When you purchase a property, you can be naïve in thinking it will increase in value as the years go by.
But there are so many factors which can impact the fluctuation of house pricing. One of the main influences currently is the effect of COVID. Low interest rates and a desire for stability in lifestyle have been driving forces to a seller’s market.
In our experience, we’ve bought in a buyer’s market and sold on the cusp of a seller’s market.
Our first house did go up in value, but only because of demand for housing in Brisbane, which pushed the price of our little villa up.
We repainted, laid new carpet and put a roof on our patio when we first moved in which bumped the appeal of our villa a little bit when we went to sell.
If you’re wanting to increase the value of your home, here are some tips to consider if you decide to embark on an renovation.
1. Update the outdoor area
An easy way to increase the value of your home is to update the outdoor area. Add a patio or install an outdoor kitchen which will expand the livable space.
Aussies love to be outdoors not only on the weekends but also all year round. Expanding the roof line with a patio or pergola can ensure outdoor entertaining is possible in all seasons.
2. Increase storage
Storage adds value to a home as it helps a home owner keep their items organised and out of sight. Lack of storage can be a big turn off to home buyers. Consider installing walk-in-robes, built in wardrobes, open shelves and even hooks to expand storage options in the home. Look for pockets under the stairs to add storage drawers.
3. Install solar panels
Having solar panels installed can increase the value of a home. Even though you lose your rate of selling back to the grid when you sell your house, the new owners will appreciate a house that is energy efficient and allows them to produce their own solar credits.
4. Add a carport
Garages offer storage space for many family homes, so adding a carport can give a homeowner an alternate space to protect their car or boat. A carport can also cover cars for other family members if older kids are still living at home.
3. Create a vegetable patch
Sounds crazy right because don’t gardens require extra maintenance? However, in the last couple of years and with lockdowns due to COVID, having a vegetable garden can offer a hobby and opportunity of the home owner to grown their own food.
5. Renovate the bathroom
A bathroom renovation will not only instantly update the interior of the home, it will increase the value as bathrooms and kitchens are said to sell homes. A cosmetic update may be all that’s required to get the bathroom refreshed.
6. Modernize the kitchen with a reno
A complete kitchen renovation can make your home shine amongst the competition of other listings in the area. If the bones of the kitchen are in good condition, why not modernize with a few updates like changing the tapware or updating the cabinetry doors?
7. Add in an ensuite
An extra bathroom off the master bedroom is often a desirable space for parents to use and adds extra appeal for segregation in the house.
8. Improve the gardens
Gardens are the outdoor accessories to your house. It’s often the area that gives a good first impression to buyers and gives curbside appeal.
9. Install air-conditioning or temperature control
Add air-conditioning which can be reverse cycled for winter and summer.
10. Create an open plan space
It could be as simple as knocking down a wall. Just get a structural engineer to check that the wall you’re removing isn’t supporting your house.
11. Replace or paint the front door
It’s amazing how a new door can change the look of your house. It also gives a great first impression to buyers.
12. Add an in-ground pool
Lockdowns have driven a desire for homes with pools, although for some buyers, this isn’t a necessity.
If a pool is going to be of benefit to your family, it may be looked favourably to other families too.
13. Update the laundry space
A laundry that is both practical and functional will add value to your house. It can also double as a storage room if designed correctly.
14. Add a powder room
Powder rooms are another little space that offer value to a buyer, especially if they love to entertain and don’t want guests to be using the main bathroom. Alternatively they can be a second bathroom to use if the main bathroom is in use.
15. Install new flooring
New floors will always draw a buyer in. Think about the longevity in trend and style when choosing the right flooring. In older houses, timber flooring can be brought back to life, or you may like to retile or re-carpet the bedrooms for an instant update.
16. New paint both interior and exterior
A new paint job is one of the easiest transformations you can do to your home to increase it’s appeal.
An external paint job can lift the outdoor appearance of your home and painting internal walls can instantly refresh the interior.
Most of these tips can be done over time to your home as you live in it.
If you’re not planning an extension or renovation, simple cosmetic updates like painting and gardening can make a world of difference to your home.
