There is no doubt that the New South Wales market has slowed significantly recently, and buyers are currently at favour.
Even in these situations, there are advantages to making the most of your property. With interest rates at the lowest they have been in years, now is a great time to borrow and increase the capital worth of your home, while enjoying the benefits of your updated investment.
If you are thinking of improving your home, it’s hard to go past a new kitchen or bathroom. It is important to consider when renovating these rooms that their styles are compatible with the rest of house – however, modern kitchens and bathrooms are more likely to appeal to the majority of buyers.
The addition of more living space and extra bedrooms is another area that can potentially make a significant difference to the feel, and also the value of your home. Open plan spaces that incorporate large living area and open plan kitchen are particularly popular. These can be accomplished through either an extension or by removing certain interior walls.
Another great idea is to consider maximising the natural light in the room by using skylights, large windows or glass walls or doors. This will also create a modern edge to your home.
When considering a renovation, remember that the first task is to step back and have a critical look at the property. All your plans should result in a cleaner look and feel for the property and you should work towards appealing to the majority, rather then the minority of buyers.
The potential to maximise the capital value of your property all comes back to your local research – know your local market and make sure your renovations appeal to a larger number of potential buyers.