Adding resale value to your property
If you are considering selling or leasing your property, it may surprise you to know that there are many ways to increase the resale value of your home, without breaking the bank.
Never Underestimate the Lure of Fresh Paint
If you are looking to sell or lease your home and wish to add instant value at minimal cost, one of the easiest, and most cost-effective ways to give your place an instant facelift is to add a fresh lick of paint. Rip down any old wallpaper which dates your house and paint all walls, skirting boards, architraves and cornices to immediately enhance the look of your home. When painting, it is a good idea to opt for neutral colours such as beige, cream or pewter. This way, you will be able to entice a wider range of buyers by marketing the property as a blank canvas. If you wish to be super savvy with the cash, consider tackling the paint job yourself.
Breathe Life into the Kitchen
As you may know, the kitchen is the heart of the home, and thus, can have a dramatic impact on a buyer’s attraction to a property. Because of this, investing in your kitchen could result in a large profit at the point of sale. On average, a complete renovation of your kitchen will set you back between $20,000 and $50,000 depending on the materials and finishes that you choose. If you feel nervous about spending this amount of money, there are other options available to you. You can drastically modernise your kitchen aesthetic by simply replacing old benchtops, taps and cupboard handles as well as painting walls and cupboard doors. Upgrading your electrical appliances may also entice buyers.
Create Exterior Charm
A lot of the time, when people think about a modern exterior, they think of render. Whilst it may look nice, it is important to consider whether it is actually worth your while. To render an entire house would cost between $10,000 and $20,000, which is a significant sum, especially considering that it may only add to the value of the property a fraction of this cost. If you are desperate to hide an ugly brick exterior, painting straight onto the brick can instantly lift the look of your house for a fraction of the cost of rendering, particularly if you are willing to tackle the project yourself. Again, opt for neutral colours. If you are particularly short on cash, simply repaint timber windows and fascia boards for an instant exterior makeover.
Consider a Means of Passive Income.
Building a granny flat on your property is an innovative and relatively cost-effective method to increase the resale value of your house. On average, a granny flat can cost anywhere between $50,000 and $100,000 to build and furnish. Now, you may think this sounds like a lot of money, but there is a way to make it worth your while. If you do not wish to sell your property in the immediate future you could consider renting out your granny flat to offset some of the initial building costs. When you are ready to sell your property, your granny flat can be marketed as a means of passive income for potential buyers which will dramatically increase the resale value of your property.
Be Careful Not to Overcapitalise
Before you go diving into a full-scale renovation, it is important that you consider your target market as well as the nature of the market in which you are trying to sell. Simply researching the type of buyers looking in your area could guide you towards the right renovation decisions and prevent you from wasting money. Does your potential buyer want a green back garden for their kids to play in? Would they pay more for a house with an en suite and walk-in robe in the master bedroom?
Be careful not to overcapitalise your property. Do your research and find out what the average market price for a similar property in your area is and try to stay within a reasonable distance of these parameters.