C21 Market Pulse | June 2024 | New Zealand

WELCOME TO THE June 2024

P u BLISH e R

Century 21 New Zealand Ltd

CO n TRIB u TORS

Jen Baird

Ginni Parvez

CoreLogic NZ

e DITORIAL en Q u IRI e S

Century 21 New Zealand +64 9414 6041

ADV e RTISI n G en Q u IRI e S

Century 21 New Zealand +64 9414 6041

DISCLAIM e R

We have in preparing this information used our best endeavours to ensure that the information contained therein is true and accurate, but accept no responsibility and disclaim all liability in respect of any errors, inaccuracies or misstatements contained herein. Prospective buyers and sellers should make their own enquiries to verify the information contained herein. All information contained in the CENTURY 21 New Zealand Ltd website is provided as a convenience to clients. All links to property prices displayed on the website are current at the time of issue, but may change at any time and are subject to availability.

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S AL e S u P, AMIDST VOL u MI n O u S LISTI n G

BY JEN BAIRD, REINZ CEO

The Real Estate Institute of New Zealand (REINZ) released its May 2024 data today. The data shows a national and regional increase in listings and sales counts while median sales prices stabilise.

REINZ Chief Executive Jen Baird says the market shows a general theme of more this month with higher sales counts, increased stock levels, more listings, and properties selling more quickly than a year ago. These annual increases contrast with current challenges in securing finance, changes in the job market, and the wait on OCR and interest rate changes.

The total number of properties sold in New Zealand increased by 8.0% compared to April 2024, from 5,834 to 6,303, and by 6.8% year-on-year, from 5,903 to 6,303. Gisborne had the highest increase, up by +112% year-on-year, and 11 of the 16 regions had increases in sales count month-on-month and year-on-year.

“The seasonally adjusted figure is an important indicator of the underlying market trends. By seasonally adjusting the data we can see whether the change in sales is part of a normal change we would expect, or something else is happening. ” says Baird.

“NATIONALLY, SEASONALLY ADJUSTED FIGURES SHOW A 5.2% INCREASE, INDICATING THAT YEAR-ON-YEAR SALES COUNTS PERFORMED SLIGHTLY ABOVE EXPECTATIONS –AN ENCOURAGING SIGN DESPITE THE CURRENT ECONOMIC CHALLENGES.”

Listings increased nationally by 25.4% year-on-year from 7,359 to 9,225, continuing a trend since the start of 2024. Twelve of the sixteen regions have increased in new listings year-on-year with notable increases in Wellington (+103.3%), Hawke’s Bay (+34.3%), Marlborough (+33.3%), Auckland (+30.0%), Otago (+31.4%) and Waikato (+20.7%).

Stock levels for May 2024 increased 22% (+5,913) from 26,685 to 32,598 year-on-year and decreased 3.6% from 33,815 month-on-month. For New Zealand ex Auckland, stock levels increased 18.9% (+3,215) up from 17,015 to 20,230.

“With a continued flow of new options coming to the market adding

to a large level of stock this does provide a lot of choice for buyers and a sense that they can take their time to make decisions.”

The national median sale price decreased slightly by 1.3% year-on-year, from $780,000 to $770,000, and decreased by 2.5% compared with April 2024, from $790,000 to $770,000.

“The seasonally adjusted figures show a 1.2% decrease, showing prices performed slightly below the change usual for May. The volume of listings and choice can affect prices as well as vendor price points adjusting to buyer demands.” Ten of 16 regions had year-on-year price increases with West Coast leading the way with a 14.1% increase, from $355,000 to $405,000. Compared to April 2024, only three additional regions had median sale price increases (Hawke’s Bay +2.3% to $675,000; ManawatuWanganui +0.9% to $560,000; Canterbury +1.5% to $680,000). Nationally there were 833 auctions in May 2024, 13.2% of all sales compared to 574 auctions or 9.7%

ANNUAL MEDIAN PRICE CHANGES

of all sales in May 2023. Auckland increased 2.5% from 22.4% (409) to 24.9% (460) in the number of sales by auction compared to last month and increased 7.2% (17.7%) compared to May 2023.

Nationally, median Days to Sell decreased by 5 days, from 49 to 44 days, compared to a year ago. For New Zealand, excluding Auckland, median Days to Sell decreased by 8 days year-on-year, from 51 to 43 days. In 10 of the 16 regions, median Days to Sell were lower compared with May 2023. Northland had the highest days to sell at 71 days compared to 56 last month and 60 compared to May 2023. The HPI for New Zealand stood at 3,595 in May 2024, down 1.0% from

the previous month and up by 2.3% for the same period last year. The average annual growth in the New Zealand HPI over the past five years has been 5.5% per annum, and it is currently 15.9% below the peak of the market reached in 2021.

