Renovations have long been touted as the best way to inject quick growth into the value of your home or investments, with this being a key tool for any investor flipping properties. Before you dip your first paintbrush, it’s critical that you set out a detailed budget for your project. If you’re not sure how to budget for a renovation, get advice. One commonly used rule of thumb when deciding on your budget is to aim to double what you spend in the final sale. It’s always good to add in a few extra dollars as a buffer against unexpected costs.

Once you have the budget in place, you’ll need to decide which area to put your effort into. Not all rooms will give you the same return on your investment, so choose a few and make the changes worth your while. For advice on what changes will give you the best return without breaking the bank contact our sales team at BPP.

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Nathan Diss discusses the top 6 tips to increase sale value

1) First impressions are the most important so spending some cash on the façade or street view is one of the best investments you can make. A striking ​facade grabs a potential buyer’s attention and can set the tone for what lies behind it. If the property has a front fence ensuring it is in good repair, the garden is freshly mulched and plants are healthy doesn't really cost a lot except for some time. Replacing with a new modern door can add a lot of wow for around $300 - $500, or even painting the door with a rich oil-based paint will give it a big lift. If you are in an older home you could give the home a name that relates to the property, it shows that the home has been cared for and loved by the owners, some name examples could be  "Rose Cottage" "Riverview" or "Lilyvale", there are many online business's that can make a home sign with prices ranging from $50 - $200.

2) Paint is the most powerful renovation tool, you can instantly modernise and refresh a tired property with a coat of paint in a contemporary colour scheme. 

3) While assessing where to start and stop with paint it is a good idea to look at the light fittings, these can be an inexpensive way to lift a room for not only looks but good lighting can change the overall perception of a space, its better to make the decision at the start rather than painting first and then having to go over your handy work again later.

4) Updating or replacing the kitchen is one of the top renovations for profit particularly if it is quite dated. The emotional connection between buyers imagining living in the house they are buying is a big driver so when renovating it is vital to spend the money on the design of how the occupant will live in the area. Kitchens are now a lot larger areas with bigger fridges and ovens, however when setting aside a budget for renovating it has to be consistent for a good return. For example when renovating a kitchen it doesn’t work installing a $9000 Smeg stove and having DIY cupboards, there needs to be consistency across the renovation so you need to be realistic and look at the big picture. If you cant recognise the profit for the outlay even changing door handles or a splash back could be enough to lift the area.

5) The second big ticket item in buyers minds is the bathroom. A shabby bathroom can devalue an otherwise outstanding property. A complete bathroom renovation can be between $10,000 and $30,000 depending on the room size and quality of finishes, but you can tailor this to suit your budget. On a tighter budget, something as simple as updating the tapware, vanity and mirror can add value for minimal cost.

6) There is a definite trend towards upgrading outdoor areas to more indoor outdoor living, an alfresco area in the past was a barbie on the patio where as now the outdoor area is an extra room, an all-weather extension of the house. The money spent on a well-designed all weather area brings its returns when the sale sign goes up. The outdoor area is an emotional driver for buyers. They see the area, imagine themselves using it and already they are sold on the lifestyle it offers. If you already have an area but it needs some TLC you can vastly improve an area by pressure pavers and there are a multitude of screens and lattice these days to enclose. Other improvements depending on the area could be an outdoor fan, fire pit or some nice hanging pots.