If you are planning to build or renovate your home, it pays to understand what homebuyers of the future will be looking for. Why? Because, while you build and renovate for lifestyle factors today, the astute homeowner knows that you should also consider future resale potential, especially when you consider that most people today move every few years.
So how can you make sure your home still has the same appeal for whoever buys it in around five years time when you’re ready to move on?
Here are the some of the things you might want to consider in order to future-proof your build or renovation project:
1. Give your home a lift (literally) if you build over multiple levels. The reason behind this thinking is that experts believe we need to take Australia’s aging population into consideration. For properties spanning two or more levels, you should consider installing a lift, or you’ll automatically alienate ‘downsizers’ from your potential future market.
2. Focus on quality. If you follow the residential property market, you may have noticed that some apartments that sold off the plan a few years ago are now selling for less than they did brand new. In many cases, this is not just related to a downturn in the property market. Rather, it is due to the fact that many were not built to a high quality standard and therefore suffer the strains of wear and tear more quickly than quality built projects do. When looking for a builder, do your research and speak to former clients of theirs if you can.
3. Automation and connectivity. It’s only a matter of time before most homes will feature some form of electronic automation. Many buyers will, at a minimum, expect automated security and a number will want all security features to be connected wirelessly. If you can factor things like this into your new build or renovation now, it will save you doing so down the track.
4. Go for a timeless classic look. If you go for the latest trends in your design and an ultra modern look, you run the risk of it dating quickly. The best advice is to keep things classically modern and timeless without going over the top and running the risk that future buyers will either love it or hate it.
5. Focus on alfresco living. More and more, buyers are telling builders and real estate agents that an alfresco area is a must. Pay close attention to this important ‘room’ in the house.