Top renovation ideas to boost your home's value in 2024
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Whether you're getting your property ready for sale or you're looking to make long-lasting improvements to make your home a suitable place to stay put for years more, choosing to renovate can be an excellent option.
But, with the cost of trades and materials having inflated so much in recent years, it's a choice that requires careful consideration and planning to achieve the best possible result.
Let's run through some different renovation options to guide you through to your dream outcome.
Ideas for renovating to stay and thrive in 2024
With property prices having risen so rapidly in recent years, a growing number of Australians are opting to stay put in their existing home and investing in renovation work to ensure it continues to suit their needs into the future.
What that looks like will vary greatly depending on your stage of life, but building on that foundation can be extremely rewarding.
One emerging trend for house owners with adequate land has been to add a granny flat to the property which opens the door to a variety of uses — be it a separate space for those working from home, a self-contained residence to rent out, or somewhere for an older child to live with increased independence.
There is also a growing focus on sustainability in homes. Installing solar panels or a water tank, for example, are great options for cutting down on utility costs and contributing towards greener living.
For those with less floor space to work with, some clever adaptations can create a new study nook or turn once single-use rooms into multi-purpose spaces that can adapt to different family needs.
The advent of the smart home has created more possibilities to enhance the home, from installing more intelligent air conditioning systems all the way down to fitting new smart bulbs and switches.
Ultimately, being able to tailor your home to your own growing needs can be a very attractive option for homeowners looking to avoid the stress and rising cost of buying and selling to upgrade.
How shared equity could help unlock your renovation goals
The combination of elevated labour and materials costs, high interest rates pushing mortgage repayments up, and ongoing cost-of-living pressures can make borrowing or saving enough money to renovate a challenge in today's market.
Australian homeowners are increasingly house-rich and cash-poor, often with hundreds of thousands of dollars tied up in their properties while struggling to handle day-to-day expenses or save the necessary cash to make necessary next steps.
Instead of incurring more debt, one potential solution for those looking to remain in their property and renovate could be to tap into the equity you've already built up in your home by leveraging a Shared Equity Agreement, or SEA.
By offering a portion of equity in your home in exchange for a cash lump sum from a third-party investment source, you can get on with making the improvements and expansions you're dreaming of without having to wait.
A SEA allows you to avoid taking on additional debt and instead opt to pay that money back in your own time or when you sell the property later down the track.
Ideas for renovating to sell in 2024
When it comes to boosting your property's value in anticipation of selling, many top agents will recommend focusing on cosmetic improvements in order to maximise your return.
A task as basic as internal repainting is often cited as one of the most important value-adding investments a seller can make.
Flooring can also be a relatively low-budget, high-impact aspect to address, whether that means installing new carpet, retiling, or polishing wooden floors to bring them back to their best.
Lighting, both natural and artificial, can be another cost-effective avenue for improvements, whether that means installing impressive light fixtures or replacing outdated blinds or curtains.
When it comes to kitchens and bathrooms, a total rebuild may not be necessary. Consider whether updating fittings and fixtures, cabinet doors and other cosmetic aspects will have the desired effect.
In the kitchen, replacing a tired old stove and oven, installing a fresh benchtop and addressing any weathered-looking flooring could be enough to transform the space.
For bathrooms, a new shower screen or vanity can go a long way. Even simply regrouting tiles and redoing siliconing will have a significant impact without stretching the budget.
When it comes to funding your renovation, if you are looking to sell, unfortunately, a shared equity agreement isn’t an option. Instead, you’ll need to fund your renovations through more traditional options like your savings. With that in mind, for more extensive works, it's well worth consulting local agents to understand whether a project will be worth the investment in the current market.
Our free 10-step guide to preparing your home for sale can help you weigh up various renovation and home improvement projects to ensure you're spending wisely and putting your best foot forward.
