Ways to Add Value to your Property
This week we were contacted by some of our clients seeking our advice on the best way to renovate a property for the best return without overspending.
One was asking from the point of view of re-sale value in the future and the other was from a property owner who is considering renting out their house and was asking about what to do to maximise the rental return and attract the best tenant.
It is a pretty common question asked by property owners and the answers will vary depending on the type of property, the age of it, what budget is available for upgrades etc.
A general rule is that you add more value than you spend on the things that can be seen (cosmetics such as paint, kitchen, bathroom, look of the property) and you spend more money than you add in value when you work on things that are unseen (restumping, structural work, electrics for example).
One of the best ways to increase the value of your property is to make it appeal to the largest amount of people possible. The more people that want your property and the higher the demand for your property the higher the price or rent.
Your market will depend on two things, firstly your area and secondly on the type of property you own. Our agents are always happy to advise on what people are looking for in your type of property.
Then use that information to give buyers what they want. If they want a backyard then don’t pave your entire backyard to make a courtyard. If they want open plan living then don’t box in all the different living rooms, open it up. If they want a bath, then don’t only have a shower. If they want a 4 bedroom house not a 3 bedroom house, then find out if you can add an extra bedroom and do it.
Give buyers what they want, and they will be more than happy to pay for it.
One of the best ways to appeal to buyers is to go neutral with your colour scheme and decorating choices. You want your potential buyers to imagine themselves living in your property as it is. Bold colours may put off the buyers and stop them imaging themselves in your property and that will make them not want to buy.
If your home is structurally sound and well-looked after, you should be able to get away with a few easy updates, a fresh coat of paint and some garden maintenance.
Not only will these home updates make your property more appealing to potential buyers or tenants, but they will also most likely increase the value of your home in the long term as well.
While every home is different, there are some simple ways to update and add value to your home without spending a fortune. You can pick and choose what applies to your property, circumstances and budget.
First impressions count more than you know. You want to make people want to own your house before they have even seen the inside and you can do this by creating great street appeal. Good street appeal gets the buyers into the house and it gets them excited about living inside your house, even before they see what the inside looks like.
It is then the job of the internal appeal of your house to grab the potential buyers, pull on their heart strings, evoke an emotional attachment and encourage them to envision themselves already living in your property.
REFRESH WITH PAINT
Refreshing the exterior of your property with a modern lick of paint can broaden your market and you can appeal to more buyers. It isn’t too expensive and can be done with some help and hard work. It will make your property look more valuable than before. (TIP: The industrial paint spray guns will save you hours of work.)
Painting the interior of your house can lift the mood of your home and it’s inexpensive if you’re willing to do the work. If your budget allows tackle walls yourself and get professionals in to do the ceilings, as these can be hard going on the neck.
You might be able to get away with giving skirting boards, doors and window and door frames a good clean with sugar soap or a natural alternative such as washing soda.
If you’re taking the DIY approach, tackle one room at a time. Choose a warm, dry day to start, move all of your furniture into the middle of the room and do the first coat in the morning. As most paint needs only a few hours between coats, you can do the second later in the day and have the room finished by the evening.
Bigger rooms will take more time of course, but the one-room-at-a-time method limits disruption.
REVAMP THE ENTRANCE
First impressions count, particularly if you’re about to put your house on the market.
By painting the front door in a strong colour, such as red or blue, updating doorway furniture and the entrance mat, you’re sending a message that your home is up-to-date and well maintained before anyone even crosses the threshold.
Give the area around the entrance the once-over by cleaning the path, removing cobwebs and trimming plants. Check the letterbox isn’t shabby and fix any loose pavers or fence palings.
LOOK DOWN AT THE FLOOR
Old, dirty, tattered carpet or floorboards draws the buyer’s attention to the fact that the property hasn’t been well looked after. This puts the buyer in the “what else is wrong” mindset.
You don’t want your buyers thinking about the things that drive the value of the property down. You want them to be thinking of the things that makes your property valuable.
Fresh flooring will help to put the buyer in the right mindset. It will make them feel like “This house is clean and inviting, what else about this house do I like?” This mindset can make a huge difference to the final sale price of your property.
There are so many carpet and flooring choices available for all budgets that choosing something that is clean and modern should be simple process. The outlay of cost will be well worth it.
RETHINK WINDOW TREATMENTS
Updating your window treatments is an effective way to transform your home’s style. With so many options now available, there is a value-adding solution for every room of the house.
Whether you’re contemplating curtains, blinds or shutters – or considering awnings and smart motorisation – there are many options to ensure your home’s exact needs are met.
