Where Money Should Be Spent When Renovating
New Zealanders are renovating their houses as a result of the busy real estate and housing markets.
According to Andrew Murphy from Massey University, renovation is a way for people to cut the price difference between their current house and the next one on the real estate market.
For renovation projects, there are different costs that come with the value.
Installing a swimming pool is a better choice for warmer places in the country that have outdoor spaces. This project needs to be approached with caution according to Daniel Coulson from Bayleys. He adds how a swimming pool puts off prospective buyers because priority is different for every family. The cost for this project usually start from $50,000 depending on the pool’s accessibility, size and the landscape work to be done.
Some houses are more valuable after a new room is added according to Darrel Assink from NZ Renovation Company. This projects needs to be approached with caution too since it could divide a buyer’s interest, he adds. The cost for this project usually start from $60,000 depending on the work extent required.
Experts advise a large sum of the money should be spent on renovating bathrooms and kitchens. These service areas are the first that show signs of wear and tear. Bathrooms and kitchens benefit more on these renovation or remodeling jobs. These are also the parts of the house which are judged frequently. Assink said that those renovation work that doesn’t need any form of building consent is also the cheapest. As a result, the owners get better return on their investment. When plumbing is required, consents are already needed.
Given that the cost for renovation or remodeling on bathrooms and kitchens can still run to more than $20,000 from $3,000, it is important that a Money Back Guarantee is offered by the furniture shops when new furniture is bought like vanities. Installation of new furniture is a part of the renovation or remodeling process and these are costly items although it may not always be required to buy new ones. Sometimes, cosmetic changes are enough like repainting cupboards and installing new doors handles or faucets.
Other renovation that are usually done are painting in rooms, upgrading the heating system, adding an outdoor area and adding visual impressions from the outside.