Back in 2008, the property markets in many countries were hit by the financial crisis. Banks stopped giving out mortgages, so sales dried up, and this resulted in a collapse in prices. As people lost their jobs, the number of foreclosures increased, and more property flooded the market bringing down the prices further. This left a lot of people in negative equity. The good news now is that many property markets have recovered, although some areas still find themselves struggling. The future does now look bright though, and so it is time to start thinking about getting professional renovations for your home. There is a local company we hear doing great renovations on the the Gold Coast – ideas like this outdoor entertaining they completed recently (see picture below)!
While the property markets are down, it is not really worth considering renovations, unless they are essential, or there is no intention to move in the foreseeable future. If a property move is a possibility, it is worth waiting for a market recovery before proceeding with a renovation, as this will then add value to the house. Adding any renovation to a house will increase its value in most cases, especially if it is done by professionals. The good news is that during a market recovery, the additional value added to the property can mean that the renovation makes a profit.
The most common renovations are usually in the bathroom and kitchen. These are usually total upgrades, rather than piecemeal, and although they are expensive, a new kitchen can be a big selling point for a house. The same goes for the bathroom, especially if the upgrade includes a jacuzzi or power shower. Even if a move is likely in the future, it is still worth doing renovations, as not only will you likely get the money back during the sale, but you also get to use it for a while. If you are planning to modify your floor you must also understand the benefits of loose lay vinyl tiles.