Where To Spend, Where To Save
Each property is different, as is the budget, so taking time to assess your situation and making a plan is essential, writes Alice and Caleb Pearson, of Pearson + Projects.
11 October 2024
Renovating a property carries a constant tension on your budget and where it’s best spent. Should I replace the carpet or repaint the bedrooms? Build a deck or redo the bathroom?
It is more than likely you won’t have enough money to do everything you want, so therefore a tension exists between which areas get upgraded and those that miss out.
You need to walk the line between getting your property up to the standard you are comfortable with, but not overcapitalising.
Each property is different, as is the budget you might have for upgrades.
So, taking time to assess your situation and making a plan is essential for working out how you can make your time and money go as far as possible.
From our renovations to date there are common places we look to focus our project budget and areas we look to save. Each property and renovation will look different, but here are five of our favourite places to spend our budget when renovating, and where we look to save (or spend less) on projects.
Top 5 Areas To Spend
1. Painting (interior and exterior): Fresh paint is one of the most cost-effective ways to freshen up a property. Neutral, modern colours can make spaces look larger, brighter, and more appealing. Given a repaint covers such a large surface area, it has a high visual impact that can dramatically improve the overall look and feel of the property.
2. Kitchen upgrades: The kitchen is one of the most important spaces in a home and often serves as a focal point for buyers and renters. Investing in a new kitchen or upgrade can significantly increase the property’s value and appeal, with modern appliances, new cabinetry and finishes, and a functional layout. It could be the biggest single cost in a project, so spend wisely.
3. Indoor-outdoor flow: While new homes have much more considered flow between the inside and outside, this wasn’t always the case. Many older homes do not have access from a living space to the outdoors, so when this opportunity is available, we try to find a way to include it. Replacing a window with French doors or adding a new joinery unit which would open onto a usable exterior space, often works. This lets in more light and makes a house brighter, open, and more desirable.
4. Bathroom renovations: Bathrooms are another key area that can make or break a property’s appeal. Investing in quality fixtures, good lighting, and durable finishes can create a fresh and modern look which is highly attractive to potential buyers or renters.
5. Kerb appeal and landscaping: First impressions matter and investing in kerb appeal through landscaping provides great return on investment and value to those who live there. This could include a deck or outside living area, fencing, painting or planting. It has the potential to drastically enhance the property’s attractiveness, so having a tidy and presentable exterior is always a focus for us.
Top 5 Areas To Save
1. Retaining the current layout: Avoid costly structural changes like moving walls or plumbing unless absolutely necessary. Keeping the existing layout can save a significant amount on renovations and still allow for impactful aesthetic updates. While in some situations this is needed, moving walls or making structural changes can quickly escalate costs due to the need for design, consents and construction which often opens the door for extra work. Retaining the existing layout where possible will help keep your budget in check.
2. Kitchen surface makeover: If your kitchen is structurally sound but looking dated, there is a high chance you will be overcapitalising by replacing it. A surface makeover is an alternative, focusing on the areas in need. Consider refacing or painting cabinets instead of a full replacement, adding new handles, splashback and appliances. This can modernise the kitchen at a fraction of the cost while still providing a fresh and modern look that appeals to buyers.
3. DIY landscaping touch-ups: An overgrown or unkept exterior can have a disproportionate impact on future owners or tenants. Simple landscaping fixes like trimming hedges, removing garden waste, planting flowers or adding mulch can improve kerb appeal without the need for professional landscapers. These DIY tasks can enhance the exterior appearance without breaking the bank.
4. Basic fixtures, hardware and electrical updates: Swapping outdated light fixtures, tapware, door handles, light fittings and switches with more modern options can give a fresh look without major expenditure. These small changes can make a practical and subtle difference without the need for expensive replacements.
5. ‘Glow-up’ projects on existing features: Instead of discarding older and dated features, consider a “glow-up” of these items, doing a simple makeover to bring new life into an item or space. This could be a fireplace facelift which can change a lounge, adding built-in seating, turning an unused nook in your property into an office area, or adding a wallpaper feature wall. We regularly do mini projects like these, which are often with paint, and are great mini-DIY projects. ν