How renovations can add real value to your home
Renovating your home might sound expensive – but if you do it right, you may well be able to add to the property’s value and make money in the long run.
Many people are turned off by the idea of renovating their homes – once you buy, the natural inclination is to settle down and live a quiet, comfortable life rather than tackle the additional work of rebuilding.
But there’s a silver lining to all the hassle and stress of renovation – if you do it right, you can add to your property’s value. Renovating might be expensive, but in the long run, you stand to make money, not lose it. Let’s delve a little deeper into that process.
Turning each dollar into $2 – or even more
It’s not easy to balance the continued burden of making mortgage repayments with the cost of renovating, but there are certainly ways to make it worth your while. If you can add $2 worth of value to your home for each $1 you spend, it’s usually a good proposition.
You don’t have to make any grand gestures to make prospective homeowners feel welcome. Little things like adding air conditioners, upgrading to LED lighting and improving home security systems can do a lot for people’s quality of life – meaning if you ever try to sell your house, you can make a lot more back.
Renovating for added value
With each renovation decision you make, you should think about how it impacts the value of your home. If there’s a way to make a small investment that pays off in a big way, go for it.
For example, repainting your home is one of the easiest ways to enhance its value. You can buy a can of paint for as little as $25, and the labour shouldn’t be too bad, either. For your money, you get a refreshed home that looks good as new on the outside. This is the kind of upgrade that’s worth finding a mortgage broker to help finance.
We can help finance your renovation
If you’re thinking of improving your existing home but just don’t have the cash to pull it off, we can help you find the ideal loan.
Contact the team at Premium Portfolio Finance and we’ll help you evaluate your options and choose a financial option right for you.
- How millennials are affording to buy their first homes August 29, 2018
- Reasons why you should refinance your home loan August 21, 2018
- What is negative gearing for property investment August 14, 2018
- How to purchase your next car with a car loan August 8, 2018
- 4 things to think about when choosing which suburb to buy in August 1, 2018