“There’s solid buyer interest and activity, and more listings are coming to a well-stocked market. While some buyers are taking their time, others are snapping up properties at attractive prices before the expected slowing during the winter months and the potential reemergence of investors mid-year. It might be a few months yet before the residual impact of readjustments post the government’s 100-day plan and budget are felt.

Source: REINZ Monthly Property Report 17 June 2024.

Indeed, there are cool economic breezes being felt but there are signs of more positive activity ahead,” adds Baird.

C21.co.nz/property-report/

S HO u LD I B u Y A ne W HOM e OR A n

e XISTI n G O ne ?

BY GINNI PARVEZ, C21 PRO REALTY

In the dynamic New Zealand real estate market, the decision between buying a new home or an existing one depends on several factors that will be unique to each individual buyer. Understanding your requirements, financial situation, market dynamics, and the quality discrepancies between new and existing properties can help guide your decision-making process.

Firstly, consider your specific needs and preferences. Are you looking for a turnkey property with modern amenities and minimal maintenance requirements, or are you open to renovating an older home to suit your taste? Assessing your lifestyle, family size and long-term plans can help determine which type of property aligns best with your requirements.

Secondly, evaluate your financial situation and the lending criteria set by banks. While new homes may come with higher price tags, they often qualify for more favourable financing terms and incentives. On the other hand existing homes may offer you more flexibility in terms of negotiation and pricing. Financing options can be influenced by factors such as property condition and valuation.

Next, analyse the demand and supply dynamics in the specific market you're interested in. In areas where new developments are booming

like Pokeno on the North Island, competition for new homes may be fierce, potentially driving up prices. Older neighbourhoods with established housing stock may offer more options at varying price points, depending on factors like location and condition.

You should also consider the quality disparity between new and existing homes, especially in locations where there are major differences in the age of houses. In newer subdivisions or areas with relatively ‘young’ stock, the differences may be minimal. In neighbourhoods dominated by older properties there could be noticeable discrepancies in terms of construction standards, building materials and modern features.

For instance, if you're considering purchasing a home in a neighbourhood where properties are typically 40-50 years old, opting for a new build may offer significant advantages in terms of energy

efficiency, structural integrity and contemporary design elements. Ultimately, the decision to buy a new home or an existing one in the current market depends on your individual circumstances and priorities. By carefully weighing factors such as your requirements, financial situation, market conditions and quality differentials, you can make an informed choice that aligns with your needs and goals.

Click here to find your local Century 21 agent today.

P ROP e RTY

MARK e T R e COV e RY IS LOSI n G ST e AM

BY CORELOGIC NZ

Falling property values across a growing number of New Zealand suburbs over the past three months highlights an emerging dip in market momentum.

CoreLogic NZ’s interactive Mapping the Market tool reveals 221 of the 938 suburbs analysed saw a drop in property values of at least 1%, including ten which fell by at least 5% over the three months to June.

CoreLogic NZ Chief Property Economist, Kelvin Davidson pointed out the loss of momentum since March has been evident across both affluent markets and areas better known for affordability.

“On the higher end, Takapuna in Auckland, and Onemana and Tairua in Thames Coromandel saw value drops of 5-6%.

“Suburbs within more affordable price points like Fordlands in Rotorua and Mataura in Gore District saw values fall by 7-9%.”

By contrast, 253 suburbs saw gains of at least 1% in the past three months, with eight up by at least 5% since March.

Mr Davidson highlighted how West Coast was home to some of the suburbs with the most value gains recently.

“IF WE BROADEN OUT TO A 12-MONTH HORIZON, COBDEN AND RUNANGA, BOTH IN GREY DISTRICT, WERE THE TOP TWO SUBURBS FOR GROWTH, AT 16.9% AND 13.1% RESPECTIVELY. THE MEDIAN VALUES IN THESE TWO SUBURBS STILL SIT AT AROUND $300,000 OR LESS.”

ACROSS THE MAIN CENTRES AUCKLAND

While a solid portion of Auckland suburbs have seen median property values tick upwards annually, the market has been pretty clearly losing steam over the past three months.

