Glenda Whitehead, valuer with quotable value.
How to add value with your renovations
People are familiar with instructing a valuer when they are purchasing, selling or financing a property. But when you are renovating a property there are advantages to calling on a registered valuation.
Valuers can give you professional property advice on the improvements you are planning, and help you set priorities. Let them know the budget you will be working to and they will advise you where to get the most bang for your bucks.
Of course, your personal circumstances - another baby on the way, a precious collection of cars needing garaging - may drive what work you want to do first. But when it comes to adding the most value for the least dollars, here are a few tips:
Easy things first. Some improvements cost only time, effort and a few basic materials, and good presentation does add value. Remove any rubbish from your section, trim back or remove overgrown foliage, and repaint areas where required.
One project at a time. Starting more than you can comfortably finish ends up in confusion and detracts from the value of a house, not to mention the stress it will cause.
Balance in the upgrading of a house is important. A very expensive stove in a budget home in need of repainting will add little value.
The added value of a new kitchen is greater if the bathrooms are upgraded and the house redecorated.
Spend more in the most used parts of the house - the kitchen, bathrooms, the entry, living and family areas.
Layout of the house is really important so, before you start on individual rooms, see if some small tweaks can make your existing house flow better. For example, creating effective family areas where the kitchen is close to the family/eating areas. Look first at the aspect to the sun from the living areas: New Zealanders really value north-facing living. Could you swap a living room with a sunny bedroom? Could you open a room with windows or doors?
You may quickly add value in older buildings by bringing them up to date. A modern colour scheme, up-to-date window furnishings and replacing dated light fittings can transform an interior, and add value. While some high quality older carpets never seem to wear (it's their best and worst feature), usually their dated style and colours mean they just have to go. As a general rule, these types of improvements will add more value than the cost of the work.
Dated fittings and equipment can be modernised, but you don't have to get the most expensive. In lower value homes, the modest-priced (not usually the cheapest) will add just as much value. In middle priced homes the middle price ranges are usually just as effective as the higher-priced items in terms of adding value.
Garden improvements need to focus on the areas closest to the house and those used more frequently, particularly in relation to the indoor/outdoor feel. But be aware that there is a limit to the added value that can be gained from the garden and this is proportional to the value of the home.
Finally, but firstly - get advice before starting the process. Depending on your location and the market, improvements can add a little or a lot.
Quotable Value: 0800 164 444 or www.qv.co.nz
More bang for your buck
AdvertisementAdvertise with NZME.