WHAT ADDS VALUE TO YOUR PROPERTY?
When renovating keep the following in mind.
Taste varies from person to person but generally speaking property can enhance its value by sticking to the fundamentals, which include:
- Layout and flow
- Design and Materials
- Location and Plot layout
- Subdivision Options
Let’s look at these elements in some detail.
Layout and flow.
Home styles have changed quite radically in recent years plan flows are the most popular and many people endeavour to renovate their properties to keep up with this trend. Sometimes it works - but when it’s bad it can take off thousands if not hundreds of thousands off the value of the property.
Add-ons which can increase value in most cases are extra bedrooms, extra bathrooms, garages, or cottages. Newly installed bathrooms and kitchens are also extremely appealing to buyers. But if you are going to all that effort and expense, then make sure that the alteration is done well.
Rule of thumb consult with an Architectural Technologist before making any major alterations to your home. Not only can they visualise the best flow options, chances are they will suggest possibilities which you haven’t even thought of (it’s what they are trained to do!).
Design and Materials.
Design and building materials are prone to fashion! Styles in recent years change as fast as dress hemlines. Much depends on the reason you are renovating this is your ’forever home’, you can take more risks than if you are renovating with selling in mind. If the latter Rule of thumb is to keep to classic and neutral quality products, which have stood the test of time and will appeal to a greater market share. Your trendy personal touch can be expressed in interior design in mind if it’s a permanent feature think twice!
Location and Plot layout.
Working with an Architectural Technologist who is an expert in your area is essential. Their familiarity with local by-laws and building regulations is invaluable and could save you hundreds of thousands. Furthermore, they are experts in what works in the region. They are at the helm when it comes to emerging trends in the region and ’sellability’ of properties. You may very well think that a cottage is a good idea, but it needs to work with the layout of your plot and meet guidelines not it could prove to be an expensive blunder.
There have been many changes to property subdivision laws over the last few years. However, it varies dramatically from area to area. Many a property owner has come unstuck by going ahead believing they have subdivision rights —it is never worth taking the chance. Furthermore, there are many options —it may not be possible to subdivide your land but perhaps you are able to build a second dwelling, for example. The best way to move forward is to consult with an Architectural Technologist who is an expert regarding the bylaws.
Book an appointment with Vic Parnell to bring the best out of your property.