A NEW survey has revealed sellers hoping to spruce up a property and add value need not overspend on a new kitchen or bathroom.
Tradie comparison site ServiceSeeking.com.au has revealed that shrewd property investors are spending much less on kitchen and bathroom renovations that most might think.
The average quote for a kitchen renovation on the website is just $7685 and bathrooms is $8429.
Typical kitchen renovations include adding new cupboard doors, benchtops and flooring, which might add $20,000 to $30,000 to the equity – double or triple the investment.
On the other side of the coin, the research found small kitchen and bathroom renovations could be very lucrative for tradies.
ServiceSeeking.com.au member Murray Pulldore said by focusing on these jobs, he had generated $500,000 of turnover.
The average quoted price for a kitchen renovation in 2017/18 was $7685, down from $7795 in 2016/17.
The median quoted price for a kitchen renovation in 2017/18 was $5520, down from $5500 in 2016/17.
The average quoted price for a bathroom renovation in 2017/18 was $8429, up from $7059 in 2016/17.
The median quoted price for a bathroom renovation in 2017/18 was $8000, up from $5500 in 2016/17.
The most spent on kitchen and bathroom renovations in 2017/18 was $15,000, with the least just $1000.
Real Estate Institute of Queensland Far North zone chairman Tom Quaid said buyers were always impressed by a well set-out, modern cooking space.
In Cairns, buyers are looking for plenty of bench space and a good pantry.
Stone benchtops are still in demand and some timber benchtops are also desirable if they are custom-designed and built with quality materials.
Big ovens even if you don’t need it or use it all that often, are also on the must-have list for prospective buyers.
Cairns Property Office agent Robyn Hawley-Whitton recently sold a Goldsborough home with a well-appointed chef’s kitchen featuring an induction cook top, 900cm wall oven, plumbed fridge, dishwasher and servery.
A waterfall custom-built desk could be used as extra breakfast bar seating or an office off the main cooking room.
Stand-alone baths are rare but will also set a property apart, especially with a view of a garden or leafy area.