Want to increase the value of your property?
If you are considering selling property this spring, now is an excellent time to work on improving its appeal.
Of course you don’t have to be selling your home to benefit from a good spring clean either.
Tackling outstanding jobs and adding a few modern touches to your home will also help you relax and enjoy time at home when we head into the warmer months.
With these improvements adding extra value to your home, you may benefit from a higher price when you are ready to sell. Alternatively, you can re-draw against your increased equity to purchase an investment property or use the equity for other purposes.
Below are seven suggested ways you can potentially increase the value of your home or investment property beyond its typical market appreciation – ways that both a professional valuer and buyer can appreciate.
RP Data says, unless your property is newly-constructed, most properties can benefit from ma makeover. However, be careful not to over capitalize.
Relatively simple cosmetic changes to improve presentation can make a big difference in attracting potential buyers and achieving a good selling price.
1. Fix and improve the little things
Repairing defects is essential. Unless you are selling a “renovator’s delight” to the DIY market, homes in great condition are more appealing than those which come with a “to do” list of repairs. The small things can detract from the big picture.
Clear and obvious problems such as cracks in the walls, broken windows, peeling paint and uneven plasterwork should be repaired before making other more extensive changes.
A good exterior clean of your house and paved areas with a high pressure hose can also do wonders for your street appeal.
2. The money is in the bedroom
If you have the appetite for a major renovation or extension, expert advice that you’ll get the best return on your investment if you can add a bedroom.
Speak to your local agents before making major changes to find out the home features that are most sought after in your area (eg. Multiple bedrooms, landscaped outdoor space, media room/study, polished floorboards etc).
3. Improve your kitchen and bathroom
These are very important rooms to buyers but they show wear and tear and can be more obviously dated. Modern kitchens in particular are considered to be important selling points by agents.
If a major renovation is out of the question, update the look with new cupboard handles and replace tap fittings. You can even repaint floors and wall tiles, splash backs and cupboard doors. Maximizing the amount of open bench space improves kitchen appeal. Remove appliances from view and store off site, (along with non-essential items) to free up cupboard and pantry space.
4. Landscape the garden
While this may not be essential to every property (unit for example), industry experts have noticed that a well maintained and well presented garden can lead to improved value. Even without a professional landscaping job, a little work could improve perceptions of the property and pay off. De-clutter the garden to thin out overgrown areas, remove unsightly plants and add fresh mulch and some new flowering plants to enhance your street appeal.
5. Improve lighting
Bright, warm spaces are inviting to potential buyers. Brighten dark areas with paint or additional lights and replace old fashioned light fittings (and power points) with new modern ones. These don’t have to be expensive.
6. De-clutter
If you have lived in your home for more than 10 years, hire a skip bin and throughout or give away anything you don’t use or don’t want to pack and move to your next home. Remove and store unnecessary furniture and personal items to give your home a cleaner, designer look.
7. Other improvements
Repainting rooms in neutral colors is often worthwhile. Exterior painting can really lift street appeal.
Make a great first impression with a freshly painted entrance and new front door. Interior doors and handles can also be replaced easily to refresh the look of your home.
Old or dirty blinds or curtains should be washed or replaced and new carpet considered if you can afford it.