A renovation or extension is a great way to achieve a functional home that suits your needs without seeing you leave the area you love. Additionally, a high-quality update or addition can also increase your home’s value – whether you’re looking to sell soon or think you might consider it down the line, boosting the value of your home is always a smart decision.
Here at XL Built, we have many years’ experience crafting high-quality renovations and extension projects that add significant value to our clients’ homes. Find out our top tips for increasing your home’s value below.
Renovate
You don’t need to undertake a large-scale renovation project to add value to your home. There are a range of smaller home improvement solutions that can both improve your quality of life and add property value.
These include revamping your exteriors, replacing the roof with an eco-friendly option, raising the ceilings, opening up the floor plan, modernising windows (say goodbye to single glazing!), creating a connection with the outdoors, converting underutilised spaces like lofts, basements and garages, and installing additional storage space. While these may seem like small updates in the grand scheme of things, renovations like this could add thousands to your home’s value – something you’ll appreciate when it comes time to sell.
Extend
One of the best ways to add more space to your home (and increase its value) is to build a second storey. While you’ll have to navigate permits and council approval, a second story extension will double your existing living space without encroaching on any yard areas. This type of extension could increase your home’s value by 30-60%.
Another extension option is to build a self-contained granny flat on the property, which could house elderly relatives or be rented out to tenants. This could add up to $100,000 value to your existing home. A granny flat could also be used as a separate home office space, outfitted with all the technological requirements – this can also add huge value to your home, especially as many of us continue to work from home.
We also recommend an outdoor living extension – adding a deck, outdoor kitchen, terrace or verandah that can become an additional living space in your home. With an upfront cost of around $10,000-$25,000, depending on the extent of the job, an outdoor living extension can show a return of up to $100,000 in additional value to your property.
Interior Design
Another way to add value to your home is to update the interiors. Things like maximising exposure to natural light, hiding clutter and changing the colour palette can work to make your space feel brighter and more open, while also increasing its value.
Brightly lit spaces feel bigger and more welcoming. Try to capitalise on this with big windows, French doors, sunroofs and sheer curtains. For artificial lighting solutions, we recommend many different lights, on tables, shelves and walls, rather than a single overhead light – that way you won’t have long shadows gathering in the corners making the space feel small.
Mirrors are also a powerful design tool that can visually open your space. They’ll double the amount of light in a space, so consider placing a large one opposite a window or adding lighting to the frame in your bathroom. Metal, glass and other reflective surfaces will also help you make your room feel lighter and brighter.
When it comes to your colour palette, aggressive colours and contrasting combinations draw the eye and can feel oppressive in small spaces. Light monochromatic interiors, on the other hand, make for an airy, flowing environment that seems boundless. Combining different shades of the same colour will help you add depth and style to an otherwise plain room.
Future-Proof
Another way to add value to your home is by incorporating smart materials and a sustainable design. An energy efficient home, featuring elements such as cross-ventilation, insulated materials, airlocks and weatherstripping, can save you significant sums on your energy bill and is highly attractive to prospective home buyers.
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Want to learn more about how to increase your home’s value? Get in touch with our expert team of home extension builders at XL Built today.
