05 Jan Increase the Value of your Home on a Budget
7 Tips from a Professional Real Estate Valuer
Getting a home ready for resale doesn’t need to cost a fortune. However, investing in some basic renovations can determine how much you will get back in the long run – for every $1 spent, you may get back $2 or even up to $4 back in value. Changing small details inside and outside your house can not only alter the look, but can also transform the ‘feel’ for potential buyers. Ultimately, growing the value will increase the equity in the home, in turn maximising the sale price. Small changes can be particularly useful when selling an old property or deceased estate, increasing the return to multiple beneficiaries.
Increasing the value of a home for pre-sale purposes can be an overwhelming process. Following these tips from our professional property valuers, you will get the most value out of your home:
Cover the cleanliness basics
What does the house look like when you walk through the front door? What does it smell like? Does it feel welcoming or stale? When someone’s been living in the same home for an extended period of time, the small imperfections can go unnoticed. This is especially true if you don’t often have the time to thoroughly clean your home in the midst of working, raising a family and trying to maintain a social life. When giving your home a deep clean focus on the aspects that often get missed in a routine clean:
- Wash the exterior walls, paths and driveways
- Clean the front doors and windows
- Wipe any dirty marks off the interior walls
- Get the carpets professionally cleaned and deodorised, especially if you have pets or smoke inside
- Clean curtains and blinds
- Get rid of lime scale and mould in the bathroom
Replace and revamp
Have a rusty sink that makes you shudder with frustration every time you use it? Now is the time to replace all those small features that contribute to the overall look and functionality of the home. Skirting boards, fittings, power points and light switches can revamp the overall feel, taking your home from lacklustre to luxurious. Bathrooms and kitchens offer the highest returns on your renovation investment; make those areas a priority in your house when replacing any dated features. This can include replacing dated kitchen benchtops, splashbacks, tapware, handles and painting the existing kitchen cupboards with a more neutral and fresh look.
Update the flooring
When renovating a house, it’s crucial that you update any facets of the house that have been neglected over time. Often this neglect can result in ugly, worn or stained flooring. Now is the time to rip up old carpet, polish the floor boards or get new floor coverings.
Bathrooms put money in your pocket
If the bathroom has fared well for its age but the tiles are green or blue, apply a resurfacing neutral paint over the old dated tiles to freshen it up. Re-grout the bathroom, respray the bathtub, get a new vanity, a centrepiece mirror and replace the old shower screen. Budget your bathroom based on the neighbourhood and broader suburb in order to avoid overcapitalising.
A coat of paint goes a long way
Changing or giving your existing house colour a fresh lick of paint is one of the greatest changes you can make for maximising the value of your property. Not only will it get rid of any grubby marks, but it will completely transform the feel. If you’re on a budget and doing the job yourself, make sure you prepare the home properly and avoid taking shortcuts (despite how tempting it may be). Consider your colour palette and what will appeal to a potential buyer. If you’re going for a clean and fresh look to bring in a larger pool of buyers, consider opting for neutral toned paints or a bright white. If your limited funds permit, hire a painter to tackle any tricky spots like ceilings or window frames.
Open up the space with curtains
Light is an important factor to consider when selling a home. Any potential buyer will choose to live in a home that feels bright and open, rather than dark, cold and lifeless. Replace any dull or dark curtains that don’t add life to the room. Go for curtains or blinds that have neutral tones which will create an open feeling in the house.
Create street appeal (while making the neighbours jealous!)
Curb appeal is a critical element for any buyer. After all, it is the first part of your home they will see when they arrive. Start by assessing your front yard and see what you can accomplish immediately. Ensure your lawn is mowed and green, the edges are tidy and the weeds are pulled. If you are lacking greenery, visit your local nursery to find mature hedges or plants. There’s no need to go too crazy with the variety of plants; a couple of species will make a difference while being budget-friendly.
Outdoor areas for an Aussie summer
We spend a lot of time outside in Australia. Having a functional and inviting outdoor area is important when we unwind and entertain. Repainting the existing pergola, adding new roof sheeting or pulling down and replacing the old pergola (if beyond repair) are all ways to create instant equity. If you shop around you can get a decent pergola for around $15K, which may add double that when valuing the house.
Increasing the value of your home can be an overwhelming process. Following these tips from our professional property valuers will ensure the process will generate a higher re-sale value, in a manageable budget conscious way.
Blanco Property Group valuers are fully licensed and certified within Australia. We offer independent advice on your property’s current market value as well as practical and achievable tips on getting your home ready for pre-sale purposes. Get in touch with our friendly team today, if you need any advice on increasing your home’s value before listing on the market.