How much to invest in renovations for property sale

Ruth Mills
3 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.

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