Renovation Changes That Can Add Value To Your Home (And Ones to Steer Clear of).
Not all renovations improve your home’s value. If you’re planning changes to your property, it pays to know which projects are worth the investment — and which ones might leave you out of pocket. Here’s a breakdown of the renovations that tend to pay off, and the one that usually doesn’t.
Renovations That Can Boost Your Home’s Value
Kitchen Upgrades
The kitchen is often the first thing buyers notice, and it can make or break their impression of a home. A dated, cramped kitchen can put buyers off, while a modern, well-presented one tends to draw them in. Industry data backs this up: a minor kitchen refresh — new cabinet fronts, tapware, splashback and handles — typically returns somewhere in the order of 70–80% of its cost in added value, and a full renovation can add a meaningful percentage to a property’s overall value.
Bathroom Renovations
A bathroom renovation is a smart way to make a big impact in a small space. Fixing leaks, upgrading a showerhead and adding storage are relatively affordable changes that can carry real weight with buyers. Estimates suggest a well-executed bathroom update can add up to around 10% to a property’s value, with even small cosmetic touches like new fixtures making a difference.
Smart, Basic Cosmetic Changes
Simple, low-cost updates often deliver an outsized return. Repainting in neutral, contemporary colours and replacing worn flooring are two of the most consistently recommended fixes, with fresh paint alone regularly cited as one of the highest-return home improvements, and quality flooring upgrades known to recoup a large share of their cost.
The Renovation to Think Twice About: Swimming Pools
As a rule, a pool usually doesn’t add enough value to cover its own renovation costs. Pools are expensive to install and come with ongoing upkeep and maintenance, and research shows the value they add rarely matches what they cost. One widely cited estimate puts the added value of an in-ground pool at roughly 5–8% of a home’s value — well short of typical installation costs, and that’s before factoring in ongoing running expenses.
Get the Right Advice Before You Renovate
It’s worth discussing renovation decisions with a real estate agent, a property valuer, and design or building professionals to make sure your changes are genuinely going to add value to your home.
Thinking About Accessing Equity for Your Renovation?
If you’d like to explore accessing equity to make changes to your home, reach out to me. You might be surprised how much equity is available to you, and what it can do.
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