Where To Start?
Start with sketch drawings and concept of proposed changes in conjunction with a valuer.
Maximise the Potential of the Land and Dwelling:
Land - Main Priorities:
Improve the contour
Create better car accommodation facilities
Intensify land use
Dwelling - Main Priorities:
Increase the size
Improve the floor-plan layout
Modernise the kitchen and bathrooms
Create style, interest and comfort
Bring it ‘up to date’ with insulation and double-glazing
Questions We Can Help With:
Will I over-capitalise if I do this renovation and/or addition?
How do I add value to my property?
What areas should I look at renovating?
Will I get a good return/sale price after renovations?
How do I maximise the property’s potential?
How long am I going to be living there?
Does the floor plan improve by knocking out walls?
Does the addition include bedroom(s), bathroom(s) or living space?
Is it an easy addition at the side of the dwelling, or the end?
Is the roofline easy to break into?
Will a first-floor addition change the character of the house?
Will adding to the floor size change the street appeal and design?
Is the existing location important to your lifestyle regarding neighbourhood, family, network and friends?
How do I get my money back?
Things To Consider
- Rely on location – this is important as location is the ultimate factor
- Every time you come home to a bigger, brighter and better home, it gives you a lift
- You deserve a bit of luxury/style
- A valuer can do the figures before you even start so there is limited risk
- Paint – interior and exterior
- Floor coverings – timber floors can be stark, cold and noisy in Wellington Region
- Curtains and blinds
- Window and door fittings/hardware
- Light fittings
- Interior linings and ceilings
Kitchen and Bathrooms:
We use them everyday and often the first thing prospective purchasers look at when buying a property (interior wise).
Often no point renovating elsewhere if the kitchen and/or bathroom is dated, obsolete or impractical.
A modern and up-to-date kitchen can have huge impact on the overall dwelling, as it is often the focal point of the house (open plan is very popular, the less rooms and doors to go through the better). Good appliances are worthwhile as well.
Bathrooms – the more practical the better i.e. more than one toilet – look at adding one to the laundry. Necessities should be added i.e. heated towel rails and ceiling/wall fans.
Don’t over capitalise – look at spending a proportion of your house value.
Floor Plan Layout / Creating Space:
Look at areas where you could maximise space and create a more effective floor plan i.e. knocking down a wall between the kitchen/dining/living rooms. Also, be careful not to waste space on areas such as hallways.
Alter the floor plan if it’s wasted currently i.e. having a bedroom backing onto a sunny, sheltered back yard, or a study or kitchen that has the best view in the house.
It’s easy to do a basic floor plan of your dwelling to see where space is wasted.
Adding to, or altering the floor plan size of your dwelling may have a positive impact but this should be only considered when all other areas have been addressed. You may not get your money back due to a number of issues: current property market.
Things To Consider
- Know how much your property is worth before undertaking renovations – valuers can provide before (‘as is’) and after (‘as if complete’) valuations. Therefore, spending X amount of dollars may not necessarily create extra value
- Spend within your budget
- The demand for your property may not increase due to locality
- Pets never add value to a property!
- “Cost doesn’t equal value”
- Basic cliché - “You have to spend money to make money”
Off-Street Parking / Garaging:
- Street parking only
- Single garage
- Double garage
- Garage with internal access
Heating and Insulation:
All new dwellings are legally required to be insulated and have double glazing. Important and necessary but not something that screams ‘adding value’
Landscaping, decks, planting, fences, gates, garden sheds, ponds, paths, pergolas etc. should not take priority over interior/exterior work of the dwelling and may be best left to purchasers.
The months of May through to September = limited time outdoors. Swimming pools in Wellington are largely a lifestyle choice and can be a waste of money.
Every property is different – always best to look at specific areas that need work or attention. Ask for a second opinion and get a valuation for ‘before’ and ‘after’ values.
What are the good and bad aspects of your property?
Should I Worry About Over-Capitalising?
Yes. Your property is most likely going to be your number one asset, the last thing you want to do is spend money where it’s not going to give you a financial return.
Look at areas that need work. Try to improve them without spending excessive amounts.
Don’t always go for the cheapest option – always go for the most experienced tradesmen.
We have seen a lot of examples where people have spent in the wrong areas and therefore over-capitalised – struggle to sell at a price they think is fair even though it’s not accurate or even realistic. Go back to common sense issues.
Subdivision may be an option!