Top 5 Ways To Add Value
Money Magazine Australia|October 2021
A memorable holiday experience can be the inspiration for a clever, on-budget update at home
Tracie Ellis

Want to renovate but not too sure where to start? At some stage homeowners delve into the land of renovating, with a view to increasing the value of their property. The process can certainly be overwhelming. Whether applying fresh paint or investing in a significant renovation, every dollar you spend must add value.

Sadly, the dream renovation takes a wrong turn for many, and before you know it you are on the path to doom and gloom and hemorrhaging money into correcting silly mistakes that you cannot believe you didn’t see coming.

Renovating for profit is about strategically targeting what you spend your money on and then return it gives you. Engaging the services of experts and not cutting corners are essential. Due consideration at the outset should be given to whether you will utilize an architect and/or interior designer. This may seem like an unnecessary extra expense when in reality this investment will save you thousands in the long run.

So, what are the top five areas that owners should focus on to improve the value of their home?

1. Home office

Now, more than ever, a dedicated homework space is of utmost importance. None of us has a crystal ball and with Covid throwing a spanner in the works we need to have a comfortable space to work. This is now a value-add to any property. Prioritize your ideal workspace. What do you need? How much space do you need to complete your work? Is there a requirement for drawers and shelves? Consider your lighting.

All these factors need to be taken into consideration in the planning stage. Do not do this on the run. Once you itemise a list of the essentials, you can then start on your layout and how much area is required. Think ahead: down the track could this room convert to an additional guest room? An average remodel sits at $2500 for a set of built-in shelves to around $15,000 for a brand-new home office.

2. Outdoor space/fire pit

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM MONEY MAGAZINE AUSTRALIAView All

Our tax system is reformed in the wake of the pandemic

It’s a political minefield, but something needs to be done as the population ages

4 mins read
Money Magazine Australia
December 2021 - January 2022

Stapling ends the huge waste

Aussies will save $2.8 billion over the next 10 years as unnecessary fees and premiums are ditched

5 mins read
Money Magazine Australia
December 2021 - January 2022

Put a mask on your portfolio

It’s been an incredible 18 months. Now is the time to prepare for the next leg of the journey.

5 mins read
Money Magazine Australia
December 2021 - January 2022

Under unhealthy influences

Hidden persuaders take away our ability to make true choices, encouraging us to jump to conclusions

3 mins read
Money Magazine Australia
December 2021 - January 2022

Add power to the estate plan

It’s important to nominate a trusted person to make decisions on your behalf should you become incapacitated

10+ mins read
Money Magazine Australia
November 2021

In the company of angels

Danielle Robertson was born at a time when Australian women had to manage their homes, children and entertaining pretty much on their own.

9 mins read
Money Magazine Australia
November 2021

A conversation we need to have

Dementia affects an increasing number of Australians, and families should plan now for the financial risks

4 mins read
Money Magazine Australia
November 2021

A little pain can be a good thing

Lending restrictions to rein in booming house prices are prudent risk management

5 mins read
Money Magazine Australia
November 2021

A betrayal of trust

Under the cover of lockdowns, unscrupulous children and other relatives are ripping off ageing parents more than ever

10+ mins read
Money Magazine Australia
November 2021

ASK THE EXPERTS WHERE TO INVEST $10K

In a challenging year, one silver lining is that many of us have been able to stash away some extra cash. Here are eight ways to make the most of it.

10+ mins read
Money Magazine Australia
November 2021