Renovating after Covid-19: How to boost resale value
We’re not economists and who would be brave enough to predict the direction of Auckland house prices in the face of a global pandemic?
All we know is that we’re likely to be spending more time at home over the next two to three years. Social distancing has become our new normal. As has working from home.
Independent New Zealand economist Tony Alexander writes “that the Reserve Bank’s move to end 20% deposits under LVRs will put home ownership within the reach of a lot more people.”
Which bodes well for Auckland house prices to maintain at relatively stable levels in a low-interest environment.
So if your bubble’s about to burst or you’re wanting to undertake a villa or bungalow renovation Auckland wide, there’s no better time to get started. As Licensed Auckland builders, we recommend taking a measured approach so here’s six ways to enhance the resale value of your existing home:
1. Upgrade or add a second bathroom
Modifying the bathroom is one of the top improvements you can make. It definitely pays off no matter how big or small the renovation is.
Aside from the kitchen, potential homeowners always focus on the condition and quality of the bathroom. For a busy family, a second bathroom is an essential these days.
A new shower, bespoke vanity and simple white tiles offset by stylish tapware and towels can transform any tired wet space from woeful to wonderful.
2. New kitchen joinery
What better way to give a tired kitchen a facelift then to upgrade its cabinetry. It’s a trick we’ve used in our own houses to spruce up the most important area. It’s where you host, co-habitate and spend the most time if you’re still catering to a growing family.
Potential buyers like to imagine themselves in a house they're looking to buy. Most of them just love opening kitchen cabinets, walking through the kitchen and peeking into the fridge just to get the feeling of potential family meals in that room.
Repurpose your existing granite countertops or approach professional suppliers for end of line or offcut materials if your budget won’t stretch to new benchtops.
3. An exterior facelift
A simple enhancement of your exterior space could seriously enhance the value of your home. Decking, planters, tiles and a planting plan can rejuvenate your great outdoors out back.
Don’t underestimate the impact a new garage door or front door can add to the street appeal of your home. Or a brand new letterbox and street number. Border planting up the front path and repainting fencing are simple cost effective ideas too. First impressions count when visitors approach your home.
4. Build out the basement
If your home has a basement, think about remodelling it into additional living, a self- contained studio, home office or teenage retreat.
This project will add space to your home and can significantly boost its value for much less then you think.
5. Hardwood flooring
If your floor coverings are looking the worse for wear, there’s something homely and timeless about the shine and natural look of wood which is unrivalled.
No matter if you opt for classic hardwood or more affordable options like laminate and bamboo, it’s a sure fire way to spruce up your living areas for much less than people think. New flooring gives the impression that the whole house has been improved as well.
6. Seek expert advice to avoid costly mistakes.
Proceed with both care and a sense of responsibility if you’re restoring a heritage Auckland villa. Consult with an expert Auckland builder on how you can recycle native timber and improve the energy efficiency by double- glazing old sash windows. Or opening up the back of the house to get better indoor outdoor flow.
With 30 years of building experience under our belt and hundreds of successful renovations, Warren Adolph Homes is a trusted Auckland builder with lots of tips and tricks to share on how best to renovate Auckland homes. When you don’t want to overcapitalise but do want to improve your lifestyle.
If you’re planning a Central or West Auckland house renovation, book your free onsite consultation now.