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Top weekend renovations
According to Jovcevski, “a good weekend renovation can cost $3,000 - $5,000, but if you get it right, it can add tens of thousands of dollars in value to your property.”
So which renovations will net you the best return on your investment of dollars and elbow grease?
Reno #1: A new coat of paint - for everything
Don’t just limit yourself to walls and doors, is Jovcevski’s tip when it comes to freshening up your home with a lick of paint. “You can also rejuvenate dated tiles or kitchen cupboards with a crisp new paint job - but be careful. There’s a particular technique to this kind of work and if you don’t do it right, your room will look worse than when you started. Do your research first,” he says.
The good news is, if you do a really good job of repainting, Jovcevski estimates you can add an extra $10,000 - $30,000 of value to your property, while shelling out just a couple of thousand dollars for the paint.
Reno #2: Improve curbside appeal
First impressions count, so look to your front yard when coming up with quick and worthwhile reno ideas. Focus on improving street appeal by manicuring lawns, showing gardens some love, doing maintenance on the roof, door, gutters and window panes. “One thing that can make a small renovation look like you’ve redone the whole house is to repaint the front facade in a nice neutral tone, with a contrasting colour for the front door,” Jovcevski says.
If you go the whole hog, from laying out new grass and planting trees to fixing old gutters, Jovcevski says you might spend $5,000 all up - but you could be adding triple that in value.
Reno #3: The “fixtures and fittings” reno
Don’t have the time or funds for a full bathroom or kitchen renovation? Instead, try just focusing on the cosmetic appeal of these rooms, by replacing dated taps, sinks, vanities or appliances with modern options. This is a good option for houses that are in pretty good nick to begin with, and just need a bit of a facelift.
“You may have to get a plumber in, which can take your total cost up to around $6,000 or $7,000, but you’re adding value in key areas of the house where potential buyers are most likely to be looking for something nice and new,” Jovcevski adds.
Reno #4: Show the backyard some TLC
Finally, take a look in your backyard. If you’re organised try adding some outdoor seating, an appealing privacy screen or even some decking over the weekend. To go all out with a garden revamp and some decking, you might be looking at a price tag of around $5,000, which Jovcevski says is worth it in the right conditions.
“It’s generally more expensive to revamp the backyard than the front, and in terms of dollar value, the front yard is probably a better investment,” says Jovcevski. “But redoing the backyard adds value if you’re looking to sell soon, or if you just want a lifestyle upgrade for yourself.”
There you have it! If you’d like some more renovation inspiration check out these ideas for improving the value of your home, or if you’re ready to get started, make sure you find the perfect personal loan first!
**Comparison rate based on $10,000 over 3 years
*Comparison rate based on $30,000 over 5 years.
The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
