Despite the rising property prices, there is still a steady demand for homes in Australia. In fact, according to the Real Estate Institute of Victoria, houses on sale in Metropolitan Melbourne only spend an average of 34 days on the market.
If you’re thinking about selling your property, there are things you can do to boost your profits — the most common is home renovation.
Here are the four kinds of home improvements you can do to up the value of your home.
Aesthetics
Starting with the easiest, you can add value to your home simply by making sure it is nice to look at. Okay, there’s slightly more to that than it sounds.
Clean your home. A clean house may not necessarily add value or be a factor for buyers to consider, but it will help them imagine themselves living in the property if there’s no clutter to distract them.
Apply a fresh coat of paint to the house’s exterior. You’ll be surprised by how much this relatively inexpensive home improvement task can raise the mood and the price of your home. You can even do it yourself. Of course, if you have the time and the budget, you should also repaint the interior of your property to maximise the added value.
Keep your house in order. Work with the architecture of your home. If your property has a modern aesthetic, a minimalist look may be the way to go. Again, the objective here is to help buyers imagine their lives in your home. While you’re at it, make the necessary repairs as well.
Structural
Structural renovations are more costly, but when done right, they can significantly raise the market value of your home.
Before making major changes to your building, speak to real estate agents in your area and find out what local buyers are most interested in. If they prioritise the size of rooms and not the number, you may want to knock some walls down. Adding or renovating an existing granny flat is another popular structural renovation since you won’t have to alter the main property.
As a rule of thumb, make sure the cost of your renovations don’t exceed 2% of the property’s value. Determining where more effectively to spend your money is as important as figuring out where not to. Remember, the ultimate goal is for you to earn.
Outdoor
Australians love spending time outdoors. A well-designed deck can instantly add elegance and value to your home. Depending on where you are and how the climate is there, you have to make sure that the materials you use can withstand things like weather and stray wildlife. Visit a timber hardware store in Melbourne to understand the different building materials available for you.
Working on your garden is also a great idea for home improvement. Overgrown shrubs and vines are unsubtle signs of neglect, even if the inside of your home is clean and polished.
Adding a cubby house for kids gives a warm touch. Just make sure you study the necessary council permits, particularly if you’re considering building it on a tree.
Functional
Adding functionality to your home is a no-brainer. These can be anything from shelves and window nooks to state-of-the-art security systems. There are a lot of things you can add, but buyers today generally appreciate features that take advantage of the space and look good doing it.
