How much to invest in renovations for property sale

7 years ago

We will be looking to downsize in a couple of years from our large property currently worth about $1.8m - $2.2m. The land value is approximately 40% of the that. We need to maximise our retirement fund, and it would be entirely possible to make improvements that would attract in excess of $3m.

The house is 16 years old and the only improvements we have made since new are a repaint and carpet, and new laundry. Obviously the kitchen and bathrooms will be revamped, and I'd also like to spend on our entrance drive.

My question is, who do we go to for advice as to how much to invest in order to reach that $3m+ target? I'm guessing it would be a percentage of the potential increase in value, but since we've never used an architect I don't know if that's their field, or someone else's.

Sort by:Oldest

Comments (4)

Shy Strange
6 years ago
Hi Ruth,

Your post is very interesting to me. I have a very similar delimma. It has been 6 months since your post, How did you get on? would you be kind enough to share some tips that you have?

Cheers

Shy Strange
Ruth Mills
Original Author
6 years ago
Hi, I didn't get a response so I'm none the wiser. *sigh*
0
Related Discussions
Curb appeal indecision... advice please!
Q
Comments (91)
Sorry I am so late coming to your site - you are an inspiration to all, homeowners and advisers alike. For your planting advice, I suggest you call Merrifield Garden Center to see if they will come out your way. They currently have wonderful garden centers in Merrifield and Fairfax (both in Fairfax County) and a new one in Gainesville, but they may come further south to wherever you reside. (www.MerrifieldGardenCenter.com) Even if they don't send designers to your area, they are worth a trip to see their huge selection for a day of pleasure and inspiration, or to pick up some plants. Most of my clients are in the Fairfax and greater Washington area, but I am currently living out west below Front Royal, VA on the Shenandoah mountainside - wonderful views. cascio.offsite@gmail.com
...See More
Not sure where to start!
Q
Comments (49)
Thanks for the replies! My wife suggested we talk to a local real estate agent, so i think that is a good idea... just that Im not sure how helpful they are likely to be if we arent selling yet :) As for saving for our dream house, I dont disagree, however if doing this up nicely over the next ~5 years or so while we live here nets us some extra in the eventual sale, then that of course will help us as well. Interesting thing happened today actually. I got a knock on the door and one of the older neighbours asked if he could take some lemons from the tree. I of course said yes. Anyway he was telling me he had lived in the street for 40 years. I asked him if the house had always looked like this, and he said no that ~30 years ago the old old owner did a massive renovation and pulled off the timber and put up the bricks and gutted the inside of the house. Interesting stuff!
...See More
How do we make this garage look part of our home?
Q
Comments (7)
There is no common link, no continuity that each dwelling share. i would introduce an element to both structures, borrowed fm the other, so for example the red brick and windows are the most striking design elements in the house, however the rendered garage with a parapet and no visible roof may as well be from another planet, I would brick up the front piers aside the door, with matching red brick, and then I'd install some post and beam rafters that could extend over beyond the garage door, almost like a flat eave, however just beams, no roof, and paint it chacoal, I'd then link a path from th garage to the house, and create the same detail at the porch entry of the home, same beams, colour and materials, so it looks like they belong on the same property. also, perhaps a little scary to consider, i would render the wall in between the door and the first window only, and paint the front door in the matching blue. Windows I'd go charcoal as per th beam structure, and apply a stained timber batten to the flat parapet above the garage, so paint that black, then fix timber battens vertically wh enough spacing to see that black shadowline, it will modernise it, emphasising the elongated design, which is both contemporary and popular, and tie this timber detail into the house with a generous deck. Both timbers will link, over scale th deck, perhaps stagger a step or two, as the garage is over scaled also. remove the fence, and landscape the corner with over scaled shrubbery, a meandering path to help invite ppl between the two structures., the visual disconnection is the fence, but it translates into everything else. if a fence must be, then consider a half height one, or an informal row of sleepers as uprights, to softly define the yard.
...See More
Please help with fabric colour suggestions - been dithering for a year
Q
Comments (30)
I am blown away from down under by the help that you all have freely given .... thank you sooo much indeed. who would have thought after a year of anguish that I would be put out of my misery! If I do go for the atlantic for chairs I will bring in plum touches and vice versa. Will now need to go and find some plum that closely aligns with your suggestions. Thanks for saying we can keep table! It is a good solid NZ made oak one ... chairs were all the rage back about 18 years ago! Now need to go! I will put up a pic of a rug that was quite nice but rather expensive so ... might be in an hour or so. Thank you so much again.
...See More
Shy Strange
6 years ago
Thanks Ruth,

I started off with browsing house values around the area, and Homes.co.nz is a good trade me site -spoke to agents for some tips. And now Im calculating how much I need done to give it a wow factor which is inline with the neighbourhood similar house valuation and one that was sold as well.. Its a long process Im sure - but hopefully being realistic and doing my homework diligently and plan it well-attention to details....it will somehow give me something to think about. Attention to cost specially. I have an excel spreadsheet to work on which my kind accountant taught me.....Feel free to contact me -we can share some tips etc. theres still a lot to plan before I embark oh hiring a designer/architect-for major changes as it needs to be properly drawn and submitted to council. (My motto =I hope it works on this is HAVE A PLAN, WORK ON IT AND GET IT RIGHT THE FIRST TIME.) TIME AND MONEY SAVER. Next would be a hunt for a builder that you can trust and rely on= it will be a nightmare to find a really good one for reasonable cost. I have no contacts for now. And hopefully after this Im praying I will have enough savings for me and my husband to retire......

Cheers,

Shy email : shy@strange.net.nz

Peary Road Mt Eden Auckland

0221393223
0
Ruth Mills
Original Author
6 years ago
How are you getting on? I'm not looking at doing any building, just refurbsihing the kitchen and bathrooms and improving the entrance driveway and parking area. The latter because it's the first impression people get, and ours could be a lot better. Getting that right will be the greatest expense by far and that's why I want a percentage figure of the overall property value. The property itself is unique in that our "estate" is the only one of its kind in the area - very high value properties with large acreage appealing to a very small market.............
0

How much to invest in renovations for property sale

Comments (4)

Shy Strange

Ruth Mills
Original Author

Related Discussions

Shy Strange

Ruth Mills
Original Author

COMPANY

EXPLORE HOUZZ

CONNECT WITH US

How much to invest in renovations for property sale

Comments (4)

Shy Strange

Ruth MillsOriginal Author

Related Discussions

Shy Strange

Ruth MillsOriginal Author

COMPANY

EXPLORE HOUZZ

CONNECT WITH US

Ruth Mills
Original Author

Ruth Mills
Original Author