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5 Ways to Increase The Value of Your Home

Published on Thursday, September 05, 2019

5 Ways to Increase The Value of Your Home

(That don't break the bank)

Do you want to increase the value of your home?

There are plenty of small changes you can make to your house to give you the best chance of adding value on auction day.

The truth is, potential homebuyers today find homes that require lots of 'fixing up' less appealing and would rather go for a newer house.

The only exception to this would be buyers looking to ‘flip’ homes. Though these aren’t the people you want to sell your property too as they’re after the cheapest deal they can get.

Whether you’re looking to sell your home or simply want to implement some upgrades, going for simple renovations can give your home a valuable boost. You don’t even have to spend more than you can afford for these renovations.

Here are some of the simple renovations that add value to your home.

#1 - The Kitchen

The kitchen is often considered the heart of every home.

Therefore, it should always feel clean and organised, and most importantly, functional. A modern kitchen could see the value of your home go up by tens of thousands of dollars.

However, you need to be careful to ensure any renovations to the kitchen helps add value to your home and isn’t an unnecessary expense. An easy way to make your kitchen more modern is by replacing your tiling on your floor and other surfaces.

Custom house design experts All Image Architects have a simple tip if you're tight on your renovation budget. They explain "you can consider a simple kitchen makeover. By replacing any outdated appliances and fittings with new ones, giving your kitchen a fresh lick of paint, your kitchen can look brand new. Another quick way to freshen up your kitchen is to repaint cabinets and swap out the handles on drawers and door handles."

#2 - The Bathroom

How much time do you spend in the bathroom every day?

It’s where you go to get ready in the morning, take a break during Netflix shows, and prepare yourself for bed at night. While bathroom renovations are as expensive as kitchen renovations, bathroom renovations are one of the biggest factors in increasing market value.

This is because having a nice bathroom is important for many homeowners.

According to the family therapists at Thinking Families, having a home that you like is key to having a happy family, saying that “the majority of your time is spent at home. It is imperative that your it’s somewhere your entire family is comfortable. This means spending more for a place that your entire family can enjoy, is definitely worth the investment”.

You don’t necessarily have to re-floor or re-tile your bathroom floor. If needed, work with what you have and be sure to keep the existing plumbing outlets intact. This will save you thousands of dollars. Consider replacing shower fittings, taps, and the toilet with fashionable ones. Add new lighting fixtures or vanity to make the room seem larger than it is.

It would also be advisable to re-grout the tiles to give them a fresh shiny look and get rid of mould. Mould is very common in many bathrooms.

#3 - Apply A Fresh Lick Of Paint

Is your paint starting to peel, or discolour?

Having a fresh layer of paint can freshen up the look of a room. And it can be done in a day, with little amount invested. If done right, painting your home could give up to a $25,000 value bump.

Although most homeowners today prefer doing the paint job themselves, calling the professionals should provide a better-quality job. When you do it yourself, you run the risk of creating streaks and uneven surfaces.

This will need to be removed once a professional comes in and in the end will increase your amount spent. According to leading web designers, the psychological principles of colour are universal. They explain “like on a website, picking the right colour affects perception, first impressions and mood. For this reason you should pick a colour that makes you feel something. Not a colour that you like. Bright colours can cause anxiety, so if you’re looking to create an oasis of relaxation go with softer tones and colours. This could make a huge difference when time to sell.”

#4 - Create More Usable Space

Most local governments allow individuals to build granny flats with no planning permit required.

These types of flats are very popular with investment property buyers as well as those looking to create an additional income stream. You too could take advantage of this offer especially if living with elderly relatives or teenagers in need of space and privacy.

A granny flat can be a costly project. Be sure to research the current market rates, cost of materials, and building costs before taking on the venture. If granny flats don’t seem appealing or are too expensive for you, consider building a shed or a detached building.

The extra space created will come in handy for it can be converted into a she-shed, man-cave, or a garage. Check to see if this is permitted within your area. According to the career coaches at Open For Life, having different zones for different things is a good way to boost productivity, noting that “having a separate workplace greatly boosts productivity. For people that do a lot of work at home, which is exponentially increasing in the modern age, having external areas to their home is very valuable.”

#5 - Take Advantage Of The Outdoor Space

Think gardens and outdoor amenities.

How much better does it feel when you step into a backyard and you’re greeted with beautiful flowers and plants? Now compare that to stepping into an unkempt backyard that makes you want to wipe your shoes and step back inside.

The counsellors at Living Consciously have found that grounding yourself in natural environments can greatly decrease stress, they note that “people who work highly stressful jobs really value outdoor spaces. Investing the money to have a sanctuary in your own back or front yard is definitely worth the investment”.

Some ideas include turning your backyard into an open living space, or turning the front part of your house into a lawn or a flower garden. As long as these are well kept, your home will be more appealing and probably attract high-value potential customers.

Think of your kids playing on the lawn, or having a party in the backyard with family and friends. Be sure to look for low-maintenance plants for your garden, and furniture that will keep costs to a minimum.

By hiring yard care professionals on a regular basis, makes upkeep very easy on your part.

Are you ready to increase the value of your home?

Visible renovations are known to add more value to a home than invisible ones. Since a buyer can't see the renovations you did (rewiring and such), he or she won't notice it unless told.

So if you want to increase the value of your home easily, stick to renovations that create big visual impact. This means bathrooms, kitchens, paint, appliances etc.

It's worth noting that, you need only take on renovation projects that will add value to your home, and not dent your bank account in any way. Don't do renovations that won't add noticeable value to your home.

The main idea behind most renovations is to maximise the property's value and aesthetic appeal.

Taking the extra step to ensure all this is up to par will go a long way in boosting your property’s value.

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