Photographer: Alan Jensen
If you own a property, chances are you’re hoping it will one day be worth more than you paid for it. While much about a property’s value relies on location, population growth, infrastructure and the mercy of a fluctuating market, many aspects within your control can make it more attractive to buyers and increase your home’s value.
Often the smallest changes have the biggest impact, so don’t feel as though you have to undertake a full-scale renovation to make a return. When renovating for profit it’s essential to avoid overcapitalising.
Here, we run through ten affordable tasks you can do to make your home more appealing to buyers as well as increase its value.
How to increase the value of your home
1. Give your home a new coat of paint
A new coat of paint is the easiest and most cost-effective way to refresh the look of your home while boosting value. Decide whether you want to redo the whole house, focus on a couple of rooms, or perhaps a feature wall.
Painting the exterior of your home in a trending colour is a great way to catch the attention of potential buyers. This will add both street and market appeal, and add value to the property. Look for inspiration in Your Home and Garden and social media and consider which new colour would best suit your home and surroundings. This guide on the latest exterior house paint trends will also be helpful.
As for the colour, it’s been said that ivory is the one colour that will add value to your home. Shop your favourite Resene Test Pots here.
2. Increase storage space
Unless you’re converting to hardcore minimalism, zero storage space will be a massive shortfall for potential buyers.
Think open shelves in the kitchen, bathroom and laundry, Additionally, installing hooks on the back of doors is another simple convenience that’s often overlooked.
3. Improve the outdoor area
An outdoor space is perfect for entertaining and will increase the desirability of your home.
While shade and shelter are essential, fire pits have also become a popular addition to many backyards.
4. Install a heat pump and make sure appliances are up-to-date
Ensuring the home is warm and dry throughout the year will help add value to your home.
Also, make sure appliances are up-to-date as this will help your existing home compete with new builds on the market.
5. Consider simple swaps
It’s possible to create a whole new bathroom look without renovating. Small, but modern updates (such as replacing handles and tapware) are simple ways to elevate the appearance of this room.
If tiles look old or grubby, consider a flick of paint. Replacing an older vanity would also make a remarkable difference to the feel of the room.
6. Street appeal
How your home looks from the street influences desirability. Adding a fence can be expensive but won’t necessarily increase the value of your home. However, it would be worth fixing and painting any existing fences around the property.
Additionally, replacing or painting your front door a different colour will boost your curb aesthetic for little cost.
7. Stage it right
Don’t underestimate the results on buyers of making your home look as though it’s ready to move into – new fresh pillows and linen on beds, clutter-free cupboards and surfaces and all rooms sparkling clean and ready to go won’t put off those not willing to exert themselves towards a makeover as soon as they move in
Essentially, staging your home for sale is all about selling the idea of life there to prospective buyers. Perhaps people can look past a little dodgy paintwork and a few easy fixes, but if you do the work for them, they’ll focus instead on the possibilities of a life to be enjoyed in your home.
8. Build a granny flat
It’s becoming more common for generations of families to live together and split the cost of living.
If you have space, adding a granny flat to your property can increase the overall value as long as it’s done right. They’re also a great way to generate an income to help pay off that mortgage.
9. Décor and interior design
Adding things like cushions, rugs and throws can make a big difference to the look and feel of your home. Update lampshades and consider some artwork.
If you are selling your home, potential buyers need to be able to see the space as somewhere they could potentially live.
10. Walk through with a real estate agent
Much like styling, inviting a local real estate agent into your home can help to define exactly what will and won’t add enough value to make it worth doing.
Walk through the property with the agent and ask them exactly what they would recommend. They see things through the eyes of a buyer and can make recommendations about finishes, how to add privacy, walls to remove, areas to upgrade and more. You can ask them exactly how much value it could add as they will have comparable properties to use as a reference.
Related Articles:
- How to refresh your home without spending a dime
- 11 ways to make your home feel more luxurious
- How to spring clean your home
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