Homeowners are renovating their bathrooms more than any other room in the house according to new data.
Figures from Refresh Renovations show that in 2018 19.2 per cent of renovations were in bathrooms compared to kitchens (14.9 per cent) and bedrooms (13 per cent).
Refresh Renovations cofounder Jon Bridge says: “As cities become increasingly dense and property values increase, more people turn to renovating so they don’t need to relocate, a costly exercise in itself. People are preferring to put their money into improving their existing home.”
This leads to a couple of questions: accepting that all renovations add value to a house, which renovations add the most value – and how do you keep costs in check?
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The clear value leaders are kitchens, bathrooms and decking or indoor-outdoor living spaces – but Mitre 10 builder Stan Scott says renovations need to be approached carefully and with consideration of projects that can be do-it-yourself or carried out by professionals.
Bridge says kitchens can be the biggest value-add in New Zealand: “They have become much more than a place to cook and store food and drink; they are a focal point for many social situations these days and some estimates from Australia suggest a kitchen renovation can lift a property’s value by $50,000-$60,000.”
However, there’s a qualification there – kitchens can also be expensive to re-model and unless care is taken with the budget, costs can blow out and significantly reduce or even overtake the likely value-add to the property.
To keep costs down on big projects, says Scott, make the most of advice from professional tradespeople and experts at Mitre 10 to build a clear overall picture of what can be achieved and the budget needed to do so.
“Even a basic kitchen re-modelling can set you back $10,000-$30,000 or even more,” he/she says, “and time is an important cost to consider. A lot of people don’t realise that there are plenty of things the average person can do while the professionals focus on the more complex parts of the project.”
Mitre 10 can help a lot with planning a project and selecting colours, fixtures and fittings, whether for a full re-build or a more cost-effective plan like re-painting, replacing old work surfaces with modern materials or changing cupboard doors and handles.
Bathrooms can also be a cost trap, Scott says, but can clearly boost the value of a home – so the rules are the same as for kitchens: have a clear idea of the value of the home and how much it might be worth with a flash new bathroom – or whether a quick refresh of paint, lighting or a refreshed shower enclosure will have a more practical return on investment.
Scott also says Kiwis love their indoor/outdoor living and adding a deck to a house has often been estimated to significantly increase its value (obviously depending on the house itself, location and other factors).
“Connecting interior living to the garden or other outdoor spaces like a pool or an outdoor fireplace with a deck or terrace will always add value to a house,” he says.
Protection from the sun and rain adds to the value as does built-in seating and attractive screens that bring privacy and wind shelter.
“That’s where Mitre 10 can really help,” says Chris Fisher, their group manager of merchandise. “Whether it’s adding value to a home or making it a home you love, our team in-store and our Easy As guides online can help bring those ideas to life on any budget – whether it’s something you’re doing yourself or with the professionals.”
Mitre 10 have experts in-store and a range of guides and videos online to help you across any project. Click here.
