Increasing the value of your home is a great way to get ahead, whether your goal is to sell your property for a great price or to build equity in your home. There are many ways to add value to a property, but it’s important that you don’t spend more than you could potentially recoup.
Generally speaking, improving key areas of your home is a fantastic way to increase the value of your property. Not all renovations are created equal, however. Do your market research on what features are going to get you the best return on investment and talk to your local real estate agent about trending designs. In many cases, it’s not the luxury features that will impress buyers - it’s the simple yet smart upgrades across your property that will get you the most bang for your buck.
5 small ways to add more value to your home
Before investing time and money into a project that may not bring the expected reward, try starting small. Little improvements can make a big difference to the overall presentation of your home.
1. Add a fresh coat of paint
Old, faded and cracked paint can make a house appear dull and older than it really is. By applying a fresh coat of paint you can effectively brighten up the home and make it look fresh again. Choose a trendy paint colour or texture that will add a modern touch to your walls.
Outdated, damaged, and dull floors again have a big impact on your home’s perceived age. Cleaning, buffing, polishing, sanding, and refinishing can breathe new life into old timber floors, and replacing the carpet, tiles or laminate flooring is a relatively inexpensive way to modernise a space.
3. Get in the garden
Having a good clean-up of your green space and adding some new vegetation can add significant value to your home. During the pandemic, homeowners have spent more time than ever enjoying their own backyard, and those who have put the time and effort in are now reaping rich rewards. Features like solar lighting, ponds, and fountains can add interest to a boring garden, and a well-planned, segmented garden can add instant street appeal along with a healthy lawn.
4. Deck your outdoors
By introducing new decking you can increase the liveable area of your home without having to undergo a full home renovation. Enhancing a family’s quality of life by giving them a designated living space outdoors to socialise, dine or relax is a great way to boost value.
5. Repair the roof
Most buyers are looking for a home that doesn’t come with significant work and when you have a tired-looking roof it’s an eye-sore and concern for potential buyers. Painting your roof can make it look almost brand new and replacing broken tiles or filling gaps won’t break the bank.
5 big ways to add more value to your home
If you’ve got the budget to support some big changes, there are certain areas of the home that can greatly improve the overall value of your home. The key is to focus on the areas of the home used most.
1. Modernise your kitchen
Kitchens sell houses and having an up-to-date modern kitchen gives life to the hub of the home. If you can only afford to tackle one big project in the house, the kitchen is the place to do it. Updating the kitchen can be as simple as giving your cabinetry a lick of paint, but if you really want a good return on your investment, consider the layout, modern appliances, and luxury elements like quartz or marble worktops.
2. Update the bathroom
People these days want their bathrooms to be a place of luxury - somewhere to relax and unwind in an almost spa-like home experience. A new bathroom suite isn’t always necessary, but ripping a whole suit out and starting afresh can be a wow-factor people are looking for.
3. Add a granny flat
To make the most of your lot without changing your existing property, consider adding a granny flat. This gets the buyer thinking about possible opportunities - extra income, a designer’s dream studio, a guest house, a kid’s rumpus room…? Getting people to envision how they will use your home helps you to ensure buyers gain attachment to your property.
4. Make use of natural light
Investing in a sunroom brings the outdoors in and makes the most of natural light while expanding your home’s square footage. Add some comfy couches and relaxing decor and your buyers will already be picturing themselves with the sun on their skin. Other ways to increase natural light include installing skylights in your ceiling.
5. Increase your bedrooms
An extension to your home that allows for another bedroom can add real value but it does come at a cost. If you don’t have the budget, think cleverly about your existing space. Repurpose an unused formal dining room or rejig the internal layout by reducing the size of one or two rooms and installing new walls. Get creative and turn a 3-bedroom home into a 4-bedroom home.
Working to your budget
From kitchens to bathrooms and every room in between there is an opportunity to modernise your home and increase its value. Think about the smaller and bigger variations that you want from a home and chances are that buyers are looking for the same. Renovating is no easy feat so don't overthink it. Be strategic in the work you do with profit in mind and work within your budget.