Perth City Glass

3/30 Biscayne Way

Jandakot WA 6164

Australia

+08 9417 5582

The Experts Weigh

in: Renovation

Projects That Boost

Property Value

According to statistics, more Australians are investing in renovations instead

of buying new properties as a result of house prices continuing to surge upwards. Reports show that property prices have grown by 436.6% since

1995.

This huge increase compelled homeowners to use their equity to remodel

existing homes; the 2014 Westpac Renovation Report showed that property renovations increased 147% since 2010.The survey revealed that

approximately 89% of Australians consider renovations as an excellent strategy for improving the value of their property.

Some experts weighed in on how much remodelling projects contribute to

increased value, identifying bathroom, kitchen, facade, and landscaping renovations as most valuable.

Great Impressions

Curb appeal matters, as it is the first thing potential buyers notice,

whether it is in publicity materials or a quick drive through the neighbourhood. Based on a house valued at $1 million, real estate

experts said that exterior home renovations can add $40,000-$100,000 to the property value. This increase is possible with a budget

of $2000-$15,000 for retouching exterior paint, cleaning the roof, and

rearranging the landscaping.

Soothing Sanctuary

Remodelling or adding a bathroom can add at least $100,000 to a property’s value. In some Australian suburbs, upstairs bathrooms and

guest toilets downstairs are common; upgrading may cost $10,000-$15,000, while adding one may amount to $20,000-$30,000.

Different bathroom design features have risen in popularity over the past few years: application of grey tones, use of sustainable and

natural materials, and fitting of custom vanities. The installation of glass shower screens has been a classic design trend. Glass materials

are more popular now in bathrooms, as they are low-maintenance.

Busy Hub

Experts say that upgrading the kitchen also adds value to the property. Because the kitchen is an area for busy activities, open-plan spaces are

more appealing, and therefore add more value. The expenses involved

in renovating this area may range from $20,000-$40,000.

A notable design trend in kitchens is the combination of modern and traditional elements. The use of contemporary features, such as metals

and glass are mixed with wood and stone to achieve a sleek, sophisticated yet warm, natural atmosphere in the area. For instance,

renovators pair glass kitchen splashbacks with wood countertops and steel appliances with wooden cabinets.

As property prices shoot up, more Australians are choosing to remodel

instead of purchasing new properties. The success and financial benefits of renovation, however, depends on proper identification of

living areas that contribute the most to property value.

RESOURCES:

http://www.perthcityglass.com.au/shower-screens/

http://www.westpac.com.au/about-westpac/media/media-

releases/2014/24-november

http://www.domain.com.au/news/changes-that-add-value-20100611-y2fe/

http://www.realestate.com.au/blog/australian-house-prices-

increase-by-almost-half/