Renovating your home is an exciting undertaking. Your residence will transform in front of your eyes into something completely different, perhaps something more modern or luxurious.
Despite the excitement, it's essential that you take a step back and think about the affect the renovations might have on your home loan, and if they're worthwhile. Will they increase your home's resale value and livability?
We have a look at what exactly Australians want in a home to help make sure that your renovations make your home both more comfortable and easy to sell.
More than one living area
A survey of more then 700 homebuyers by Stockton Developments has revealed that the presence of more than one living room is one of the most important things buyers look for. Before renovating it's worth considering if there's a space in your home that you could turn into an extra living room – a change that could boost your property's value.
This could be as simple as repurposing an existing office or bedroom with new furniture and features. Perhaps shelving to create a small library or even installing a projector screen to create a home theatre. These are both features that you'll enjoy and that buyers will look kindly on when it's time to sell.
Open plan living
Before you go knocking walls down yourself, explore options for refinancing your home loan.
Apparently Australians are very concerned with a home's living areas! A Real Estate Buyers Agents Association (REBAA) survey found that open plan living areas were at the top of most buyer's Christmas list last year.
If your home isn't open plan, these renovations could prove costly. Before you go knocking walls down yourself, explore options for refinancing your home loan. With a little more cash in your pocket, you may be able to afford to hire professionals to do the work for you. That way you can be sure that your renovations add to the value of your home and to your enjoyment of it.
A butler's pantry
The butler's pantry ranked at number two on the REBAA wish list, right behind open plan living areas. Such an addition adds valuable storage space to your kitchen, reducing clutter and providing a space to include a mini wine cellar, or perhaps extra surfaces for food preparation.
Once again adding a butler's pantry could be a fairly costly exercise if it's done right.
If you're renovating, get in touch with Advantage Finance first. Our tailored mortgage services will make it easier to afford any changes you want to make, ensuring that your home and your home loan are in great shape going forward!
