Which Room Should You Renovate for the Best Return on Investment?

  • Posted 17 Nov
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Which Room Should You Renovate for the Best Return on Investment?

If you’re in the process of selling your existing home or looking to refinance to complete some much needed renovations on your rental properties, then you need to read this article…

You’d be surprised to hear that the best room to renovate for the best returns isn’t actually a room. According to Cathy Morrissey, from The Reno Chick, the best thing you can do for your home is to renovate your front yard.

Her reasoning; “… if you can’t get them (prospective buyers and renters) in the first 10 seconds, you will never have a chance.”

Case in point, Morriseey’s own daughter has been looking to buy a home and after completely a number of drive-by’s, has decided not to further inspect at least 20 houses because she didn’t like the front yard.

So, if you’re going to spend the money anywhere, you should first do it on your front yard. Then, you should look at your kitchen and bathrooms, as these are the two areas that would-be buyers and renters focus on next when inspecting houses.

 

Renovating on a Budget

If you’re ready to jump into renovating your front yard, you can do this for less than $500. Morrisey suggests the following:

  • Buy some native plants and flowers and replace dead or high maintenance plants
  • Keep your lawn mown
  • If you’ve got concrete or tiles, make sure they are clean
  • Add fresh mulch where you can
  • Paint your front fence!

Kitchen

Once you’ve finished with the front yard, focus on your kitchen next. This is because it will provide you with the most bang-for-your-buck, particularly if you’re looking to sell quickly.

While it is one of the more expensive rooms to do, it will also net you the most in returns.

Keep costs low by keeping everything neutral and recycling what you can from the existing kitchen.

You want would-be buyers to think you’ve spent a ton redoing the kitchen, but you don’t actually have to have done that.

Here’s some more tips on how you can save money on your kitchen reno:

  • Buy only packages when it comes to your appliances
  • DIY by buying flat packed kitchens and install yourself (working-bee!)
  • Buy only mainstream brands of appliances

After these two areas have been taken care of, the next area to focus on is the bathroom(s).

 

Bathrooms

If you’re looking to keep renovation costs down when it comes to the bathroom, the easiest way to do this is to keep your bath, shower and toilet in their original locations and simply update everything else around them.

You can add tiles around the bath, update the ones in the shower and add a lick of paint to the walls.

You could repaint the bathroom cupboards and drawers and update the handles to something more modern.

You could easily get away with spending no more than $5000 to do all of this.

If you’re thinking about renovating or selling your home, consider these options first.

If you need to review your mortgage and refinance, then chat to one of the team at Australian Credit and Finance today. We’ll provide you with the right advice and next steps right away.

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