Easily adding value to your home

Renovating your home is a good way to maximise returns in a hot market and to shore up value in a downturn. But where do you begin?

Auckland-based realtors Barfoot & Thompson recommend a cautionary approach to avoid overspending in the wrong areas.

Swimming pools, for example, may in your mind represent the pinnacle of leisurely living, but for many potential buyers are a turn-off due to their effort and cost to maintain.

The money would be better spent on the kitchen, where there is much greater crossover appeal, Barfoot & Thompson say.

A modern, well-appointed kitchen is at the top of many buyers’ wishlists, so vendors should make sure they’re offering plenty of cupboard space, hard-wearing benchtops and updated whiteware.

But don’t invest in highend appliances or furnishings; the return is unlikely to be much higher than from a middle-of-the-range option, Barfoot & Thompson say. In bathrooms, renovations should target signs of moisture or mould, dim lighting, chipped tiles and worn fittings.

Updating the bathroom will increase the home’s attractiveness and help protect it from water damage. But to really broaden the property’s appeal, consider adding a second bathroom or ensuite.

Easier to do yourself is jazzing up the decor with fresh paint.

This is not the time to unleash your inner artist, though; neutral colours are advised to avoid alienating potential buyers.

Like new paint, lighting can make a big difference to how bright and welcoming a room is, with well-chosen light fittings being an affordable way to improve the perception of space.

Enhancing the home’s indoor-outdoor flow should also entice buyers. French or bifold doors are popular, while nice decking and a tidy garden will help secure a positive first impression, Barfoot & Thompson say.

However, fancy outdoor extras like fountains, pizza ovens and spa pools are rarely worthwhile due to their relatively limited appeal.

Structural changes are advised against as costly, time consuming and stressful. Cosmetic changes offer more bang for the buck.