86 of the 199 Auckland’s suburbs analysed have dropped by at least 1% since March, with 13 down by at least 3%. At the other end of the spectrum, only 25 suburbs have risen by at least 1% over the same period.

Herne Bay remains Auckland’s most expensive market with a median value of $3.41m and Auckland Central was the most affordable with a median value of $540,000.

HAMILTON

Five suburbs in Hamilton have seen median values rise by at least 5% in the past year, with only Queenwood recording a notable (1.6%) fall. However, values in Hamilton have slowed over the past three months.

Harrowfield was among the three suburbs that dropped by at least 0.5% in the three months to June, but still remains the most expensive suburb with properties in excess of $1.1 million. Meanwhile, Bader was the cheapest ($593,950).

TAURANGA

Six suburbs in Tauranga have seen values rise by at least 3% over the 12 months to June, with only the suburb of Otumoetai recording a notable (2.2%) decline in values.

On a timelier horizon, Poike and Papamoa were among seven areas that saw values increase by at least 1% since March, in contrast to the five out of 20 that edged at least 1% downwards.

Mount Maunganui ($1.34m) is most expensive suburb in Tauranga

and the cheapest is Parkvale ($678,300).

WELLINGTON

In Wellington, Wilton, Totara Park and Paparangi had standout median value growth of 10-12% over the past year. Like elsewhere, however, Wellington has lost speed in the past few months, with 30 suburbs out of 94 analysed down by at least 1% since March.

Seatoun remains the most expensive suburb ($1.74m) while Wellington Central is the cheapest ($502,100).

CHRISTCHURCH

Christchurch properties showed market strength with all 83 suburbs analysed recording a rise in median values since June last year. The suburb of Hillmorton has risen nearly 11% over the period.

There are tentative signs however that momentum has faded a little over the quarter, with Lyttelton and six other suburbs dropping by at least 0.5%.

Kennedys Bush is the priciest suburb ($1.71m) across Christchurch, while Phillipstown the cheapest with a median value of $451,600.

DUNEDIN

Of the 63 Dunedin suburbs analysed, all have seen median property values rise in the past year, with 12 up by at least 5%. Rising faster than the norm were Liberton, Roslyn and Maori Hill, all recording value increases of up to 6-7%.

Dunedin also seems to have cooled a bit in the past few months, with 13 suburbs down by at least 1% since March.

Maori Hill is Dunedin’s only market with a median value at or above $1m, although Vauxhall is catching up with its median value of $970,100. The most affordable suburb is South Dunedin at $420,650.

PROPERTY MARKET OUTLOOK

Mr Davidson said overall many suburbs have seen a recovery since the troughs over the first half

of 2022, but the most recent few months have seen some of that momentum slow and even reverse.

“The turnaround in property values over the past 12 months reflects such factors as the relative resilience of the labour market over that period, and strong net migration.

“The more recent loss of momentum tends to reflect continued affordability pressures and high mortgage rates, the rise in listings on the market, and a turning point for unemployment.

“Tax cuts and looser LVR rules may not boost activity or prices very much in an environment where mortgage rates remain high, although the removal of first home grants and the introduction of DTI limits might not necessarily undermine the market greatly either.”

”All in all, the latest suburb-level figures confirm the market’s recent loss of momentum, and 2024 remains on track to be a pretty subdued year,” he concluded.

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T H e R e S e RV e BA n K OF ne W Z e ALA n D'S

ne W L en DI n G R u L e S: OPPORT un ITI e S FOR

PROP e RTY B u Y e RS

The Reserve Bank of New Zealand (RBNZ) has introduced significant changes to debt-toincome (DTI) ratios and loan-to-value ratios (LVR) starting July 1, 2024. These adjustments are set to open new doors for property buyers, making borrowing more accessible and favourable amid the current market conditions.

CHANGES TO DEBT-TO-INCOME (DTI) RATIOS

Under the new regulations, banks are now restricted to allocating no more than 20% of their new lending to owner-occupiers whose DTI ratios exceed six. Similarly, for investors, the cap is set at a DTI ratio of seven. This means owneroccupiers can now secure loans up to six times their income, and investors up to seven times their income. These adjustments are designed to help a broader range of buyers enter the market or expand their property portfolios by increasing their borrowing capacity.

ADJUSTMENTS TO LOAN-TO-VALUE RATIOS (LVR)

In addition to the changes in DTI ratios, the RBNZ has also modified the LVR requirements. Banks are now permitted to lend more to buyers with smaller deposits. Specifically, 20% of a bank's new

loans can be granted to home buyers with deposits of less than 20% of the property's value, up from the previous limit of 15%. For investors, banks can now lend 5% of their new loans to those with deposits or equity of less than 30%, compared to the previous 35% requirement.

