Renovations can boost property values and ensure sellers achieve the most competitive price when the time comes to maximize the capital investment.
“Home renovation is important to maintain your house, accommodate your changing needs, maximise its value if you're planning to sell and make it more attractive,” says Tyson. However, Chris Tyson, CEO of Tyson Properties, says while renovations can give homeowners an edge, it is essential to ensure that projects undertaken with the specific view for resale have the desired effect.
“If adding value is the end goal, it is necessary to appoint professionals qualified to complete the work to the highest standards and recognise that there are some renovations that will specifically boost value. Renovations to kitchens and bathrooms remain the key areas to upgrade,” says Tyson.
“Although these rooms are probably the most costly to refurbish or renovate, they are the ones that can add the highest value when your home goes on to the market. It is very important to also take into consideration some of the latest trends in renovations.”
Tyson shares four prevalent home renovation trends:
Open-plan living is one of the latest home trends, says Tyson. Creating open living spaces would involve removing walls to open up space and create flow between rooms, particularly the kitchen and the entertainment areas. It makes smaller homes appear bigger and creates a more social atmosphere.
“Another important change to make to your home is to make it energy efficient - this comes in a bid to reduce energy waste in light of rising electricity costs and includes home automation systems, water-restricting showerheads, solar panels and LED light installations,” says Tyson.
A focus on creating luxurious bathrooms and to include underfloor heating, a standalone bathtub and a shower featuring multiple water options are a few of the trends taking the lead.
“Renovating bathrooms is one of the quickest and most effective ways to add value to your home or investment property. It is very important to take your physical and emotional needs into consideration when redoing your bathroom, as well as to make it as practical as possible. Lighting, colour and ventilation are the most important factors to implement,” says Tyson.
“Smart technology is also important to consider. Homeowners are increasingly incorporating smart technology into their renovations, for example including charging stations in existing cupboards so the gadgets and wires were out of sight, or installing electrical outlets with built-in USB charging ports,” says Tyson.
Although knowing the top trends is vital, so is adding investment value and appeal.
“Home renovation is important to maintain your house, accommodate your changing needs, maximise its value if you're planning to sell and make it more attractive,” says Tyson.
“If you have the right people in place, and are on track with the latest trends, you are sure to add value to your home and make selling that much easier.”
Source: Renovation Trends
