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What Adds The Most Value To Properties?
Wondering how to up the value of your property? Properties are worth a lot of money in general, but there’s always a way to maximise value. The good news is that most of the things you can do to increase the value of your properties won’t even require major renovations.
What Adds The Most Value To Properties?
Wondering how to up the value of your property? Properties are worth a lot of money in general, but there’s always a way to maximise value. The good news is that most of the things you can do to increase the value of your properties won’t even require major renovations.
In this article, we’re going to help you on your quest to add value to your property with a list of tips that you’ll find below. If the bones of your home are good, all it could require is something as simple as adding a fresh coat of paint, so let’s take a look at your options.
Why should you try to boost your property’s equity?
Buying a property means you gain a valuable asset. Whether you intend to live in it, rent it out or flip it to resell, it should be viewed as an investment that can build into your financial security and even build generational wealth. Increasing the value of your property is also a means to ensure that you can retire comfortably and should be considered in your retirement planning.
1. Repaint
Never underestimate the power of a fresh coat of paint because it’s one of the fastest and most cost-effective ways of adding value to your properties. Just changing up the colour or touching up the paint job can make your place seem newer, more modern and clean. You don’t even have to repaint the entire building for it to be effective. The best part is it doesn’t have to cost you much because you can do it on a tight budget and DIY, but for a more polished look, maybe stick to hiring a professional painter. Pro tip: choose a neutral colour that will give your property a timeless look and won’t become dated.
2. Increase your storage
An investment that all property owners should consider is installing a sufficient amount of storage space. Not having any storage is not ideal for anyone and is considered a huge shortfall for potential buyers. It could be as simple as putting hooks on the back of doors or having open shelving in the bathroom and kitchen. People want storage, and it will reflect on the value of your property.
3. Improve the street appeal
One aspect that is going to directly affect the desirability of your property and its value is its street appeal. You don’t have to go all out and install a new fence, but rather, do your best to stay on top of maintenance and ensure that the building looks good to the passerby. This could mean giving the exterior of the building a new coat of paint, adding some plants to the garden, or just touching up spots on an existing fence.
4. Revamp the kitchen
One aspect of a home that can make or break a sale is the kitchen, so if you have the finances, it’s definitely worth renovating. You need to be strategic with your remodel and keep your target buyers in mind because you don’t want to spend a lot of money, and your property is on the lower end of the market.
5. Invest in an outdoor entertainment area
If there’s one thing that Australians love to do, it’s entertain guests outdoors. We’re talking all-day pool parties and barbeques. Potential buyers can appreciate a property with a good outdoor living space. This can be done by adding a deck or patio, and covering it with a roof will be even better – that way, buyers know they can use it whatever the weather. The key is to try as best as you can to match the outdoor area with the interior so it acts as an extension of your home and style.
6. Add a granny flat
One feature that can spike the value of your property is adding a granny flat. Not only does having a granny flat increase the number of bedrooms on a property, and it can be used for all kinds of purposes, but it is also a completely separate dwelling on the property. Buyers see granny flats as a potential way of earning rental income, so they should attract a wider range of buyers.
7. Cement render
Another sure way to add value to your properties is to cement render (applying a mix of cement and sand to the external brick or walls), especially with buildings that use an older style of red or blond brick. This cost-effective application can give your home an instant facelift.
8. Upgrade the bathrooms
Another important room that you need to pay attention to in order to increase your property’s equity is the bathroom. An outdated bathroom will instantly detract from the appeal of your home, so it’s worth renovating and touching up. It doesn’t have to be anything too extravagant, but you should aim to spend approximately 1.5 per cent of your property’s current value on upgrading your bathrooms.
Final Thoughts
Once you’re ready to put your home on the market, work closely with a highly trained accountant to ensure you get the best possible value, as this can be a game-changer. One should always think of their property as an investment that could one day build into your retirement plan. Therefore, it is necessary to pay attention to your home and keep it well-maintained.
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