Australia has seen a huge spike in home improvement activity over the last few years. According to the Westpac Renovation Report, almost 9 in 10 Australians agree that renovation is a good strategy to increase the value of their property. Based on survey respondents, the report outlines the main motivations behind these home upgrades, which were to:
- Make the home more comfortable
- Give the home a new look
- Add value to the property
Furthermore, an average of $47,984 was spent on these renovations, which is obviously no small sum. If you’ve been thinking about making any sizable home improvements, be sure to finance your project with a Police Bank loan.
Renovating one of the most important rooms
The bathroom is commonly cited as one of the most important rooms in the house and is a great space to renovate. Not only will it bring comfort to an area that’s crucial to your lifestyle, but it’s also regarded as an effective way of adding value to your property.
Jane Burton Taylor from the Domain Group mentions that updating your bathroom could increase your home’s market worth by $100,000 or more. This amount will vary from property to property but nevertheless it’s a tidy earning worth some attention.
A publication by the Housing Industry Association has identified useful bathroom renovation tips from furniture company Hettich:
- Consider all the items you need to store, such as towels, toiletries and accessories. This will help you in planning how much storage space you need.
- Mood lighting might be a bit of a luxury, but can go a long way in improving the comfort and atmosphere of your bathroom.
- Think about using folding or sliding cabinet doors in tighter areas. This is not only practical, but will also give your bathroom a visual edge.
- ‘Task lighting’ refers to strong, focused lighting used for productivity areas. Integrate these for the bathroom and vanity areas.
- Handles may be small objects but play a big role in the visual appeal of your bathroom. Pick these with great thought. Alternatively, opt for handle-less solutions such as push-to-open cabinets and drawers for a clean, minimal look.
Clearly, these are just a few points to get your imagination churning. When you’re ready to turn ideas into reality, be sure to get in touch with one of our professional lending experts at Police Bank to get the finance you need.