Adding value to your property
Our home is the biggest asset that most of us will ever acquire. With interest rates at their lowest point in over 50 years, investing in your own property to keep it up to date is a wise move.
Even if you’re not looking to put your property on the market right now, it pays to find ways to add value to your home in the long term. So where are the best places to invest your money? This article looks at 5 easy ways to add value to your home on a budget.
1. Vamp up the kitchen
The kitchen is the centrepiece of your home and most real estate agents agree that spending money on the kitchen often returns two-fold in the sale price of your home. If your budget allows, you can replace the whole kitchen with new cupboards, bench tops and up-to-date appliances to really give the value of your home a boost.
If the budget won’t stretch to a full kitchen replacement, take a look at your space and focus on the areas that are looking dated and tired. Look at replacing the cooker and range hood with budget options sourced from eBay or discount appliance centres. Brighten the whole room with a coat of paint and update the cupboards with new door handles. Bench tops tend to be a focal point in a kitchen, so if your bench tops are worn, go ahead and replace them over other renovations.
2. Give your bathrooms the once-over
Modern bathrooms are a must-have for most home-buyers. A grubby, tired looking bathroom can be very off-putting to people viewing your home. Additionally, most home buyers prefer a residence with more than one bathroom, so if you only have one and can find a way to add another, this will add significant value to your property.
You can give your existing bathroom a quick lift by using a grout pen to whiten the space between your bathroom tiles. If your toilet, sink and tap ware are looking worn or dated, replacing them is a good idea and is a great way to modernise the entire look of your bathroom. Additionally, take a good look at the shower screen and door. An old screen will really date your bathroom, so look at new glass screens without the heavy framework.
3. Get the floors looking their best
Carpets require regular professional cleaning to keep them looking their best. If your carpet is not cleaned on a regular basis, they will wear out much more quickly. To give your home a quick lift, get the carpets professionally cleaned. If they have reached their use-by date, be realistic about having your home recarpeted or look at other budget flooring options to give your home a lift.
Exposed wooden floor boards are very popular and have the advantage of not dating. If your carpet is worn-out, consider sanding and sealing the floorboards underneath instead of going to the expense of putting new carpet throughout. If you’re lucky, you’ll find the floorboards underneath your carpet have been protected over the years and you’ve got a hidden gem. If you’re not so lucky, you can consider covering them with floating floorboards, which can be an inexpensive option if you shop around. Or visit a budget carpet centre and choose one colour for the whole job.
4. Create an off street parking space
Does your home have off street parking? If not, finding a way to get your car off the street and under a carport or into a garage will add significant value to your home. Look at adding a driveway and shade sail or carport to the front garden. This is the most obvious way to add a parking space to your home.
5. Add some elegance to your outdoor entertaining area
Today’s home owners crave outdoor living spaces. Adding a deck, patio or simply creating an “outdoor room” with pavers and furniture could add significant value to your home. If you decide to add a deck or patio, make sure it flows on from your kitchen/dining/living area and keep it looking as open plan as possible. Add doors that can be folded back to bring the outside in. Think about adding a pergola, veranda or shade sail for a stylish, functional finish.
If your home already has an outdoor entertaining area or deck, giving it a makeover can add significant appeal and value. Replace any rotten planks in the deck and give it an oil or varnish. Replace tired old pot plants with modern pots and more attractive plant varieties and look at getting a modern table and chairs. Clean or replace the barbeque and get rid of any untidy yard clutter that’s lying around the place. Generally giving your garden a make-over is also a good idea. Keep it simple and structured. If you haven’t got a green thumb, consider hiring a landscaper to create a stylish, low-maintenance garden that looks great without the maintenance hassles. Home-buyers are time-poor these days and making sure your garden is low-maintenance will make your home more appealing to buyers.
Keeping your most valuable asset maintained and up to date is something you should seriously consider, even if you’re not looking to sell.
If you want to renovate your home but the budget doesn’t allow it, talk to your mortgage broker about refinancing your home loan to give yourself a renovation budget. With today’s low interest rates and competitive financing options, you could not only create an opportunity to add value to your home, you could be better off.
