Whether you are planning on selling your home or simply wanting to future-proof your property, there are plenty of ways you can add value to your residential property before putting it on the market. The key is to make great use of money in the right places to achieve the highest return on your investment. Sometimes it is easy to spend a lot of money improving your property but it turned out that it has not added the expected value.
Before investing time and money into a project that may not bring the desired reward, start planning first. It is important to do your research on what features are going to get you the biggest return on your investment. Any key improvement can make a real difference to the presentation of your property.
Below are some strategies on where to add value to a home.
Value-adding features that will significantly add value to your home:
Strategy 1: Extend Your Property – Granny Flat
Whether you just simply wish to enhance living space, or you are planning to put your property on the market, building a home extension is a fantastic way to add value. Increase the living space will undoubtedly boost the sale price of the property. An extension can quickly add a brand-new room of living space to the home, upsizing your home whilst also increasing the overall value of the property.
If you are thinking about renovating to extend your property, a smart way to achieve more space could be to add in a granny flat. Phenomenal value can be added to property simply through the addition of a stand-alone granny flat. This way, you do not need to make any structural changes to your existing property.
And who says it has to be a traditional granny flat?
You could build a guesthouse, a separate home office, a designer’s dream studio… the opportunities are endless. It adds a unique point of difference to a property and can be customized to suit a wide range of needs.
Granny flats help increase the number of bedrooms in property and therefore will add value in a big way. And let’s not forget the ability to rent this space out as an income-producing asset, which can pay for itself within the first few years. Plus, they can be built very quickly.
Strategy 2: Create an outdoor entertaining area
Australians love entertaining (think pool parties and barbecues). Buyers are likely to be impressed with smart outdoor spaces. Outdoor entertaining areas that can be used all year round significantly add value to a property. Nowadays, outdoor entertaining areas connect the indoor living areas and have become social hubs that create the perfect haven for relaxation, facilitate relationships with family and friends and help people relax. When create and design an outdoor entertaining area, the key is to match the new outdoor entertaining area in with the existing style of your property. In this way not only keeping the consistency of the home design but also ensuring a seamless transition from the indoors to the outdoors.
Strategy 3: Remove internal walls to create open plan living
A lot of old-style homes have segregated areas. Renovated homes that continue to have open-plan communal areas (kitchen, dining and living rooms) continue to attract widespread demand in the property market that positively boosts a property’s value. Removing walls of a non-load bearing nature can be done at a very low cost. Structural walls that support the roof (load-bearing walls) will cost significantly more to be removed but will return a proportionally larger increase in property value. Removing internal walls within a property opens up smaller rooms and make these areas look and feel bigger than before. The better and closer integrity of the property can be the one thing that sets your property out against the rest.
Strategy 4: Renovate your kitchen
In terms of adding value, no other room in your property compares to that of your kitchen. The kitchen/dining area is essentially the heart of your home, where families and friends spend a lot of time socializing and enjoying a good meal. It is usually the most used space in the house, so renovating your kitchen can ensure a high return on investment but only do so in a way that your new kitchen meets the requirements and expectations of your local market.
Here are some possibilities:
– Open-plan kitchens: It is an opportunity to design a space that is dedicated to both function and showcase. Converting a closed-off kitchen to a large, open-plan kitchen will open up your living area, making it much more social and enjoyable, which can dramatically change the feel of the whole home.
– New appliances: Any improvement to your kitchen, whether big or small, will add value, so simply updating the appliances can be a big improvement if a complete kitchen renovation is out of the question. Outdated appliances can make a kitchen look dated and dysfunctional, even when placed in a modern kitchen.
– Lighting: Increasing natural light or updating old light fitting can make the space more balanced and inviting and it will instantly brighten up your kitchen.
Strategy 5: Renovate your bathroom
Bathrooms are the second most important room in a property. Buyer and investors are likely to be impressed with functional and environmental friendly bathrooms. One way to stand out from the market competition and ensure a quick sale is to renovate your bathroom. A new bathroom not only allows you to enjoy your bathroom, but it also works as a great investment.
Strategy 6: Improve energy efficiency
There is a steady increase in buyers and investors who are becoming more environmentally conscious. Remodelling a green home will help you reduce your home’s energy costs and raise its resale value while making it more comfortable to live in. A great example can be the use of solar panels – Installing home solar panels require an initial investment but it could help you cut your energy costs drastically. With the right solar panel system, you will generate free power for your home during the solar panels’ lifecycle. Property appraisers are increasingly taking solar installations into consideration as they value homes at the time of a sale.
If you are interested in adding value to your property and in need of expert guidance, then please feel free to contact Apex Bespoke Building. We are an Eastern Suburbs based building company specializing in all types of renovation works. Whether you are creating a boutique residence, residential extension, or a full house renovation, we work with you to reach your desired outcome.
