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Changes that add value to your greatest investment

BIM_Engineer
Valued Contributor

Changes that add value to your greatest investment

I was asked this week on job worksites "how much certain changes would cost for various projects" this article is probably a little outdated price wise but still relative.

Changes that add value (from a resale perspective).

 

The standout of course is adding another room, this can add $150K+ to the resale value of the house,but if you are over the site coverage  an attic or loft is of equal value.

When correctly planned,engineered and built, attics or lofts are useful low cost,flexible spaces and add the best bang for your buck

RenoQueen
Super Contributor

Re: Changes that add value to your greatest investment

I've posted a link before to this article - www.domain.com.au/news/renovating-to-sell-youre-doing-it-wrong-20160715-gq6jsl/

 

The writer argues that most “experts” say that kitchens and bathrooms are the areas you should pour your money in to. But her view is that the priority should be:


1. Exterior front

2. Kitchen

3. Interior living spaces

4. Exterior living spaces (depending on location)

5. Bathrooms and the rest of the house

 

Basically that first impressions matter, and most time is spent in the kitchen and living spaces so they are what people care about most. 

BIM_Engineer
Valued Contributor

Re: Changes that add value to your greatest investment

@RenoQueen...I am not too sure about that... That article is a marketing opinion piece
and without Information or Data, Proofs substantiating outcomes,results, comparisons, blah,blah blah?
Most clients are less trusting of so called experts & Real Estate agents
IMO,They will need to back up that article with facts.my2c

Footnote:

Experts and real Estate Agents will tell you an extra bedroom in an apartment sells for $150K Thats approx $10K/m2..Take it or leave it... and you can't add to it later?

Attics or lofts materials cost less than $1K/m2 offering a better Return On Investment (ROI)

 

Joker
Experienced Contributor

Re: Changes that add value to your greatest investment

Was interested in the bit about swimming pools as we put one in recently. Not sure who on earth would install a pool to try to improve the value of their house though. You do it for lifestyle reasons - your own family's enjoyment. 

Andy_Mann
Trusted Contributor

Re: Changes that add value to your greatest investment

Totally agree @Joker, a pool is a major investment & it should only be undertaken, if it's tailored to the current homeowner's budget, taste, & long term requirements.

My tip is that experts are clueless (being nice), or flat out delusional, if they think that an aftertought pool will be a winner for potential buyers. If not done properly, a pool can be a total turn-off, they're expensive & time consuming to maintain, & not everyone wants a pool.

I'll ask @ProjectPete, what he thinks, he knows first hand what's involved with setting up a home pool, & he's still putting in sweat equity for his family to enjoy for years to come.

To make myself clear, their pool will be an asset down the track if they ever want to move. Why, because, he's done it right.

OK mate, imagine not having your pool, your desparate to sell, but knowing what you know now, would you go the expense of putting in a pool, & a setting to the standard of what yours is, just to potentially boost the sale price ASAP?

 

Andy_Mann
Trusted Contributor

Re: Changes that add value to your greatest investment

Please understand @BIM_Engineer, this isn't downgrading your valuable input on generic lofting.

It only just occured to me, that I could easily extend the Southen roof line above our garage, to have a North facing roofline window (I don't know what they're called, but they were popular in the raked ceiling 70s) to bring natural light into a potential loft space.

Thing is, we have a 30 degree pitched roof, so at best, we'd get "duck your head" only space at the apex, unless we go all out, & go 2 storey.

Hmmmm, not liking this, & disregarding the complication of our solar panels being there, I'm at ends to whether I'd bother.

Hitch a ride while I take you down our track.

We have an inherently simple straight run rectangular gang nail roof structure throughout, so it'd be cheap to trash our existing garage area roof structure, & it wouldn't degrade the rest of the roof's structural integrity.

Easy peasy so far, but then there's the peculiarity of our home being a simple straight line rectangle, we have brick gables at each end. Going 2 storey presents some ugly consequences (to me anyway), where do we find matching bricks, or do we have to compromise on that aesthetic?

Air-conditioning isn't a problem for me, I'd simply tap into the existing ductwork, & add another controller. Cheap & easy (for us).

OK, you'd have to admit that structurally, our loft reno proposal would be simple by most standards, but would I bother? Nup.

ProjectPete
Valued Contributor

Re: Changes that add value to your greatest investment

Thanks for the mention @Andy_Mann. Absolutely, we've only put our pool in for our family wants/needs and we expect to be here for several years. At no point did we consider it an invetsment for the purposes of adding value to our home, only an investment in our lifestyle.

 

Even in deciding on the pool we went for, we considered the maintenance and running costs for the next owner(s) of our home. We're in a strong socio-economic area so expect that buyers aren't sturggling for cash but aren't using it for toilet paper either. So having an extravagant pool/pool area can look nice but if it's going to cost lots to run (especially with increasing power costs) or require a lot of maintenance, it can be a significant turn off.

 

On the point of making the area look nice, again that's for us but we do consider other people's tastes so when the time comes we do sell, it'll make it appealing to more people than just us. Simple things like avoiding fluro colours, etc.

 

I can't put a price on my family's happiness and comfort so I'd do it again. I wouldn't spend the extra 3k on the pool heater again though haha

Andy_Mann
Trusted Contributor

Re: Changes that add value to your greatest investment

Big shout out to @ProjectPete, I asked the right questions, of the right Workshopper, & he delivered.

Socio-economics is a huge factor, we should learn from his response/experience, & live our lives to our needs & lifestyle, not put faith in uninvested, flippant media personalities.

Brace yourself mate, there's a massive, chest crunching man hug com'n your way.

Andy_Mann
Trusted Contributor

Re: Changes that add value to your greatest investment

@RenoQueen, sorry I hadn't respond before, I totally agree that the number one priority is the exterior front, or kerb appeal.

The thread title suggests improvements to add value, & further down the road, up the resale price, but if it looks unappealing from the street, potential buyers are likely to hit the throttle, & won't give it a look (unless they're fixer uppers).

 

@BIM_Engineer, I've given my loft proposal more thought, & it is now more appealing. We could leave the brick eaves in place, lift the roofline for useable headroom, & fit custom double glazing in the gap presented on the East & Western ends (our home runs East to West).

It could/should look really nice, but I have to get access to it. You'll have to believe me on this, stairs from directly underneath is totally out of the question, even if we went full frontal double storey.

Hmmm, we could get around it with an exterior staircase, but local restrictions would insist that it be fireproof. Obvious answer would be to use galvanised (for weather protection) iron construction, but besides it looking like a contractor's left his scaffolding behind, the reality is, there's no place to put it.

I could put it on the Western end, but the stairs would block access from our backyard, to our privacy brick fenced front area. Put it on the Eastern wall, & it'd potentially be ruled out as a safety hazard. You know the story, someone might dive from there, into the pool.

Unfortunately, we didn't think ahead & make provision for a lift when we built in '75, so it's going to be a costly exercise.

Then there's the problem of relocating our 20 solar panels, in which case we would go for a well insulated colourbond roof, in lieu of our faded, moss encrusted concrete tiled roof. We hate the look of resealed concrete tiled rooves, so don't bother bringing them up as a cost saving.

Thanks in advance.

 

BIM_Engineer
Valued Contributor

Re: Changes that add value to your greatest investment

@Andy_Mann you need to put some photos up (and let members vote?) BTW you have gone a long way to convince me it's probably more effort/cost than what it's worth...Sorry to say, It sounds Like a glass half empty sort of project, rather than its twice the size it should be while making provisions for future expansion
@Jason your generation would be twice as likely to undertake these type of projects..why not give them an incentive!

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