Summary
Homeowners seeking to add value through renovations face the challenge of balancing desired improvements with potential overcapitalization. A recent inquiry highlights the dilemma of a homeowner looking to expand their living space by adding an extra bedroom and bathroom while also considering the overall layout and functionality of the home. Vanessa Williams from realestate.co.nz emphasizes that adding bedrooms and bathrooms are proven methods to increase property value, but cautions against making changes that could compromise livability.
The discussion underscores the importance of distinguishing between renovations intended for personal use versus those aimed at resale. Homeowners planning to stay in their homes long-term may prioritize personal preferences and lifestyle needs, while those looking to sell should focus on creating a neutral space that appeals to a broader market. Williams advises homeowners to consider future family dynamics and the practicality of living arrangements when planning renovations, ensuring that any changes align with both current and anticipated needs.
Additionally, the conversation touches on the necessity of obtaining multiple quotes from builders to make informed decisions about the best approach to renovations. This strategy not only helps homeowners understand the costs involved but also allows them to compare different perspectives on the most effective ways to enhance their property. Ultimately, homeowners are encouraged to reflect on their long-term goals and the functionality of their living space before embarking on significant renovations.
Show Notes
Renovating to add value is the dream, but overcapitalising is the nightmare that can turn your dream reno into a costly mistake. So how do you tell the difference before you've spent a single dollar? This week's Ask the Experts letter comes from a homeowner who badly needs more space and is weighing up an extension to their house. Vanessa Williams from realestate.co.nz joins Frances to pull back the curtain on what actually pays off from a reno. In this episode we’re talking: How to choose between lifestyle and money factors when you renovate your home Why bedrooms and bathrooms are the big winner on value, but have a hidden downside The areas where people waste money on renovations, without realising it
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Production and video editing by Lana Byrne Audio engineering by Tash Chittock Filmed by Fanaticals
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