Learn about events, happenings and more
Ways to Increase Property Value
Thursday, 14 June 2018 | Mike Leano
How do you increase property value? It's a question commonly asked by those who plan on selling their home. What does it take to add more to the selling price?
There are several key home improvements to invest in. To make the most of your available funds, here are the ones you should focus on.
Improve the kerb appeal
The term "kerb appeal" refers to how attractive a house looks when seen from the street. This usually covers the front of a property, the mailbox, porch, yard, and the street itself.
Naturally, houses with higher kerb appeal demand a higher selling price. Some ways you can improve kerb appeal include:
- Repainting the exterior. It's the most cost-effective way to update the property, enhance the kerb appeal, and increase the house's value.
- Adding outdoor lighting makes your house look more appealing, especially at night. It also adds to the property's overall security.
- Fixing up the mailbox. Cleaning it up and giving it a fresh coat of paint should help. If the mailbox seems too dingy, replace it with a new one that matches your home's look.
- Putting together a container garden - a type of garden where all plants are placed in a container. This is certainly faster than creating one from scratch.
Update the bathroom and kitchen
Consider the following:
- The kitchen is the most important room in the home. It's where meals are cooked; and over the past couple of decades, they've evolved into living spaces where families gather and guests are entertained.
- The bathroom is where people freshen up. It may not be the first thing potential buyers see, but its condition plays a huge role on whether a sale will push through.
Thus, updating the kitchen and bathroom should be two of your top priorities if you want to increase your home's property value.
Tip: You don't need to spend a fortune to refresh these rooms (see: 7 Easy Ideas for a Budget Bathroom Makeover). For instance, small updates like a new splashback and/or additional lighting can go a long way.
To get the most out of your kitchen and bathroom modernisation efforts, aim for a timeless style so that it won't get outdated when new trends arrive.
Add a bedroom
Properties are usually valued two ways: area size and number of bedrooms. You can't really increase area size (unless you buy the adjacent lot) but given enough space, you can add a bedroom. There's a noteworthy increase in value if a property has more bedrooms, but this shouldn't come at the expense of other key rooms like the kitchen and living room.
So if a three-bedroom house with a regular-sized kitchen were to convert to a four-bedroom house with a tiny kitchen, it won't really enjoy a considerably higher property valuation.
Make an outdoor entertaining area
Aussies love pool parties, barbecues and entertaining outdoors, which is why having this kind of space on your yard will significantly increase your home's property value.
Of course, you'll need to take into account:
- How you'll use the space (e.g. is it for casual get-togethers or formal evening parties?), and;
- The property's design and layout, specifically which rooms will connect to the outdoor entertaining area.
Bear in mind that adding this space can cost upwards of $10,000 (to even $50,000). Totally worth it, though, given the returns.
Build a granny flat
For the uninitiated, a granny flat is a connected or self-contained part of a house. The room is named such because it's an increasingly popular way to accommodate elderly relatives.
Interestingly though, granny flats can also be used in different ways, including:
- A home office.
- A guest room.
- A rental bedroom for extra income.
As a result, building a granny flat will add considerable value to a property.
Need more ideas for your home renovation projects? Check out our online auctions for even more options. We provides all buyers layers of protection, so you can bid with confidence.
If you want to sell your household goods, you can use ALLBIDS to maximise your return, minus the hassle. Get in touch with us today via phone, chat or email to find out how.