Promoted by Metropolitan Electrical
When you're looking to sell a home, the purpose of renovations is to make it appeal to the largest possible number of people. The more potential buyers who are interested in your property, the higher the offers. A lack of interest gives buyers wiggle room. It creates an opportunity for them to offer below the asking price.
So, the best course of action is to make improvements that appeal to most and elicit an emotional response. As in, you give buyers what they want and help them picture themselves living in the environment.
First impressions are everything, and a popular home can lead to a solid return on investment.
If your goal is to improve the home purely to increase resale value, stick with visible enhancements. Things like ducted air conditioning, insulation, and new plumbing will unlikely increase value. Here are six tempting home improvements that can add instant value.
1. A Fresh Coat of Paint
The easiest and most affordable thing you can do to increase value is to give the home a fresh coat of paint. Faded and cracked paint outside makes a home look older, while scuffs and chipped paint on the inside walls show a lack of care. So, contribute to that first impression by adding a lick of paint indoors, outdoors, and on the roof, if it has faded. This can only help increase the street appeal of a home.
Choose contemporary colours and don't go too bright or bold. You don't want to overwhelm potential buyers with more conservative tastes. And if buyers do want to change colours, they can achieve this without much money or effort.
2. Security Systems
A security system won't necessarily increase property value, but having one installed can go a long way to improve potential buyers' perceived value. This is especially true if security cameras complement security and sensor lighting. The visibility of outdoor cameras can elicit an emotional response and appeal to a buyer's desire for safety and peace of mind.
Modern security systems are affordable, user-friendly, and feature smart controls for monitoring the home and managing access via smartphone. So there's potential here to add value and security for little effort on your part.
3. Outdoor Entertainment Area
A functional outdoor area is a highly desirable feature. Whether it's a sheltered space for entertainment or an open deck for dining alfresco, some careful planning could be all that stands between you and an all-weather home extension.
In an article for Domain, builder Dean Harris described this as an “emotional driver” for potential buyers who imagine themselves using it and are already sold on its lifestyle.
So, consider some renovations or outdoor extensions if they fall within the budget. For example, bi-fold doors that open a house up to an outdoor area can make the home feel larger than it is and more desirable.
4. Low Maintenance Landscaping
Landscaping is crucial for framing a property. It also gives buyers a sense of your pride and the effort that goes into upkeep both outdoors and in.
When it comes to landscaping, less is more. Open, grassy lawns are more appealing than complex gardens that require regular maintenance. Not everyone has a green thumb. Privacy is also a must, and trees can provide a great source of shade, so long as they frame a yard and don't interfere with movement across a lawn.
Suitable low-cost cosmetic improvements include carefully placed garden beds, paving, relocating a clothesline, and repainting tired driveways. This all contributes to the street appeal and can add resale value.
Weeding is another persistent issue gardeners and landscapers face to keep their gardens intact. Tools like the Tertill Weeding Robot which is solar-powered (doesn’t need charge/or batteries) are designed to churn up the soil, killing weeds as they start to grow. Clever garden tools like the Tertill will save you time in maintaining your garden and setup of your landscape design.
5. Cement Rendering
Cement rendering your home is said to be one of the fastest ways to add value. This cosmetic upgrade can be applied directly to brick and blue boards and then painted to give an aging home a contemporary facelift.
Rendering can be expensive, costing up to $50 per square metre. Although, Complete Home suggests the investment is well worth it, as the home value can increase by $10 for every dollar spent on the upgrade.
6. Converting the Garage
With a large driveway and on-street parking, potential buyers may favour an additional room over a sheltered place to park a vehicle. Converting a garage to a bedroom, home office, or extra living space can add value, especially for investors who aim to rent out the property. The more bedrooms, the higher the achievable rent.
However, if there's no on-street parking or no additional space for vehicles, then it's probably better to leave the garage as is.
Renovations can make a massive difference to property value and the resale price, but there are no guarantees. There's a lot to consider, including location and the current market conditions. But these improvements are instantly appealing to buyers and can only help the dollar value of your home.
