When looking to add value to your home or investment property there are a few options you can look at. Two of the most common and popular renovations that give a home the wow factor and bump up its value are the kitchen and bathroom areas.
It is a common perception that a kitchen renovation will add the most significant value to a house, however this may no longer be the case.
Whilst renovating the kitchen does raise the profile and value of the house, it is becoming a much wiser investment to add a second bathroom.
Trends change from suburb to suburb but the general consensus is that you get more yield for your investment with the addition of a second bathroom in comparison to renovating an existing kitchen.
As families and lives are changing there is a much greater need for the second bathroom. There many reasons for the changes in basic needs, but a few of the most common are;
- House prices are rising and the kids are living at home for longer, some even have their partners move into their parents’ home. Far too much for a single bathroom house-hold to manage.
- With the rise in blended families, households are generally becoming more crowded.
- With the two income family becoming the norm, there are more people fighting over the
bathroom to get ready in the morning.
Whilst these developments have changed the need for an additional bathroom, the need for a kitchen remains the same, however with the supermarkets making cooking much easier with their ready-made options, the kitchen is not being as well used to its full capacity as it once was.
It is important to note that the trends change from suburb to suburb and you should do a little research with a local Real Estate Agent before making your decision on what makes the best investment. A Real Estate Agent can tell you the latest market trends and what they hear from their home buyers on a daily basis, providing you with up-to- date local intel.
Call Complete Bathroom Renovations and discuss how you can add value and style to your home.