How to add value to your home.

Whether you’re looking to improve it for your own benefit or seeking to sell in the not too distant future, renovating property is almost a national pastime in Australia.

But when it comes to improvements, what are the additions that add value, and how do you go about identifying where to start?

Lifestyle value versus capital value

Long before you whip out the hammer or call in the architect, it’s important to understand your own personal plans for the property in the period ahead.

Is it a property you’re calling home for the long-term or one you intend to improve then sell? Because those scenarios are very different, and will determine the type of work you do, how much you spend and what you focus on first.

For example, if it’s a property you intend to live in for the foreseeable future, the additions and changes you make might be designed to add lifestyle value to the property, rather than provide a capital improvement.

In this case, perhaps you’ll need a second bathroom, maybe an extra bedroom or even a pool. Each of those elements will make the property more liveable and comfortable for you, adding value to your lifestyle in the short-term and perhaps capital value when you sell later on.

Meanwhile, if the property is to be rented or perhaps you plan to sell it in the short-term, large improvements like those mentioned above might see you overcapitalising.

In this case, consider who the property would suit in terms of either renters or future buyers, and ask yourself what are they likely to need and want?

Ask the pro’s

If selling or renting the property is on your agenda, it might be worth calling in an agent and speaking with a pro.

With local knowledge of either the rental or sales market, they can help you decide which improvements are likely to offer the greatest ‘bang for your buck’.

Often these improvements might start with small and easy-to-implement basics, but could extend to a suggested renovation of a key area.

Easy to implement basics

If you’re looking to give your home a quick and easy freshen up, turn your attention to easy-to-implement improvements such as:

  • An exterior clean
  • A fresh coat of interior paint
  • Decluttering
  • New soft furnishings, such as curtains, cushions, rugs and blinds.
  • More modern fittings, such as cupboard drawer or door handles, taps, etc.
  • A garden clean-up and perhaps some new plants.

Bigger-ticket items

While an additional room or pool might change your experience of living in a house, if the property is to be rented or sold, chances are it’s key areas like the bathrooms and kitchen where you need to focus your attention.  

Bigger-ticket items that can add real value when it comes to rentals or a sale include:

  • A renovated kitchen
  • Updated bathroom
  • Outdoor entertaining area
  • Additional storage

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