Attempting to cash in on Wagga housing market with home renovations

More and more home owners are renovating their properties in an attempt to cash in on Wagga’s booming housing market.

It comes as the population was forecast to hit 80,000 people and grow by more than 300 homes each year by 2036.

When undertaking renovations, “you’re generally going to make your money back,” local builder and renovator Corey Tozer said.

Simple things like repainting the whole interior of a home or updating the flooring throughout can bring a big return to your build.

“For spending about $6000 dollars repainting the inside of the house, you can sometimes see a return of upwards of $12,000,” Mr Tozer said.

“For the whole package with giving the walls a paint and replacing the carpets, for example, you might spend around $12,000 and see a return of around $30,000.”

The boom had driven “unprecedented” levels of new builds and renovations, according to building supplies retailer David Lenton.

“Each week we work with local builders and customers, as well as mum and dad renovators,” he said.

“We’ve seen a big drive of people coming in wanting to either fully or partially renovate their home.

“Some of them are first home buyers wanting to touch up their place and others look for a full home redesign.”

Homes are increasingly becoming more modern, Mr Lenton said, especially since the rise of reality renovation TV shows like The Block and House Rules.

”Homes are starting to get more pattern, colour, texture and highlights,” he said.

“We’re seeing that through the amount of different coloured fittings and tiles people are asking us to order in.”

However sometimes renovations are required for more functional purposes instead of aesthetic, LJ Hooker office manager Robyn Rossiter said.

“At the end of every lease, we’ll talk to the landlord about their home in general,” she said.

“We might tell them the paint or carpet is starting to age, or it may become harder to lease because the kitchen needs an upgrade.

“Painting and carpet change are the most common things that are done in light rental property renovations, followed by bathrooms and kitchens.”

Simple changes like updating kitchen and bathroom fixtures, Professionals Real Estate director Paul Irvine said, can add massive value to a home.

It can also bring better tenants to rental properties and help landlords save money in the long run.

“There are two types of buyer,” Mr Irvine said.

“The young couple or first home buyer and the home owner or renovator.

“With the regular home owner or renovator, we’re always recommending to the landlord to put some new carpet in or give the walls a lick of paint.

“It can add a few extra dollars per week in rent and attract better tenants to the home.”