Browse Forums Home Finance 1 Sep 17, 2014 3:48 pm I'm sure this topic would have been done before but I am not too good with the search function on Homeone! We are about to do a KDR and are trying to maximise the value but not overspend/overcapitalise. So far the upgrades we have made are: - 2.7m ceilings - Alfresco area - BIR's to all bedrooms - Facade (bay window, rendered quoins) - Cabinetry in the laundry Do these upgrades add value from the bank valuation perspective? What other upgrades add value? What upgrades don't? We have opted to do ducted AC further down the track and simply install 2 split systems in the meantime. Would not including a quote for these negatively affect the bank valuation? Thanks! Re: Value adding upgrades? 2Sep 22, 2014 5:44 pm Hi, Adding value really depends on the property, the suburb, the attributes of the home and what the land can be used for. It all comes down to the comparable properties in the area, so you probably should attend some open inspections to compare your place to others. While the upgrades you have made will improve liveability (and saleability) of the home, they probably aren't going to add significant value. The alfresco is potentially the exception - as it increases the living space. You might get an increased value for cosmetic improvements but often not much more than the cost of the improvement and something extra for saving someone else the hassle of having to renovate themselves. People will pay a premium for properties that are well renovated and the valuer will take this into account. The best ways to get an increased bank valuation are to make more significant changes that typical buyers would not consider. You either want to increase the living space, the number of rooms, modernise or get permits that increase the potential of what can be done with the land. An old 2 bed, 1 bath home that has an extra bedroom and bathroom added is going to add a lot of value, as it completely changes which properties will be used as comparables and turns it into a family home. Similar money could be spent on modernising the whole house but not make as much difference, as it would still be compared with other 2 bedroom homes. You really should look at your expenditure and whether it is going to have the desired impact to the valuation - if this is your reason for renovating. Talking to local real estate agents can also be beneficial, although you need to be careful about what you say and what you believe - as they typically have an agenda. As a tradesmen get a private inspector although I don't think there worth it in their profession themselves the reminder they serve to the tradesmen doing the work is… 3 27345 They make the room much easier to clean for one, reflect more light (if light colour tiles are used), and you dont end up with dust on the top edge of tiles (cause most… 3 9578 The last home I lived in didn't have a pool and when i went to sell it the agents were not happy, even telling me to put one in to sell the place. The agents weren't happy… 2 4222 |