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Top renovation tips

By Tim Marsh

Renovations are a great way to add value to your home or investment property. Plan your renovation carefully so you don’t waste time or money. It’s a good idea to keep a scrapbook of ideas, gathered from magazines, books and the internet, to firm up the look and feel you want in your home.

You might have heard of ‘overcapitalisation’ – when the money or time you’re spending is greater than the return you’re likely to receive. It’s important to find a balance between the work you’re doing and the increase in value to avoid overcapitalising.

But remember to always keep the market in mind – think about what a potential buyer might be looking for in your area and price bracket. The perceived value of the improvements you make, if done well, will exceed the actual cost of making them.

  1. A fresh lick of paintNothing improves a home quicker than a fresh coat of paint. Choose your colour carefully, taking into account that neutrals can make life easier when it’s time to sell. If you can afford it, hire a professional painter to do the job. If you want to do it yourself to cut costs, speak to a reputable paint store for expert advice. They can even help you with colour choices – inside and out.
  2. Update your kitchen
  3. Upgrade the bathroom
  4. Create more space
  5. Create an outdoor entertaining space

Read the rest of the article, and expanded explanations on the rest of the tips, on Loanmarket.com.au.

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