Adding value to a house
Wanting a great return on investment for your home? We look at the best ways to add value to your house in the Australian real estate market.
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A home is truly your castle and hopefully it's a castle whose value is increasing over time. If you're looking for the best ways to add value to your house then we've got six ways you can really maximise your home's potential value.
An established garden can make a big difference to the value of your home. If you don't have years to get plants established, try buying reasonably established potted plants or check your local community groups for people pulling out their established gardens. Roll up your sleeves and prepare to get your hands dirty, and you can boost your property value in a cinch.
If you have a large space and need to do a lot of digging, consider hiring a landscaper. But if you want to try your hand at gardening yourself, it can actually end up being both a value adding exercise and an enjoyable hobby.
Nothing helps to spruce up a house quicker than a fresh coat of paint. Before picking up the paintbrush start by giving all the skirting boards and door frames a good scrub with sugar soap.
Painting your house might sound fun but is pretty hard on your back and requires both patience and skill. Consider getting a professional to paint the house, or at least the tricky bits like the ceiling and architraves.
Making a bold colour statement with a brightly painted front door can give your whole facade a major facelift for the cost of a single tin of paint. Most paint companies offer a colour consultancy session for around $200.
Property valuation relies a lot on the aesthetic appeal of the property. Starting with small changes like updating cabinet and door handles can give you a decent impact on a moderate budget. Be sure to get handles similar in shape to your existing ones for an easy switch out (no putty or painting needed!).
Updating window furnishings can give your home a more modern look and boost your valuation with it. Many major blind companies will offer you a free in-home consultation so you can weigh up whether the investment is worth it for your circumstances.
Other small touches could include updating your light switches or your bathroom taps.
The kitchen is really the hub of the family home, so ensuring it is both functional and aesthetic is key. New appliances, modern custom cabinetry and beautiful benchtops can all dramatically increase your home's value.
Adding an ensuite or updating an existing bathroom is a great spot to splash cash. For the budget savvy, simply replacing a basin and tapware can inject a modern look. Buyers and owners alike are looking for modern and clean bathroom spaces.
The other big renovation would be to add an alfresco or outdoor living area.
If you are simply looking to add value, keep your renovations neutral and broad – too much personality and unique taste could result in a prospective buyer adding renovations into their purchase budget.
Cleaning up the kerb
You can increase the sales appeal of your home before anyone even steps inside by thinking about kerb appeal. Put simply, kerb appeal is how your home looks while standing outside on the street.
Keeping your facade in tip top shape could include:
- Checking for any broken gutters, chipped pavers or anything a prospective buyer or valuer can see is broken
- Keeping the front tidy and free from clutter
- Updating small features like outdoor lights, door handles or your front door mat
- Keeping a well manicured front garden
- Boost your street appeal with a sleek and modern mailbox, or modern house numbers visible from the street.
You can only make a first impression once, which is where property styling comes in. When preparing your home for sale, using a property stylist helps you sell for the best possible price. Styling allows a prospective buyer to be able to envision a property as a home and can net you an additional 7.5-12.5 per cent on your sale price, according to OpenAgent.
Small changes, such as updating all light fixtures or swapping out key furniture pieces like the dining table, can help give you a more modern look as well as helping create a flow through the property.
A property stylist is much more than simple furniture hire. A consultation with a property stylist can offer advice on decluttering, suggest paint colours and furniture that will suit the look and feel you're trying to create in your home.
How to cover the costs of renovation
There are many ways to tackle financing your renovation. Setting a budget at the outset can help guide you as to which method of funding your renovation will best suit your needs.
A construction loan pays your builder in instalments throughout the construction process. These loans can be a little more complicated and you will need a builder to submit plans to qualify. They are better suited to major and extensive renovations.
Home loan top-up
Line of credit home loan
By tapping into the equity in your home with a line of credit loan you can fund your renovation. A line of credit lets you borrow a flexible amount of money based on your renovation needs. You only pay interest on the money you actually spend. Just keep in mind that borrowing against your equity means that you might take longer to pay off your home, or you will lose some of the value of your property until you repay it.
For small renovations a personal loan could be a good option as you can receive funds relatively quickly. It can be secured by an asset like a vehicle or unsecured, although generally speaking, the interest rate is much higher than a mortgage product.
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