Which Parts Of A Property Can Maximise Value?

“Remove kitchens and bathrooms, you’ve just got four walls,” Al says. “Those aspects are aesthetic, but they’re areas you spend considerable time in and obviously are basic requirements in the functionally of a home” The contrary is a 30-year old kitchen can detract in value. “So in the same breath a bathroom can be a detraction, as both these items form the biggest cost in a refurbishment of a home or a new build.”

Houses built before the 1980s may lack ensuite bathrooms whereas an ensuite guarantees value in a new build.

Al thinks of new builds in terms of dollar per square metre. “At the moment to build a basic three bedroom house with ensuite and double garage you’re looking at $2,500 per square metre plus GST.” This can vary depending on a number of factors, however the average ranges from $2,000-$2,500 m2 with bespoke design from $3,000 per square metre and higher.

“New builds are offering all the modern conveniences, which builders of [homes in the past] did not even consider.”

Chris Howell from Main4 architects says the three key areas where people have the option to spend money to give the house a lot of personality are the kitchen, en suite and deck/patio/courtyard for outdoor dining.

The kitchen is often prioritised for attention because it’s the part of the house people outside your family are likely to encounter, Chris says. Whereas the kitchen may have been separate from the lounge in the past, flow between kitchen and lounge is now a typical expectation.

“Kitchens are moving beyond being just practical. They’re now an aesthetic feature, something to show off to friends. “

An ensuite bathroom off the master bedroom, too, is one of the defining features of 2018 houses which assure an investor the value will last. “The ensuite is now being made more visible to the bedroom, they’re not locked-away little rooms any more. They’re more generously sized. Also the covered outside area [to allow] al fresco dining.” Al fresco dining is something even space-constrained new sections allow. “Ranchsliders going to the courtyard, certainly they’re an added extra. You are seeing more and more, just like the kitchen is becoming expensive.”

For advice on how to maximise the value in your rental property, get in touch with Rental Experts on 09 459 7139 or email info@rentalexperts.co.nz

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