When you have home, there comes a point where you are faced with a situation that would make you consider upgrading your property.
Realistically, this can be a daunting decision to make, more so when you are faced with the prospect of minding the costs, time, and effort that is needed to push through with the process.
However, delaying the decision to upgrade your home can have its drawbacks. A dated and cramped living space can negatively impact your quality of life, and it may also affect your home’s value.
Think about it, you have been residing in your home for several years now, and you start to feel like the space is no longer adequate for you or your family’s needs.
You notice that the kitchen and bathroom are getting outdated, and the living room area is getting too small for a growing family.
You have considered selling your home and buying a bigger one, but the current real estate market is highly competitive, and you’re not sure you’ll be able to find a home that meets all your needs.
Not only that, you are getting frustrated with the lack of space, and it’s starting to affect your mood and overall well-being.
Is it time for an upgrade?
So, you start to consider upgrading your home as a likely solution to your dilemma.
Consider this, the real estate market in Australia has seen a significant shift due to the pandemic, with more people working from home and seeking bigger homes.
As a result, home upgrades have become a popular choice for homeowners and according to a survey by design and remodeling platform Houzz, the number of home upgrades in Australia increased by 40% in 2020.
Here’s another one, a homeowner from Mosman, Sydney upgraded the kitchen, bathrooms, and outdoor space of the property, which resulted in a 40% increase in the property’s value.
Also, a property owner in Hawthorn, Melbourne added an extra bedroom and a home office, which resulted in a 30% increase in the property’s value.
Upgrading your home can be a significant investment that can improve your quality of life and add value to your property.
Here are some tips on how and when to decide that much-needed home upgrade:
Identify and determine your needs
Determine what you want to achieve with your home upgrade. Is it more space, a bigger and more modern kitchen, or another bedroom?
Prepare a list of your needs and prioritise them based on their order of importance.
Set a budget
This is where you figure out how much you can afford to spend on the planned upgrade.
It is crucial to consider the costs of materials, labor, and permits, as well as incidentals.
Seek advice from a professional real estate consultant or builder to ensure that do not go over-budget and pontentially getting good returns.
Observe and evaluate the real estate market
Look at the current trends in the real estate market to see whether an upgrade may add value to your home or not.
Make sure to research local property prices, and compare them to your current home value to determine and assess the potential return on investment.
Choose the right time
It is always critical to consider the timing of your home upgrade.
For instance, upgrading your home before selling may increase its value and attract potential buyers.
However, it may be more cost-effective to upgrade your home after you have purchased it, as you can make the necessary changes without worrying about the real estate market’s fluctuations.
Upgrading tips to consider
But wait, before you go ahead and start your home upgrade it is important to be smart and practical with your choices before taking the first step.
For instance, taking advantage of statistics, resources and home market trends will help you plan your upgrade goals that would match your future plans for the property as well.
Here are several of the current trends and market forces you need to consider;
Growing kitchen and bathroom trend
Upgrading the kitchen and bathroom can have a significant impact on your home’s value.
According to a survey conducted by Domain, Australia’s leading property website, a kitchen renovation can increase the value of a home by up to 12.5%, while a bathroom renovation can increase the value by up to 5%.
Consider outdoor living spaces
With the pandemic leading to an increased focus on outdoor living, upgrading your outdoor space can add value to your property.
According to the 2021 Home Improvement Report by Hipages, an online platform connecting homeowners with tradies, outdoor living spaces are one of the most popular home improvement projects in Australia, with a 65% increase in demand in 2020.
Green-home upgrades
As rising energy costs becoming quite of a burden to homeowners, investing in energy-efficient upgrades can be a smart move.
According to the Australian Government’s Your Home website, energy-efficient upgrades such as insulation, double-glazed windows, and solar panels can reduce your energy bills and add value to your home.
Pick and use timeless design elements
When upgrading your home, choose timeless design elements that won’t go out of style and according to the 2021 Interior Design Trends report by Houzz, classic designs such as neutral colors, natural materials, and sustainable elements are popular choices for home upgrades in Australia.
Consult a real estate expert
Working with a professional real estate consultant can help you make informed decisions about home upgrades.
A real estate consultant can provide valuable insights into market trends, potential returns on investment, and which upgrades are most likely to add value to your home.
Conclusion
Upgrading your home can be a significant investment that can improve your quality of life and add value to your property.
By following the steps and tips discussed above, you can be confident of making an informed decision about upgrading your home.