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Renovating to add value? Tread carefully!

By Domenic Belfiore

There’s no shortage of homes for sale in Australia, and for a specific subset of buyer, many of these properties already come with millions of dollars worth of value attached to them.

However, just because you’re buying prestige property doesn’t mean you can’t tweak your real estate to be even better. The question is, will your renovations add value to your home?

To add or not to add

There’s no rule that says all your remodelling plans have to enhance the value of your property, but it certainly can’t hurt to kill two birds with one stone. After all, you paid a high price tag to call this real estate home, do you really want to make major overhauls that will lead to a decline in its value?

With that in mind, you should think long and hard about whether the renovations you have in mind are going to add value to your property or simply make you happier.

For instance, a luxurious swimming pool complete with rock waterfall may spruce up your backyard and give you a personal oasis to call your own, but it won’t necessarily add to your home’s worth.

Swimming pools mean constant upkeep in order to keep them looking pristine. Additionally, they can pose a danger to potential home buyers with small children.

Another common mistake is injecting too much of your own personality into the home. You may be wild about leopard print, but do you really think potential buyers in the future will want wall-to-wall carpeting that looks like it’s made of animal hide?

Then again, chances are you didn’t purchase luxury real estate because you were overly concerned with how future buyers may view your home. If you want to construct a gargantuan pool and spa combo or paint your inside in zebra stripes, that’s your prerogative.

However, it doesn’t hurt to consider upgrades that may also add a couple zeroes to your home’s price tag if you decide to sell.

Proven winners

Whether it’s a sizeable spread in the suburbs or a luxury penthouse in the heart of downtown Melbourne, the kitchen is one area buyers go wild for. Keep this in mind when looking to upgrade your living space.

An open plan kitchen with shiny new appliances and immaculate surfaces can go a long way toward giving your real estate a value boost.

Other renovations to keep in mind surround the trend toward sustainability. Green home options, both those geared toward helping the environment and those that can reduce costs, are only getting more popular with home buyers.

Making  your luxury property greener could end up giving you some extra green of your own down the line.

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