Renovating your Perth home may often seem equal parts exciting and daunting. One moment you’re delving into design ideas with fervour, the next you’re worried about the costs. If you’re deliberating over whether to renovate your home, understanding some of the benefits will help you land on the right decision.
Home renovations save and make money in the long run
Unless you envisage yourself living in your property forever, renovating your home allows you to make more money in the long term. Choosing the right renovations increases your property’s resale value. As such, you enjoy the dual benefits of a better living space and financial returns.
On that note, if you already know you’re planning to move house, making small tweaks will endear your property to prospective buyers. When future owners come to view your home, structural issues such as damp, cracks, and poor paint jobs will make them turn elsewhere. Addressing them ahead of your sale means your property may spend less time sitting on the market.
In some cases, you may benefit from tax deductions by renovating your home. For example, the ATO allows home owners to claim money back on renovations that depreciate in value. However, it’s wise to conduct a pre-renovation depreciation report first.
Enjoy a change of style and scenery
When you buy a property, you’re usually in it for the long run. Over time, it may start to feel dull and boring. One of the most significant benefits of renovating your home is that you can change the style and make it feel like a new property; without moving. It’s also an excellent opportunity to add your personality to your property, making it a more enjoyable space for you to live.
Similarly, home renovations are great for altering your property’s functionality. If one of your children moves out, for example, you have the chance to change their old room into a home office, walk-in wardrobe, or whatever takes your fancy.
Finally, if you’re able to obtain planning permission and you’re willing to take on a big development project, you can choose an extension and add space to your home. Unlike when a child moves out, this is an excellent way to make room for new additions to the family.
Addressing logistical challenges
Depending on how old your property is, you may find that you spend a lot of money on energy bills. For example, up to 40% percent of your property’s heat can be lost and up to 87% of the heat gained through the windows. Similarly, poor insulation sees a 35 percent increase in how much heat your home loses in the winter and how much heat it can gain in the summer. Adding features such as double glazed windows and insulation makes your home more energy efficient, allowing you to save money in the long term.
If you want to make your property safer, you can choose features such as triple locking, alarm systems, and fireplace guards. As for indoor hazards, a decent home renovator will identify potential trip causes, such as flooring that’s loose.
And, if you’ve reached the stage of your life where you have additional mobility needs and your property isn’t suitable, home renovations come with lots of benefits. From stair lifts through to walk-in baths and showers, such changes will allow you to stay in your property safely without having to leave the street and area you love.
Whether you want to stay in the house you’re in, prepare it for sale, or delve into the property development game, there are lots of home renovation benefits to explore. To get started, think of what your home requires, consider whether you will benefit, and make an investment that’s right for your needs.