If you are thinking about increasing value prior to selling your own home or even for long term capital gain, it’s important to know which renovations will bring in some extra cash and which ones aren’t worth the hassle.
All good things come in time
Renovating to add value means knowing what buyers want. While you might think paying for an expensive brand new kitchen would be a great idea to immediately increase the value of your home, often the return is not worth the investment if there is still considerable money for buyers to spend on other outdated parts of the home.
For successful value-adding renovations you need to consider how well the improvements will fit in with the current surroundings, as well as how old they will be when you sell. Adding a deck or patio for example, will increase the value of the property immediately and for a very long time to follow if it is constructed well.
Australian homes are less about formal and informal spaces and more about indoor and outdoor flow. If you can create this for your property and effectively increase your living space, you’ll have done well.
Landscaping the garden will certainly aid the presentation of your home, but if you are only planning on selling in a few years’ time and you are not the type to keep up the maintenance, then this is an investment you should make closer to the time.
In the mid-term, money spent wisely on increasing living space as well as improving the kitchen, bathrooms or flooring are all good options.
Big things come in small packages
One of our tips for selling your house is to do the basic things well. If you could go around your property and complete all of the small jobs that you normally wouldn’t have got around to – that’s half the job done!
If you declutter thoroughly and present your home neatly, then repairing cracks where they are apparent and adding a coat of paint will infinitely enhance the appeal of your property. This will add a large amount of value for a very small outlay.
Other small changes to consider could be hardware for your doors, polishing wood floors and replacing appliances.