IMPACT ON PROPERTY MARKET

These regulatory adjustments are timely, given that the current property market in New Zealand favours buyers. With more accessible lending rules and the ability to borrow more, potential homebuyers and investors are presented with a golden opportunity. This shift is expected to invigorate the property market, making it easier for more people to buy homes or invest in property.

FINANCIAL AND TAX IMPLICATIONS

These changes coincide with the broader financial context shaped

by the New Zealand Government's 2024 budget. Key highlights from the budget include adjustments to income tax thresholds, the introduction of FamilyBoost to help with early childhood education costs, and changes to residential property tax rules.

INCOME TAX CHANGES

From July 31, 2024, personal income tax thresholds will increase, providing more disposable income for many New Zealanders. The new tax brackets are as follows:

• Up to $15,600: 10.5%

• $15,601 to $53,500: 17.5%

• $53,501 to $78,100: 30%

• $78,101 to $180,000: 33%

• Over $180,000: 39%

PROPERTY TAX ADJUSTMENTS

Significant changes include the phasing back in of interest deductibility on residential property investments. From April 1, 2024, to March 31, 2025, 80% of interest

can be claimed, with a return to 100% deductibility thereafter. Additionally, the bright-line test, which determines tax on property sold within a certain period, will be reduced from ten years to two years from July 1, 2024. This change is likely to increase property turnover by reducing barriers to selling.

CONCLUSION

The RBNZ's recent adjustments to DTI and LVR rules, coupled with supportive measures from the 2024 budget, create a favourable environment for property buyers and investors. The easing of lending restrictions allows for higher borrowing limits, while the broader

financial context ensures more disposable income and favourable tax conditions. As a result, now is an opportune time for those looking to enter the property market or expand their investments in New Zealand.

Source: financialadvice.nz

n e W Z e ALA n D'S BRIGHTLI ne T e ST

CHA n G e D TO 2 Y e ARS: A n I n -D e PTH

A n ALYSIS

In a significant move aimed at refining its property tax policies, the New Zealand government has announced that from July 1, 2024, the Brightline test period will be reduced from 10 years to 2 years. This change marks a substantial shift in the country's approach to real estate taxation and has sparked considerable discussion among property owners, investors and economists.

UNDERSTANDING THE BRIGHTLINE TEST

The Brightline test was introduced in 2015 as a measure to curb property speculation and stabilise the housing market. Initially set at two years, the test was designed to ensure that individuals who bought and sold residential property within a short period paid income tax on any gains. In 2018, this period was extended to five years, and in 2021, it was further extended to ten years. These extensions were part of efforts to address the housing affordability crisis by discouraging short-term property trading and speculation.

The New Change: Key Details

Effective Date: The change will take effect from July 1, 2024.

New Brightline Period: The period will be reduced to 2 years, meaning any residential property sold within two years of purchase will be

subject to income tax on any capital gains realised from the sale.

Applicability: The change will apply to properties purchased on or after July 1, 2024. Properties bought before this date will still be subject to the previous 10-year rule.

RATIONALE BEHIND THE CHANGE

The decision to reduce the Brightline period comes in response to evolving economic conditions and the government's desire to strike a balance between curbing speculative investments and promoting a dynamic property market. Several factors have influenced this shift:

1. Market Stability: With the housing market showing signs of stabilisation, the government believes that a shorter Brightline period will still effectively deter speculative activities without overly penalising property owners.

2. Encouraging Investment:

A shorter Brightline test period may encourage more investment in the property market by reducing the long-term tax burden on property sales, thus potentially boosting economic activity and development.

3. Housing Supply: By reducing the period to 2 years, the government aims to increase the availability of housing stock as more properties may come onto the market sooner, helping to address the ongoing housing supply issues.

IMPLICATIONS FOR PROPERTY OWNERS AND INVESTORS

The reduction in the Brightline test period will have several significant implications:

1. Increased Market Activity: Property owners who were deterred by the 10-year period

may now be more inclined to sell within a shorter timeframe, potentially increasing market transactions.

2. Investment Strategy

Adjustments: Investors may need to reassess their strategies, taking into account the new tax implications of selling property within a two-year window.

3. Tax Planning: Property owners will need to be vigilant in their tax planning to ensure compliance with the new rules and optimise their financial outcomes.

