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5 tips to maximise your ROI when renovating

By Andrew Bell

If you are planning to renovate your home — either for yourself or to boost value before a sale — there are changes you can make for functional reasons, those that are more aesthetic and some that even combine the two priorities.

However, especially if you're planning to invest tens of thousands of dollars into these projects, it can be helpful to know which ones will improve your home's resale value the most. While you're unlikely to get a full return on your renovation investment, the following are some of the most cost-effective approaches:

1) Start in the kitchen

The one room where your investments are mostly likely to provide significant ROI is the kitchen, Homes To Love advised. The reason why? This space is often the heart of a home, and new appliances, refinished cabinets and other enhancements can all provide a big "wow" factor that also comes with increased functionality. 

2) Think about structural issues

If your home has a number of issues with floors needing to be replaced, the roof repaired and so on, these are often nearly invisible or under-appreciated renovations that will make a huge difference. Especially if you live in an older home, being able to advertise that you did a complete roof repair in 2021 can be a big attention-grabber. A great way to identify areas suited for these kinds of changes is to consider all the little things in your home that may creak, drip or feel drafty. If they bother you, it's likely that a potential buyer would spot them as well.

3) Repaint even where you're not renovating

This is the kind of investment that doesn't cost a lot of money but really makes a difference. Domain explained that repainting in a number of rooms, as well as perhaps the exterior of the home, can help make a home feel more modern and refreshed, and it will probably only cost you a few hundred dollars. Remember that it's generally better to repaint in more neutral, striking colours so others can really picture themselves in your home.

4) Boost street appeal

Along similar lines to repainting your home's exterior, now is the time to refresh your front yard so that when visitors arrive at your home, it makes a great first impression. Planting new trees or shrubs, doing some work to improve the health of your lawn and adding lighting will all go a long way toward ensuring your home is instantly breathtaking. Here, bringing in a landscaping crew could be well worth the investment.

5) Remember you can tackle some work yourself

If you're worried about maximising your return on investment and you consider yourself fairly handy, there may be plenty of changes big and small that you can make without bringing in professionals, according to Real Estate View. As long as you are confident you can complete these tasks without causing any damage (or doing it incorrectly), and you mostly tackle simple work, you may be able to save thousands versus what you would pay to bring in a professional.

When you're thinking of making these changes with the express purpose of selling in the near future, you might also want to get in touch with a real estate professional who can advise you as to what, specifically, would be smart to pursue. Afterward, they can help guide you through the process of selling the property with confidence. Get in touch with the professionals at Ray White Surfers Paradise today to learn more about how we can help you put your best foot forward in the housing market.

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