Over three quarters of Australian homeowners who renovate do so to improve their quality of living, a Mortgage Choice survey has found. What's surprising is that less than a quarter renovate for profit or to increase their home's resale value.
Even if profit's not your goal, remember that you'll probably sell your Melbourne home one day and the wrong renovations could actually lose you money. Think twice before making these changes to ensure your renos don't sting you when it's finally time to sell.
Converting your garage and combining rooms
More rooms usually means a higher selling price, however, a converted garage definitely doesn't always count. In fact, it's more likely to scare off mature buyers than it is to fetch you a higher sale price.
On the other hand, enlarging one room by combing it with another could also hurt your home's resale value. It may make your home unsuitable for large families and make your home appear smaller on paper. Generally it's best to add a room as long as doing so doesn't interfere with the home's flow or design.
A custom home theater
for many home buyers a custom theatre will feel like a wasted room – one that could have been a bedroom or an office.
Installing a home theatre is the dream of cinephiles and Netflix bingers everywhere. However, for many home buyers a custom theatre will feel like a wasted room – one that could have been a bedroom or an office.
Even worse buyers may think of the cost of maintaining the theatre, or converting it into a space that they'd be interested in using.
When you sell, your home should appeal to as many people as possible – and adding specialist rooms like home theatres can get in the way of that. Presenting a blank slate that buyers can envision their lifestyle upon is often better than suggesting a specific lifestyle.
A swimming pool
Swimming pools are expensive to maintain – a heated one will cost around $1,200 a year to run, according to Direct Pool Supplies. Plus in wider Melbourne it's only warm enough to swim for three to four months of the year. Those are both facts that could turn buyers off a home with a pool
Unless yours is a luxury home in an affluent suburb, or you're in an extremely warm area a pool's usually more trouble than its worth. A little consideration when renovating will both improve your quality of life and your home's resale value. That's a win win no matter how you look at it.