REACTIONS FROM STAKEHOLDERS

The response to the Brightline test change has been mixed:

Supporters: Many in the real estate and investment sectors have

welcomed the change, viewing it as a positive step towards a more balanced and dynamic property market. They argue that the shorter period will reduce the financial burden on property owners and encourage investment.

Critics: Some housing advocates and economists express concern that the reduction could reignite speculative activities and contribute to rising property prices, exacerbating affordability issues for first-time buyers. The adjustment of New Zealand's Brightline test to a 2-year period from July 1, 2024, represents a noteworthy shift in the country’s real estate taxation policy. While it aims to balance market stability with encouraging investment, its long-term impact

on housing affordability and market dynamics will need to be closely monitored. As the implementation date approaches, property owners and investors should stay informed and seek professional advice to navigate the new landscape effectively.

This article provides a general overview based on hypothetical policy changes as of June 2023 and does not refer to an actual event or official announcement. For current information, consult New Zealand government websites like the Inland Revenue Department (IRD) and Ministry of Housing and Urban Development, or reliable news sources such as RNZ, Stuff, and The New Zealand Herald.

n e W Z e ALA n D TAX BR e AKS FOR B u ILDI n G ne W R en TAL PROP e RTI e S

New Zealand has been actively encouraging the construction of new rental properties to address the housing shortage and ensure affordable housing for its residents. As part of this initiative, the government has introduced several tax breaks and incentives aimed at property developers and investors who build new homes with the intention of renting them out for at least 30 years. These measures are designed to stimulate the construction of new housing stock and provide long-term rental stability. Here’s an overview of the key tax breaks available:

1. BRIGHT-LINE TEST EXEMPTION

The bright-line test is a property tax rule that imposes a tax on the capital gains made from selling a residential property within a certain period. For existing properties, this period is ten years. However, new builds are subject to a reduced bright-line period of five years. This means if you build a new property and sell it after five years, any capital gains will not be taxed under the bright-line test. This exemption significantly reduces the tax burden on investors and encourages the construction of new rental properties.

2. INTEREST DEDUCTIBILITY ON NEW BUILDS

In 2021, the New Zealand government implemented changes that limit the deductibility of interest on loans used to purchase existing residential properties.

However, new builds are exempt from this restriction. Investors can still deduct the interest on loans used to finance the construction of new rental properties. This exemption is designed to make new builds more financially attractive and viable for investors by allowing them to offset the cost of interest against their rental income.

3. DEPRECIATION ON BUILDING STRUCTURES

Depreciation is a tax deduction that allows property owners to offset the decline in the value of a building over time. While depreciation on residential buildings was removed in 2010, it has been reintroduced for new builds. Investors in new rental properties can claim depreciation on the building structure at a rate of 2% per year on a diminishing value basis. This means that over time, the amount of depreciation

claimed decreases, providing significant tax savings in the early years of property ownership.

4. GST REFUNDS ON CONSTRUCTION COSTS

Goods and Services Tax (GST) in New Zealand is 15% and applies to most goods and services, including construction costs. However, property developers can claim back the GST paid on the construction costs of new rental properties. This refund reduces the overall cost of building new homes, making it a more attractive investment. To qualify for the GST refund, the property must be intended for use as a rental and meet certain criteria outlined by the Inland Revenue Department (IRD).

5. LONG-TERM RENTAL INCENTIVES

The New Zealand government has signalled potential future incentives for landlords who commit to

long-term rentals. While specific details and policies are still in development, these incentives could include additional tax breaks or grants for those who agree to rent out their new properties for extended periods, such as 30 years. These measures are part of a broader strategy to promote rental stability and affordable housing.

6. HEALTHY HOMES STANDARDS COMPLIANCE

New Zealand has introduced Healthy Homes Standards, which set minimum requirements for heating, insulation, ventilation, moisture ingress and drainage in rental properties. New builds generally comply with these standards from the outset, avoiding the need for costly

retrofits. Compliance with Healthy Homes Standards not only ensures tenant well-being but also enhances the long-term value and appeal of the property.

Building new rental properties in New Zealand presents a compelling opportunity for investors, thanks to a range of tax breaks and incentives. These measures are designed to alleviate the housing shortage, ensure the availability of long-term rental housing, and promote the construction of high-quality homes. By taking advantage of the bright-line test exemption, interest deductibility, depreciation allowances, GST refunds and potential long-term rental incentives, investors can achieve significant financial benefits

while contributing to the country's housing solutions.

