Which renovations offer the best return when you sell
Domain – Not all renovations will make you a tidy profit when you come to sell your property. Some projects will cost more than they will ever give you back.
So what are the most lucrative projects to add value to your home and give you the best return come sales day?
Kitchen
Updating or replacing the kitchen is one of the top renovations for profit recommended by Dan Mulcahy, founder and managing director of Mulcahy’s Construction Group (MCG) in Melbourne, which specialises in pre and post auction renovations.
“Modular kitchens can be a cost effective and fast way to update the livability of a house or apartment,” says Mulcahy. “Although we suggest using a custom kitchen builder wherever possible as he will supply and install the cabinets as well as offer a warranty. Costs for a basic custom kitchen installed will all plumbing, electrical and tiling can be as little at $10,000. This can add enormous appeal and value to a property, with the increase in value sometimes being as much as $50 to $60,000.”
Builder Dean Harris who has been renovating homes for nearly 30 years in Sorrento, Victoria, agrees that well designed kitchens and bathrooms will bring a good return as “buyers don’t have to do any work, they can just move in”.