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Pause for thought

Posted on Oct 15, 2014

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Pause-For-Thought

By Laura Hall

 

Renovating your home is a great way to enhance your lifestyle, comfort and health, plus it can be a smart way to increase the value of your home on re-sale.

If you plan on living in your home for the foreseeable future, then remodelling it to suit your needs is a great way to get full enjoyment out of it, so feel free to run wild with your plans.

But if you plan to move on in the next few years then it is smart to take a moment to consider if your changes are going to have wide spread appeal.

It is important to understand that not all renovations add instant value to your house.

In fact some modifications can depreciate the value of your home and drive potential buyers away.
Swimming pools
On the surface installing a swimming pool in your backyard can make your home look pretty impressive. No doubt it will stand out from the crowd in real estate advertising when it comes time to sell.

But let’s face it, we can have pretty limited summers and sometimes we’re lucky to get six weeks of hot weather when you can freely use a pool.

Bearing this in mind a pool can be considered an unwanted burden by many potential buyers who don’t want to wear the cost of maintaining it. This investment is very unlikely to pay off in the long run.

Spare bedrooms
Once the children have flown the coup it can be extremely tempting to turn that spare bedroom into a study, hobby room, or maybe your own personal gym.

But by essentially removing a bedroom you are limiting your home’s appeal to a large percentage of the market.
The average Kiwi family is on the hunt for a three bedroom home, not two bedrooms and a study.

This is not to say you shouldn’t go ahead with your project, but make sure whatever renovations you do make can be easily undone and converted back into a bedroom.
Bathrooms
Adding a new bathroom or kitchen to a house are the two renovation items that time and time again prove to push up the price of a property.

So on the outset a bathroom overhaul appears to be a smart renovation decision.

But before you rip out your old, dated shower to install something flash and new, take a moment to break down the cost of the job.

The price of a bathroom renovation can quickly add up, some of the factors that can seriously push up the price include moving load bearing walls, moving plumbing, rewiring outdated electrical systems and replacing water damaged drywall.

These necessary evils can empty your wallet and outweigh the financial benefit of a bathroom renovation.
Painting
Painting your home is a relatively inexpensive and easy way to instantly change the look and feel of your home. A splash of colour is a great way to let your signature style shine through.

Unfortunately not everyone may agree with your taste. Sure, it is simple enough for the new owners to paint over your lime green wall, but potential buyers can be turned away before they even consider this easy fix.

First impressions matter so it can be a good idea to delay your paint project and keep your wall colour neutral.

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