For those considering entering the rental property market, now is an opportune time to explore the benefits of building new rental homes in New Zealand.

For the most current details, consult these resources directly or seek advice from a tax professional or property investment advisor. Inland Revenue Department (IRD) New Zealand, New Zealand Government Housing and Urban Development, Legislation.govt. nz, Property Investors' Federation New Zealand, New Zealand Government Announcements and Press Releases.

H OW TO D e SIG n A M u LTIP u RPOS e ROOM

Over the last several years both homeowners and renters have created multipurpose rooms to meet the influx of new activities and work-from-home challenges. Whilst this initial shift was born out of necessity during COVID, the idea of creating flexible spaces has been growing in popularity as people seek spaces that more effectively suit their hectic daily lives. If you want to learn how to better utilise your home, read on for our tips for creating the ideal multipurpose room.

TRANSFORM AN UNDERUSED CUPBOARD OR WARDROBE

Depending on its size, an unused wardrobe is brimming with possibilities as part of a new multipurpose space. For example you could easily transform one in your bedroom or guest room into a home office or extra storage space for supplies. If it's shallow and long, consider dividing the space with a closed system for storage on one side and your workspace on the other. It’s best to add a comfortable work chair, some additional lighting and hanging artwork to make the space as inviting as possible. If you need additional storage some wall mounted shelves are suggested Is there an extra cupboard near your entertaining space? Consider removing the doors so that it is open and create a customised bar. This can be done by simply removing the shelves and

adding a chest, cabinet or bar cart to store your bottles and glassware. Bring in some mood lighting with a floor lamp or pendant light and you’re ready to host your next dinner party or cocktail soireé!

CARVE OUT A MULTIFUNCTIONAL KITCHEN

Has your kitchen become the centre of activity in your home? With some quick rearranging and the right piece of furniture, you can create a space in your kitchen that can easily change as your needs do. You can add a small desk or additional counter space to make the corner of the room into the perfect multipurpose area. Position it in the corner (preferably near a window) and add a stool that can be hidden away when not used. This can be the desk where you take video calls in the morning and make dinner in the evening!

DESIGN A MULTIPURPOSE GUEST ROOM AND WORKOUT AREA

Do you have a home office or guest bedroom that rarely hosts visitors? It may be time to invest in a sofa bed. If you don’t have people staying over the bed can be tucked away opening up the floor space for a workout area. This is also a terrific idea for studio apartments where you need to create a living, dining and sleeping space in a small area. You can put the bed away during the day and wheel over footstools and a fold away table when it’s time to entertain.

MAKE YOUR DINING ROOM DO DOUBLE DUTY

Formal dining rooms took on new life during the pandemic, and they will likely stay the spot of more than just family dinners. You may be tired of moving paperwork and computers whenever you want to

use the space for dining. If you can spend the time and money, custom cabinets may be the answer. They can house a hidden workspace with a fold-down desk or a crafts studio with a retractable work table and plenty of shelves for supply bins. Games and puzzles also can be stored here. And if dinner parties are in your future, save one of the cabinets for specialty serving platters, dinnerware and table linens you don’t use daily.

If you don’t have the time or space to install something permanent, consider finding something convertible that opens to reveal a workspace with charging stations, lighting and storage for your essential files. When the work day is over, close the doors and move your chair out of the way, and the dining room can be restored

for a relaxing family dinner with minimal hassle.

CREATE A HIDDEN LAUNDRY ROOM

Are you hoping to invest in a new laundry set up in your home?

If your bathroom has an empty cupboard or underused vanity it might be time to convert it into a multipurpose bathroom and laundry. Since bathrooms already have water running this room and the kitchen are the most accessible places to add stackable or side by side washers and dryers. If the room is big enough to accommodate both you can install bi-fold doors to create a separate ‘room’ for the appliances when they aren’t in use.

TRANSFORM A LARGE LAUNDRY AREA

If your home is blessed with a larger laundry area than you need, this may become

the perfect multipurpose space. We recommend assessing the site to determine if shelving, cabinetry or an island can be added. This can turn into a place for gift wrapping, odds and ends storage as well as laundry.

If you decide to add a table or island this can be perfect for not just gift wrapping but family craft projects, studying or working from home when you aren’t folding laundry.

From repurposing formal dining areas into workspaces to transforming bathrooms into hidden gems, the possibilities are endless. With a little imagination and some practical tips, anyone can create the perfect multipurpose room to fit their needs and make the most out of their home.