HOW TO ADD REAL VALUE FROM KITCHEN AND BATHROOM RENOVATIONS!
If you are interested in property and renovations I am sure you have heard every Tom, Dick and Harry spout the advice "you need to focus your money on the Kitchens and Bathrooms, these big ticket items are where you can make profits."
Ok that is fantastic but this is usually where the advice stops....what needs to be done to add as much value as possible? Well you need to work that out for yourself......Or you can check out the 3 points below and get ahead of the game on your next property project!
1. K.I.S.S - Keep It Simple Stupid!
Whenever I hear this acronym all I can think of is my school days as it was over-used in almost every class. The funny thing is, now that I am an adult I realise that it is so SO important. Why do people seem to think that complication equates to value? This couldn't be further from the truth in all aspects of life but especially in renovating! If you are designing a bathroom or kitchen that you plan to on-sell you need to have a finished product that appeals to AS MANY people as possible!
In order to achieve this goal you need to make sure the design is simple, clean and neutral. Your colour pallet should be greys, whites with (maybe) a splash of colour on a feature wall. Your design also needs to include all of the necessary fixtures but should have lots of space to move around and should have a logical and easy flow.
2. Low Cost Options Can Add HUGE Value!
Kitchens and bathrooms are fantastic places to look for those low cost alternatives to the strip-out and re-do approach. If you remove and totally re-do a bathroom or kitchen you could easily budget $8000 - $20,000 for the project.
Some of the options below can give you a product that looks almost brand new at a fraction of the price
If the tiles are in good condition without cracks or pieces falling away from the wall you can get tile paint from Bunnings. A couple of coats will make your room look brand new!
The pictures here are before and after the bathroom in one of our recent renovations. We replaced the vanity and shower screens but the tiles, bath and toilet are original.
As with the tiles if the cabinets are in good condition you can re-paint them with laminate paint.
In the project below we kept all of the cabinetry which saved us around $5000 or more!
Replace a few big pieces
When you are evaluating a room try to keep as much as possible. If you can restore the bulk of the room and only replace a few pieces you can reduce your costs significantly.
As mentioned before in this kitchen we kept the cabinets but also the sink and faucet. We replaced the old cook top with a stainless unit as well as new bench tops and tiles. Our total cost for the kitchen was around $3500 (including stone bench tops) and the value it added to the house would have been at least $20,000!
3. Keep Your Fixtures In The Same Place
This one seems really obviously but so many people miss it when they are designing their new rooms. If you do decide to go with a whole strip out and re-do make sure you try to keep your fixtures in (roughly) the same place!
Plumbers and electricians are very expensive! If you have a grand design to move the tub across the room and the toilet to the other corner it may look fantastic but you will be incurring a lot of extra costs when it might not be necessary. If the bathroom is a horrible design it might be necessary to move things around but you should try to avoid it. Finally just remember to take it slow and think everything through logically and from the mind of your potential buyer. If you are tossing up whether or not to do something ask yourself if the change will appeal to the average person.....Stainless steel appliances - Yes, proceed. Bright pink splash back - No (although you might like it) keep it for your own home.
Hopefully these tips and tricks will help you out during your next renovation!
Thank you so much for reading! As always this article is based on our experiences and point of view and should always be read as such!
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Have a great day!