You know who must absolute love it when The Block and Reno Rumble are broadcast?
The big-wigs at Bunnings and Masters!
I’m certain that if they were to track their sales in the days before and after a renovation reality show has gone to air, they’d surely see a spike – thanks in large part to motivated homeowners and investors who charge in, full of inspiration but perhaps low on skills, keen to replicate the amazing transformations they’ve seen on the telly the night before.
Sometimes these DIY renos work out for the best; it’s quite difficult to mess up a small paint job, for instance.
But there are certain renovations that will not only fail to add value, but that can actually reduce the value of your property, according to property valuers WBP Property.
Case in point: poorly chosen landscaping renovations.
“If outdoor renovations don’t match the character and design of the house, they can be a waste of money,” Mr Pabst tells news.com.au.
For instance, a hedge garden will complement a Victorian house, adding street appeal and creating a polished exterior, while a tropical garden may look out of place and could detract from the home’s character.
You can read the full list of potential renovation mistakes in the article here, where the biggest risk in my view was illegal extensions.
The danger of embarking on an illegally built extensions is that it can cost tens of thousands of dollars to ensure the work complies with regulations after the fact – and that’s money that a savvy prospective buyer is going to subtract out of their offer. In my opinion, it’s just not worth the risk.
I would love to hear your thoughts: have you ever embarked on a DIY reno gone wrong, or have you had some success when improving the value of your property with a cosmetic refresh?
Til next time, happy investing!