Alice Stolz's money-saving home improvement tips

This week saw the reporting of the third highest property sale ever in Australia.

In case you missed it, a local chap bought a huge house for the huge price of $88 million. That same sale also broke the highest price ever for a house in Victoria.

I know what you’re thinking: that house must be out of this world… superbly built and renovated within every inch of its palatial confines. Er, well, no. The property is apparently in ruins and will need to be knocked down.

Remembering that the median house price in Australia is $1.065 million, most of us mere mortals are unlikely to find ourselves in a similar situation. The inevitable rise of future interest rates has no doubt put many grand plans on hold, coupled with sky-rocketing construction costs and continuous supply-chain issues.

A full-scale reno may well never have been less obtainable.

So in a bid to keep things real, I’ve been thinking about advice to give when it comes to doing a clever little reno if you haven’t got much spare change.

I am speaking from experience here. When we bought our house and got over the shock of the size and length of the mortgage, we could not afford to do anything, despite the fact that the house was truly in desperate need.

It was rich in character but had not an ounce of functionality or practically with no heating, carpet and mushrooms growing out from the walls in the wood-panelled bathroom (true).

When it comes to renovating, people often talk about doing things the buyers appreciate. I agree with that, but do ensure the things that future buyers might value are also what you as the current owner will enjoy and what will also improve your day-to-day living.

So, here’s a more temperate home improvement approach, suitably priced to the economic realities of 2022.

Kitchen and bathrooms are the low-hanging fruit of smartening up a house, but work there can be expensive. If you’re up for the challenge, in the kitchen, consider updating cupboards and taps and don’t overlook handles and levers that you use multiple times a day. Switching something small like that can make a huge difference to a room.

In the bathroom, you probably can live with the existing tiles if you have to (come on, it’s so expensive to replace them), but don’t underestimate how much slick tapware and a modern vanity can do to freshen up the bathroom.

Get stuck into making (smart) changes to the floorplan. If you can open up a room next to the kitchen to create a more spacious living/dining and kitchen area that could be a stroke of genius. In my case, we knocked down a three-metre wall between two tiny bedrooms and managed to create a whole new master bedroom.

Never, ever underestimate what adding a skylight or window will do to a house. It feels almost magical how much natural light can transform a room. And sliding doors – they deserve their own knighthood. We recently put an aluminum one in – cheaper and able to withstand high-usage from robust children and unlike timber, I’m told it will stand the test of time and it has completely opened up the indoor/outdoor area.

Speaking of which, get stuck into outdoor spaces. Last summer we rented a little house by the beach with a deck and I had forgotten how utterly divine a deck is. They look brilliant and are such a clever way to extend an inside space without a full-scale reno.

Over time you could add a pergola or a lovely awning and really create a highly-functional space that can be used throughout summer. In the cooler months, add a fire pit or an outdoor heater and you’ve another very usable and attractive space.

Get painting – and do it yourself but milk the experts for all they’ve got. The people in my local paint store were so helpful and so willing to offer buckets of free advice when I was there the other weekend (my next DIY is to paint the outside of the house).

But no matter what you do, have a good hard think about what’s possible and plan it out. Start small and dream big, it’s your castle.