One way to get ahead in property is to add value
Get ahead of the game by using some of these great add value ideas.
You’ve all heard that well-known saying, “All the world’s a stage.” When it comes to residential sales and increasing the value in a property, every house is a stage as well.
While it’s true, you can’t control the Australian real estate market or buyer demand, you can add value to a property and control how potential buyers see a house through smart renovations. Of course, you can add a granny flat or extra bedroom to increase the value of a property. However, renovations don’t necessarily have to be complicated or expensive.
With a little cash and sweat equity, you can boost your property’s value without breaking the bank. The following ten ideas give you a lot of bang for your buck:
Make a Good First Impression
Spiff up the entrance of a residence and you’ll send the message that the property is up-to-date and well-maintained. Paint the front door, put up new stylish street numbers, power wash the driveway, and replace the mailbox if needed. Tidy the garden, trim shrubs, fix fences, remove debris, and plant some flowers. Potted plants by the front door or along the walkway add a nice touch.
Open Up Spaces
By eliminating a non-structural wall and opening up the living space, you can create a sense of flow and transform the look and feel of a house. Today’s buyers want big spaces and an open floor plan with the living room or great room directly off the kitchen. Sometimes this change can be made for under a $1000 resulting in huge benefits.
Don’t Overlook Repairs and Maintenance
Okay, maybe fixing the roof, repairing plumbing leaks, or replacing windows isn’t very glamorous or exciting, but these kinds of repairs can substantially increase the value of a residence. Spending a couple hundred dollars could easily increase the value of your house by a few thousand dollars. Repairing a property is not only a smart investment but can also be essential to making a sale. Houses that get attention in this market are in pristine condition.
Replace or Restore Flooring
A whopping 94% of real estate pros recommend spending some money on flooring. If you need to replace the entire floor, try calling carpet and flooring retailers and ask whether they are selling any discount or end-of-the-line inventory to save money. However, sometimes you can simply make inexpensive repairs to flooring and substantially increase the value of a property. Replacing broken tiles, cleaning dirty carpets, or buffing and polishing hardwood floors can make a big impact. Or, if a vinyl floor is a horrific color or damaged, replace it with some vinyl stick-on squares in a light color.
You don’t have to go wild here, agents say. Just replace anything damaged, dated, or distracting. Unless your house is priced in the upper end of the market, spending $100 or less should do the job. Another inexpensive trick: replace light bulbs in darker rooms with a higher wattage to better show a property.
Easy Bath Upgrading
Modernising a bathroom is a sure way to add value to a property. Although major renovations are expensive, some improvements won’t cost a lot. Replacing a toilet, sink, tapware, doorknobs, and cabinet pulls can instantly update a bathroom. Even simply cleaning the grout, removing rust stains, replacing the toilet seat, or applying fresh caulk can make a tired bathroom feel revitalized. Try spray-on tile paint on ugly existing tiles and a grout pen to paint over discolored grout. If nothing else, replace an old musty shower curtain with a new fabric one and buy an attractive set of decorative towels.
Paint Walls a Neutral Colour
An oldie but a goody, painting is still one of the quickest and simplest ways to transform a property without breaking the budget. Concentrate on the most important rooms in the house – the living room, kitchen, along with the master bedroom and bathroom – to pay the biggest dividends. Take your personal taste out of the equation and stick with universally appealing neutral colors. To save money on labor, perhaps you can bribe friends and family to help you with beer and a barbeque.
Modernise the Kitchen
The kitchen is the single most important room in the house. Replacing, refacing, refinishing, or painting cabinets is a wise investment that will pay off in dividends. Countertops are fairly easy to replace and also make a big impression. Consider replacing old kitchen appliances to instantly modernize the décor and appeal to buyers who want to purchase a more efficient home. Updated lighting, shiny new tapware, or a colorful backsplash will modernize the space and add personality.
Liven up the Landscaping
Landscaping can offer a big return on your investment. Prune shrubs and small trees, trim hedges, and glam up a dull yard with lots of bright flowers. Adding a deck, patio, or terrace is a great investment that can make a big difference in a property’s value. Outdoor living spaces have become increasingly popular so create the ideal retreat with plenty of room for seating and an outdoor kitchen.
Add a Home Office
With more people working at home, offices aren’t a luxury anymore, but a necessity. Turn an unused den or a small room into an inviting work sanctuary with a fresh coat of paint and built-in shelving, and you’re sure to reap the rewards.
Try these clever updates to spruce up your property and increase the value without putting yourself in the poorhouse. In general, spend between 6 and 10 percent of the total home value to get fair returns. Remember, even small renovations can pack a punch and increase the value of a property.