How much should you invest in updating your property’s bathroom – and is it the right time to undertake a renovation? realestate.com.au’s Chloe de Ridder contextualises some of the trends in the Australian property market to help you make your decision.
Prioritising where to invest in your bathroom can be the secret to unlocking your property’s value within the market. Chloe de Ridder, realestate.com.au’s Lifestyle Managing Editor, shared her key insights about how to best approach your renovation investment at the Reece Bathroom Masterclass in Sydney. Watch the full video below, or read on for the top tips on bathroom renovating to sell your property.
Buyers are attracted to properties that have newly updated bathrooms.
This is big tick for your renovation plans, as home buyers tend to prioritise a newly refreshed or revamped bathroom when they’re looking at properties.
“If you’re renovating, the bathroom is a great place to start because most buyers are looking for a property with a newly updated - or at least a modern - bathroom (unless they’re planning to flip the property themselves!). So always consider looking after your bathroom first and foremost as it’s likely going to give you more bang for your buck if you are intending on selling in the future,” says Chloe.
Four-bedroom, two-bathroom homes are the most searched on realestate.com.au.
Stuck on whether to invest in more than one bathroom project? The data hints you could consider it – four-bedroom, two-bathroom homes are the most-searched properties on realestate.com.au
“This shows a clear demand from both buyers and renters for a house with multiple bathrooms. So, if you are renovating, consider, could you add an extra bathroom? Or, at least a powder room?” Chloe says.
When choosing to renovate, out of all rooms in the home, the bathroom is one of the top three that is selected to improve.
You’re in good company – plenty of Australians are planning bathroom renovations this year, and for good reason – maintenance improvements are proven to add value to your home. According to realestate.com.au research, the bathroom is one of the top three areas in the home that renovators choose to tackle.
Both stamp duty costs and housing prices can drive the decision to renovate.
With both the high costs of stamp duty and also falling house prices, a renovation might be the right tactical play for getting another few years out of your current home.
“In Sydney, there are lots of suburbs where your stamp duty bill is going to be in excess of $100,000, so when you think about that amount of cash, you could add a very nice bathroom for that money, or even a significant kitchen upgrade,” Chloe says. “On the flip side, when property prices go down, as they have been across the country, this can also drive people to renovate, because they have a fear their property is going to lose value when they eventually go to market. So again, this can encourage renovating instead of selling.”
Deciding to renovate is a big decision, but it’s one that can make a significant improvement to your quality of life at home, as well as making your property far more attractive to buyers when it comes time to sell.
If you’re now ready to explore the results of a bathroom refresh, take some inspiration from homes across Australia from our Project Inspiration Gallery.
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