Why Doing Simple Home Repairs Can Raise Its Resale Value

Posted on May 28 2018 - 5:16am by Alonzo Callahan

RenovationKiwis that plan to sell their homes should consider doing simple repairs and refurbishments to increase the value of their properties further.

If you live in North Island, window repairs for Palmerston North houses are just some of the ways to boost the resale price of your property. Other types of renovation require a bigger budget such as remodelling your bathroom or kitchen.

Cost of Home Improvement

Before you plan to remodel your bathroom or kitchen, it’s important to measure the size of the space to have a cost estimate. A renovation for a five-square-metre bathroom generally costs at least $7,000, while 10-square-metre and 15-square-metre bathrooms require at least $10,000 and $15,000, respectively.

Kitchen renovations based on a kit set usually cost between $4,000 and $6,000 for small- and mid-sized spaces. It may cost more due to plumbing, building fees and other charges. If you want to customise it, prepare to spend between $10,000 and $12,000 for basic designs. Top-of-the-line designs cost more than $30,000. You can adjust your budget accordingly after taking the value of median home prices into account.

Median Prices

A median-priced home in New Zealand cost $550,000 in April. The value of your house may be more or less expensive based on the current value of your house and how much you paid for it. If you bought your home for $300,000 and houses within your neighbourhood sell for twice the amount, then investing at least $100,000 would be a good estimate to record a profit.

The amount you want to make from a resale will dictate your budget. You could spend as low as $10,000 on renovations, but don’t expect a six-figure profit after reselling your house.

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Conclusion

Homeowners should consider improving their houses whether it’s just a simple fix to windows or a new coat of paint. Even if you have no plans of selling in the near future, think of it as a small investment that could have a large impact once you decide to put your home on the market.