place for everything in my home? If not, you may need to look at the storage within your home.
When people arrive in my home where do they go? This tells you where your main living space in your property is and therefore a space that has value.
As I look around my home, what draws my eye? What stands out to you (good or bad) plays a big part in the overall feeling of your home.
Update the design
Your house does not need to be falling apart to have a new look. There are many simple, cost effective projects you can do to update the design of your house and make it more appealing. Some easy ideas include changing out the lights shades on your pendants, spray painting your kitchen handles or door handles, adding some open shelves in your laundry or finding a new mirror for your bathroom. In the kitchen below, we gave it a mini makeover on a small budget by simply modernising the colour scheme with paint, adding extra storage/bench space, replacing the handles and installing new feature lighting.
But a new coat of paint doesn’t always result in adding value. It is about sourcing the right products, selecting the right colour scheme, and enhancing the rooms features. In our Charmer in Alexandra we transformed our space by adding new drapes, a new pendant, restoring the wooden floors, giving it a new colour scheme, adding shelving and giving the fireplace a designer look. If interior design isn’t something you are confident in, it is well worth having a professional come into your home to give you advice.
Don’t overlook the outside
First impressions last and this is true when it comes to a house. The exterior of your property plays a significant part in the value of the house. Consider the access to the house, parking, storage, security and the fencing. Maintenance is important for the outdoors, ensuring your roof is in good condition, cleaning or repairing your gutters and maintaining your lawn or gardens. Giving your house a water blast is a great way of checking up on the condition of the paint and getting rid of any moss or mould. It’s good to keep in mind that the view from your interior windows is out onto your exterior, so it impacts the look of your property no matter where you are!
If you are planning to spend money on your property, we recommend taking time to think about these elements and ways you can make improvements. Understand the time and money you have to invest, as well as what you are aiming to achieve. Though it may involve some work on your part, you can have the home you love to live in, that is also a great financial investment.
This blog was sponsored by Kiwibank. Whether you're taking your first step or next step on your property journey, Kiwibank's home loan experts are available to help you through the process.
Their Mobile Mortgage Managers can come to your choice of location and their Banking Consultants are available at your nearest Kiwibank branch. Call 0800 000 654 or visit kiwibank.co.nz/homeloan for more information.
