Whether you’re looking at selling your property immediately or not, increasing your home’s value pays off in the long run. The right upgrades will not only boost your sale price, they can improve your quality of life. Keep reading for 7 of the best ways to boost the value of any property.
#1 – Upgrade to High-Demand Finishes
If you happen to want to sell your home in the near future, one of the best ways to increase value perception is by choosing fixtures that are popular amongst buyers at the time. Examples include high quality marble or stone countertops, and updated fixtures such as tapware in trending finishes.
You can make smaller changes as well, which will also improve buyer interest and keep costs low. For example, changing old doorknobs and locks to modern ones, and swapping old yellowing incandescent bulbs for brighter LED bulbs can create a big difference to the overall appeal of your home.
#2 – Improve Curb Appeal
In short, you need to make sure that the exterior of your home encourages all potential buyers to walk in and see more. For free-standing homes, this means keeping your outdoor landscape and frontage in very well-maintained condition.
If your front exterior doesn’t look as good as the neighbour’s, consider repainting or replacing the door or planting new shrubs and flowers. You may also want to get your driveway or front footpath professionally cleaned and tidied.
#3 – Reduce Energy Costs
What you spend on energy each month may seem like a fixed amount, but some utility companies offer free energy audits which help you maximise your home’s energy efficiency. Having an energy-efficient home will help you save money and appeal to future buyers. And remember that any money you save can be used for other updates and upgrades to your property.
You can take simple steps to improve energy efficiency, too. For example, if you plan to upgrade to new appliances, find energy-efficient ones. It may also be a good idea to install a smart thermostat to better control your home’s heating and cooling system, which will help you save money.
#4 – Increase Your Home’s Footprint
The square meterage of your home obviously has a huge impact on its value, and price per square metre is one way to compare homes with similar sizes and styles. Even if the appraiser doesn’t acknowledge the value of this additional space, most buyers will notice.
While adding on a room is the most obvious way to make your home larger, you can also create additional living space by building a deck, installing a granny flat/studio, or fitting out your basement.
#5 – Install a Water Filtration System
Installing a water filtration system in your kitchen offers another money-saving upgrade that can also increase your home’s value. This system will not only purify your water but also reduce the weekly shopping bill as you no longer need to splurge on bottled water. Most filtration systems are fairly affordable, and it’s a mod-con that many buyers will love.
#6 – Re-Paint
If your home seems dull and worn on the interior, painting is a quick and easy way to increase your home’s appeal and add an instant update. Consider adding a fresh coat of neutral paint throughout all rooms. It is recommended to avoid using anything too bold as it can be distracting to potential buyers and make it difficult for them to imagine themselves living in the home.
#7 – Replace Worn Rugs and Carpeting
Nothing will turn potential buyers off faster than poor flooring or carpeting. While you may want to replace all the flooring in your home, this can be costly.
If you have a limited budget, start by replacing any rugs that are past their prime and cannot be brought back to life. If you have a bad patch of carpet that cannot be remedied, then invest in a new rug or mat to cover the area. This is also a great opportunity to add a contemporary style update to the affected room.