Dream Homes: How one home’s reno added $1 million in value

More bedrooms, second bathrooms, beautiful and functional kitchens and even a second storey have added between $500,000 and $1 million to the value of the first two houses renovated on TV show Dream Homes.

The Channel Seven series tasked six couples with renovating each others’ run-down homes, starting with Melbourne couples: sisters Taeler and Elle’s Watsonia brick clinker and married couple Brad and Mel’s Northcote heritage charmer.

Starting out

The homes were valued before they were transformed — the Watsonia clinker at roughly $800,000 and the Northcote charmer at roughly $1.7 million, through View.com.au.

After weeks of work from the couples and a team of trades and experts, the homes were valued again in this week’s reveal episode.

Woodards director Mario Butera valued the Northcote home at $2.8 million after the renovation through View.com.au.

“A lot of thinking went into it,” Mr Butera said of the home’s transformation.

“No money has been spared, everything is top quality.”

“No money has been spared, everything is top quality,” commented Woodards director Mario Butera of the Northcote home’s transformation.

He said as well as giving the home a “perfect” floorplan for a family - it now has a parents’ retreat in a newly added second floor — the renovation has turned it into an entertainers home.

Heart of the home

“It’s a pleasure to be sitting in the kitchen, and there’s so much space in the outdoor area.”

By adding two more bedrooms, a study, a second bathroom, and by enhancing the home’s heritage features, the teams have given the home not only a face-lift, but a value-lift.

By adding two more bedrooms, a study, a second bathroom, and enhancing the home’s heritage features, the teams have given the home not only a face-lift, but a value-lift. Pic: Supplied

Face-lift and value lift

It is now worth an estimated $1 million more than pre-renovation and Northcote’s median house price of $1,712,750.

The Watsonia clinker was essentially pulled down and built again, with its small 1970s’ floor plan expanded to include open-plan living and dining, a study and a second bathroom.

A very tired laminate kitchen was done away with for a sleek stone and timber space with a huge island bench, curved walls and high-end appliances including an invisible induction cooktop.

This along with two stylish bathrooms, an impressive timber “Scandi” style facade and quality fixtures and fittings throughout have taken the home to roughly $400,000 more than Watsonia’s median house price of $990,750.

A very tired laminate kitchen was done away with for a sleek stone and timber space with a huge island bench in the Watsonia home. Pic: Supplied

Not over capitalising

It was valued at $1.3 million by Morrison Kleeman director Craig Parker.

Both areas had strong markets - Watsonia having seen more than 10 per cent growth in its median house price in the past 12 months, and Northcote, though experiencing a stabilisation in the past year, has seen the median increase by nearly 30 per cent in the past five years.

“Northcote is an area where there’s no chance of over-capitalising,” Mr Butera said.

“It has cafes, shops, great schools and you’re close to the city.”

This article first appeared at view.com.au.