Kiwis love a good renovation and there are few better markets in the world to achieve gain, than Auckland. There could be many reasons why you would want to renovate your home. You may want to add value to your property price, add more space to your home, add rental value or simply create a more modern and comfortable space.
It’s important to choose the right renovation team to do your work as you could end up with poor quality of work or being out of pocket. Always go with a team who you feel that you can trust with your most precious commodity.
Financing a renovation can come from your own pocket, or you can speak to the bank. Banks are aware of the reward and value of such renovations and it usually isn’t very difficult to seek further finance to fund the cost of your project. With a great team who will provide a start to finish quote with no surprises it will be a straight forward process. Any contactor worth using will be able to provide you with a final of cost before the renovations begin.
It’s no secret that the most important areas of your home to renovate to add value to your home are the kitchen and bathroom. You can achieve a simple fresh and modern kitchen to suit your taste for as little as $15,000 including appliances, prices can go as high as you want if you are wanting a more tailored and specific look for your home. It is important to remember that there is a threshold to the value you can add if you choose a more expensive kitchen, which is specific to the area you live in.
The customer of this West Auckland kitchen had around $17,000 to spend, as you can see the change is dramatic, they opted for a stunning tailored splashback which looks fantastic against the white units.
The average bathroom starts around $10,000 + GST this includes everything from the removal of the old bathroom to the final painting.
This customer in figure 7 had us renovate their house prior to selling. They had an expected selling time of 6 to 8 weeks, the property was sold in less than a week for $75,000 more than they expected to sell for. The total cost of their renovation was $60,000, they made double what they thought was achievable and came out with a nice profit.
Here are two examples of recent renovations and what they cost and the value they added:
Job A
Full renovation: Manurewa Project time: 3 weeks
Start Valuation: $590,000 New Valuation: $750,000
Renovation cost: $70,000 Improvements: $150,00
Job B
Full Renovation: Botany Project time: 5 weeks
Start valuation: $750,000 New Valuation: $1,050,000
Renovation Cost: $90,000 Improvements: $300,000
These are such great examples of how putting extra money into the renovation will usually more than double the cost of the project if you were to sell.
If you are wanting to get your house or rental property refreshed we recommend replacing carpets and giving your house a fresh coat of interior paint. The cost of doing this for an average 3 bedroom house is around $5,000 for carpets and $8,000 for painting. It’s always advisable to keep your colour scheme neutral if you are thinking of selling your property, as a blank canvas is more attractive to the wider market. If selling is the reason that you are renovating then staging your home can also add value. There are many companies that stage your home around Auckland and while it can be costly the reward is greater than the loss.
