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UPDATING YOUR KITCHEN IS ONE OF THE TOP RENOVATIONS FOR PROFIT

Courtesy http://granitetransformations.com.au/blog/item/updating-or-replacing-the-kitchen-is-one-of-the-top-renovations-for-profit?category_id=21

Featured kitchen photograph : Owen Smith , Wodonga , designer Colleen Fitzpatrick

Which renovations offer the best return when you sell?
Updating or replacing the kitchen is one of the top renovations for profit recommended by Dan Mulcahy.
Not all renovations will make you a tidy profit when you come to sell your property. Some projects will cost more than they will ever give you back.
So what are the most lucrative projects to add value to your home and give you the best return come sales day?

KITCHEN
Updating or replacing the kitchen is one of the top renovations for profit recommended by Dan Mulcahy, founder and managing director of Mulcahy’s Construction Group (MCG) in Melbourne, which specialises in pre and post auction renovations. “Modular kitchens can be a cost effective and fast way to update the livability of a house or apartment,” says Mulcahy. “Although we suggest using a custom kitchen builder wherever possible as he will supply and install the cabinets as well as offer a warranty. Costs for a basic custom kitchen installed will all plumbing, electrical and tiling can be as little at $10,000.  This can add enormous appeal and value to a property, with the increase in value sometimes being as much as $50 to $60,000.” Builder Dean Harris who has been renovating homes for nearly 30 years in Sorrento, Victoria, agrees that well designed kitchens and bathrooms will bring a good return as “buyers don’t have to do any work, they can just move in”.

“The emotional connection between buyers and imagining living in the house they are buying is a big driver so when renovating it is vital to spend the money on the design of how the occupant will live in the area. For example kitchens are now a lot larger areas with bigger fridges and ovens for entertaining and more casual dining.” However when setting aside a budget for renovating it has to be consistent for a good return. For example when renovating a kitchen it doesn’t work fitting a $9000 stove and having DIY cupboards. There needs to be consistency across the renovation. Be realistic and look at the big picture.

Consider Granite Transformations engineered stone benchtops ( especially the new MARBLE RANGE ) , 2 pac painted doors and panels and European made Baumatic appliances from the ” Studio Solari ” range.

BATHROOM
Update or add bathrooms. “The average number of bathrooms in new dwellings has been increasing over time and this is being reflected in the renovation market as well,” says says Greg Weller, spokesperson of the Housing Industry Association. “There are now on average 2.6 bathrooms per new home,” he says.

If you are going to renovate or add a bathroom it is important to have a clear budget set out from the beginning of the project and always work to a fixed price,
advises Mulcahy. “Bathrooms are an area that buyers and tenants demand to be modern and up to date with clean and stylish fixtures and fittings,” he says. “As there are many components to a bathroom it is easy to over capitalise.”