Many older homes are transformed by a decent renovation, but not all. How do you know which ones are worth doing up?
Neale Whitaker and Andrew Winter, hosts of Love It Or List It Australia, take a look at a family home with an outdated layout in South Australia to see if it should be sold or renovated – again.
Does it suit modern family life?
Based in Glen Osmond, SA this three-bedroom house dates back to the ‘70s and has already benefited from a nicely done renovation. But the family is now finding their home a bit of squeeze.
“I’ve got to admit they’ve done a good job of renovating it,” says Winter.
“But looking at the floor plan, it’s not big on space.”
“I love it,” says Whitaker.
“This is my favourite type of house, I love this era. The main problem with the existing floor-plan is there’s a family room and a sitting room – they don’t need both.”
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As well as the lack of flowing space, another bugbear for Winter is the property’s small, separate kitchen.
Whitaker however merely sees it as needing a ‘cosmetic makeover’ and can see the potential for a complete reshuffle of the existing kitchen, dining room and family room.
“Simply reworking the footprint of the house will completely transform it,” says Whitaker.
“I’d move the dining room nearer the kitchen and turn it into one open-plan kitchen/dining area. This would then give the option of creating a much larger sitting room.”
Renovating vs selling: the likely returns
The median three-bedroom house price in Glen Osmond is currently $766,000. The owners bought the three-bedroom property for $670,000 in 2014.
The owners could make a tidy profit by selling. Picture: realestate.com.au
According to Winter’s calculations, if the owners list this home for sale now and achieve a price just over that suburb median they could make $96,000.
“The market has grown in this area so the owners could make a nice profit if they sell now,” says Winter.
“And they could afford to upsize, meaning they’ll get the extra space they need.”
Renovating, primarily to expand the main living areas, could make a huge difference in terms of space. Picture: realestate.com.au
On the flip side, if the owners opt for another renovation, Whitaker estimates a budget of $60,000 would be enough to open up the property’s main living area.
This will add to the home’s overall appeal and value in the long run.
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