To add extra warmth and style, use shutters or venetians. Or if you’re looking to add a luxe finish to rooms, opt for a timeless blockout curtain in a rich fabric. Window treatments aren’t something we change often in the lifetime of the house, so selecting quality, timeless styles is a must.
Many companies who sell blinds and curtains may also offer a free in-home consultation, meaning you’ll be able to get professional advice on what works for each room in your home before spending any cash. It’s a smart solution if you’re lacking a little inspiration and need a professional’s help to take measurements. Also, they may also offer outdoor blinds, awning and shutters for external improvements.
CONSIDER THE KITCHEN
Sometimes making one major change or a few minor changes in the kitchen is enough to lift the whole room, so if you don’t want to do a whole kitchen reno, cast an objective eye over the kitchen and look for ways to inject some personality into the room without going over the top.
Some things you can do to revitalize your kitchen without the cost of a major renovation are:
Paint or Replace the Cupboard Doors – It doesn’t cost much to simply keep the cupboards but completely replace the doors with new modern doors. You can also paint the doors if you don’t want to replace them. They now have paint that can go over the shiniest of laminates.
New Modern Handles – This is to go with your new paint job. Get new modern handles for all your doors and draws. Have a look in the design magazines or on the kitchen design blogs and see what is in fashion and follow that trend.
New Bench Top – You don’t have to rip out your kitchen bench to make it look brand new. There are now companies that can replace almost any kitchen top with a granite bench top. They simply put it straight over the top of your current bench top. It’s not a cheap update but it makes your kitchen look brand new.
New Tap Fittings – New taps fittings are only worth a couple of hundred dollars, but they can significantly increase the look of your kitchen. Old, broken, mouldy tap fittings will make your kitchen look old. It is usually worth the small cost to upgrade these items.
Upgrade Electricals – If you have a stove top and oven that is over 20 years old and is clearly showing its age then it may be time to replace it. If it stands out like a sore thumb it is time to replace it with something that blends into your new modern style kitchen. This is more an area of the old will reduce value, rather than the new will increase value, so don’t go overboard.
Replace an Outdated Splashback – Glass splashbacks are always a popular choice but, at about half the price, acrylic is a cheaper alternative. There’s a great colour range on the market as well as clear options so you can personalise your selection. The only limitation is that acrylics can’t be used directly behind stoves. Tiles are another good option as a stylish option for a splashback and offer plenty of range to choose something neutral that looks clean and modern and fits in with the kitchen.
BATHROOM & LAUNDRY APPEAL
If the bathroom is in good shape but just in need of a little updating, look at the taps. By fitting new, good-looking, matching taps, or taps that link aesthetically, you’re bringing a sense of cohesion to the house. Good taps also suggest good plumbing.
An old vanity or toilet can age an otherwise impressive bathroom. A simple replacement can give the entire space a quick lift.
Newer vanity and basin styles – freestanding, organic shaped, statement coloured – can turn a tired bathroom into something more modern, while a fresh toilet gives the impression of cleanliness.
Adding new modern handles to the existing vanity and putting up new modern towel racks in the bathroom are quick ways to refresh a tired space. Paint the walls white for a clean feel.
Consider a new tub, taps and fresh paint in the laundry for a quick and inexpensive update as well. Add some shelves or a drying rack if there’s room for practicality and function.
GROOM THE GARDEN
Gardening may not be your passion, and it may not even be the passion of your potential buyer, but a beautiful garden will complement the house. The front garden contributes to the overall “look” of the house from the street so make it look tidy, taken care of and add plants that are trendy but that look low maintenance.
It can often be a good idea to add some colour to the back yard. You can buy cheap flowers and they can transform a backyard from a bleak dirt patch to an inviting oasis.
Get hold of a high-pressure hose and give paths and paintwork the once-over. Clean the barbecue and give outdoor furniture a scrub and, if needed, an oil.
LOOK UP AT THE ROOF
“A leaky roof costs a lot to fix.” This is what potential buyers will be thinking. Most buyers would prefer to buy a place that needs less work than a place that needs significant work.
If your roof shows rust or has huge gaps in the tiles then potential buyers will be aware of this and they may assume that the roof needs serious work, and then may steer away from your property or lower the price they are willing to pay.
Painting your roof can make it look almost brand new and replacing broken tiles will take away the eye sore and the concern of your buyers. This will help to increase the value or your property, or at least stop potential buyers from decreasing the value of it.
These are just some of the ways that your property can be updated to add value and increase its appeal to buyers or tenants. Our agents are always happy to chat and offer their advice and expertise based upon your personal circumstances and what you are hoping to achieve.
Sources:
https://onproperty.com.au/proven-ways-to-increase-value/
https://www.homestolove.com.au/10-ways-to-add-value-to-your-home-7867
