Adding value by renovation

by Renovations | May 20, 2020 | South East Auckland

Kiwis love a good renovation and there are few better markets in the world to achieve gain than Auckland. There could be many reasons why you would want to renovate your home. You may want to add value to your property price, add more space to your home, add rental value or simply create a more modern and comfortable space.

It’s important to choose the right renovation team to do your work as you could end up with poor quality of work or being out of pocket. Always go with a team who you feel that you can trust with your most precious commodity.

Financing a renovation can come from your own pocket, or you can speak to the bank, banks are aware of the reward and value of such renovations and it usually isn’t very difficult to seek further finance to fund the cost of your project. With a great team who will provide a start to finish quote with no surprises it will be a straight forward process. Any contactor worth using will be able to provide you with a final of cost before the renovations begin.

It’s no secret that the most important areas of your home to renovate to add value to your home are the kitchen and bathroom. You can achieve a simple fresh and modern kitchen to suit your taste for as little as $15,000 including appliances, prices can go as high as you want if you are wanting a more tailored and specific look for your home. It is important to remember that there is a threshold to the value you can add if you choose a more expensive kitchen which is specific to the area you live in.

The customer of this kitchen had around $17,000 to spend, as you can see the change is dramatic and the on sale value of the property has gone up.

Our clients at this property had slightly more to spend around $28,000 for the kitchen, the clients also removed a wall and extended the kitchen area with an extra cost of around $15,000 – new flooring was put down and top of the line cabinetry was installed.

The value added to these properties was more than double the cost of the kitchens, so it is definitely worth researching what you can do with your budget.

The average bathroom starts around $12,000 this includes everything from the removal of the old bathroom to the final painting.

This customer had us renovate their house prior to selling. They had an expected selling time of 6- 8 weeks, the property was sold in less than a week for $75,000 more than they expected to sell for. The total cost of their renovation was $60,000, they made double what they thought was achievable and came out with a nice profit.

If you are wanting to get your house refreshed we recommend replacing carpets and giving your house a fresh coat of interior paint. The cost of doing this for an average 3 bedroom house is around $5,000 for carpets and $10,000 for painting. It’s always advisable to keep your colour scheme neutral if you are thinking of selling your property, as a blank canvas is more attractive to the wider market. If selling is the reason that you are renovating then staging your home can also add value. There are many companies that stage your home around Auckland and while it can be costly the reward is greater than the loss.

We can give you two examples of recent customers who have achieved great success by renovating their homes with us. The first client bought their home in Manurewa for $590,000 the house was in average condition and they wanted a little more comfort. They came to us with their renovation plans and we set out exactly what needed to be done to maximise their budget. They completed a full renovation on the property for around $70,000 and were delighted with the results. The client had a valuation done on their property after the renovation and the new value was $740,000, the client was needless to say delighted and we know that they are very happy with their home. The second client in Botany bought their property for $750,000 and came to us for renovation. We worked together with the client and our team to make the most out of their $90,000 budget, the house was stunning after the renovation and a valuation put their home at $1,050,000, these are great examples that putting that extra money into the renovation will usually more than double the cost of the project if you were to sell.

At Maxstyle we have many examples like this in our portfolio which we are happy to discuss with you if you interested in doing something similar. We pride ourselves on excellent communication and achieving the highest standards of work, whether it’s large or small we can make a plan for every budget. Whatever you put into your property you will see a reward, whether it is pleasure or financial. Contact us today and see what we can do for you.