Owning your own home is still a very real dream for most Australians. Historically, when people have purchased a home, it can reasonably be expected that its value will increase over time. Sometimes, as we’ve seen over the last 12 months, that increase can be dramatic.
Whether you’re looking to stay in your home for a while, or would eventually like to sell it and move on, keeping your home well maintained and looking good will ultimately ensure the value of the home is increased when it is time to put it on the market. It also helps to boost the value of all the other homes in your street, especially when your neighbours have the same mindset in keeping their homes presentable.
Whilst your home’s value relies on the real estate market, location, demographics and infrastructure, there are plenty of things you can do to your own home to increase its value. We’ve picked our top five:
Tip #1 – Spruce up your Home’s Curb Appeal
First impressions count so it’s important for the external elements of your home to look clean, tidy, well maintained and basically, ‘loved’.
Depending on the size of your property and how much time you have, you might want to call in some expert help as cleaning your home’s roof, gutters, walls, windows, awnings, garden sheds, paths and outdoor entertainment areas can be a huge undertaking.
When tackling your garden, you may also want to seek advice from a landscaper who will be able to guide you in what plants to remove, keep and prune (or replace), fencing, lawns, lighting and overall garden appearance.
If you’re up to do it all yourself, make sure you do your research and invest in a good quality gurney, a sturdy ladder, necessary gardening equipment and safety gear (for getting on your roof).
While you’re at it, take note of any repairs or downpipes, tiles or pavers that might need replacing. Remove any rusty or outdated awnings as these will only make your home look shabby. Have a think about whether your home needs them replaced. If so, choose wisely to ensure your home has curb appeal.
Tip #2 – Repaint and Redress
The easiest and most cost-effective way to add value to your home is to repaint your entire house, inside and out.
Give thought to your front door as this is the first thing your guests and potential buyers see as they enter your home. Choose the paint colour for your front door wisely. Add plants and flowers around your door, replace the hardware if needed and change-up the welcome mat.
Newly painted rooms provide an amazing feeling of cleanliness and newness. Be careful with accent or dark colours, especially in small rooms. Warm white or neutral colours will not only make your home bright and welcoming, they will make rooms look larger.
Replace scraggy carpet with either new carpet or, for a longer-lasting, easy-to-maintain option, go for tiles or a hard-wearing timber-look floor. Interestingly, hard flooring can also make rooms appear larger.
New blinds or curtains brighten any house. Make sure you employ a knowledgeable, helpful blinds and curtains contractor who can recommend the right window furnishings that look great for your home.
Tip #3 – Supersize your Storage
A decluttered house feels like a more spacious, warm home. Plenty of storage is not just a big plus for home buyers, it’s where you can put away all your belongings while you’ve got your property on the market.
Built-in wardrobes, simple shelving, transforming space under staircases into cupboards or adding a garden shed can all provide attractive storage options for potential buyers.
Linen cupboards are popular ‘must-haves’ but they can get jammed with towels and sheets so make sure the doors can be easily opened and your shelves look neat and tidy. These built-in cupboards are often the ones that buyers want to peek in to check their quality and depth.
Tip #4 – Build a Granny Flat
According to CoreLogic, a granny flat can boost home values by 30 percent, and add roughly 27% to rental income. So there’s no surprise that by transforming an external building into a granny flat, or building an addition to your home, can often seal a deal.
Of course, you could dress your granny flat or extension up as an office, art studio or rumpus room but ultimately, an extra room that serves as a ‘tiny home’ will be considered a winner.
Depending on your budget and the amount of space you have, your granny flat could be a studio design, or it could feature one or two bedrooms, but it must have a fully functional kitchen and bathroom.
If you’re heading down the path of building a granny flat, make sure you contact your local Council and ensure any building or extension is built within the legal requirements of your area and passed. Many sale contracts have fallen through due to proper building approvals not being in place.
If you’re planning to allow your agent to advertise the granny flat as an Air BnB or other potential rental income, it will be wise to ensure this is permissible also as sometimes there could be requirements for extra parking or so on.
Tip #5 – Install ‘Now’ Wiring & Security
If your property is a bit dated, it probably isn’t wired for ‘now’. With more people needing to work from home, buyers look for plenty of electrical outlets, satellite, phone and fast internet connection plugs.
Security lighting, a remote garage and alarm and/or camera setups can be attractive additions to your property (if you don’t already have them), as can be security doors, locks and windows. Legislation on fire alarms has changed so these also need to be considered.
Make sure you employ an electrician who specialises in these areas, will advise you correctly, and install good, cost-effective systems.
There are plenty of other ways to add value to your home too. What have you done to increase the value of your property? We’d love you to share!