If you’re thinking of selling your property in the near future, you’ll want to make moves to ensure you’re getting the greatest possible return on your investment.
From a simple coat of paint to bigger construction projects, there are a multitude of changes you can implement this year that could seriously make a difference and boost your property’s value.
Here are 5 tips that may help you to increase your property’s value in 2022.
- Fresh coat of paint
Perhaps you purchased an established home instead of a new build, and years of wear and tear starting to show. A simple but effective way of improving the value of your property is applying a new coat of paint inside or outside your home.
Whether you plan on adding a feature wall or redoing the entire house, it’s important that you try and do things properly. Applying cheap paint on top of old varnish or forgetting your undercoat may wind up costing you more in the long run when you need to pay for urgent, professional repair work.
- Install air conditioning
Australia has always been a sunburnt country, but it’s no secret that our summers are only going to get hotter. Installing air conditioning can be another practical, and sometimes necessary, addition to your property to increase its value.
- Add a granny flat
Another popular way Aussie homeowners are boosting their property’s value is by adding a granny flat. After all, with property prices still keeping the Great Australian Dream out of reach for many, family members (especially Australians under 30) living at home is becoming more common.
You also have the added benefit of being able to rent out your granny flat or put it up on short-term accommodation platforms like Airbnb, for an additional income. Not only might you improve your property’s value, but you could chip away at your mortgage faster.
Does your kitchen resemble an ‘80s nightmare? Is your bathtub ageing and your appliances rusting and cracking after decades of use? It may be time to renovate. Updating dated rooms in the house is another easy win in terms of increasing property value. After all, if it pains you to be in those dated rooms, why wouldn’t it pain potential buyers or renters.
Consider a consistent theme you like for a main room, such as a white kitchen with gold accents, and try to carry this theme throughout the house. Even simple changes like swapping out hardware like handles or taps can seriously transform any room in the house.
- Boost your outdoor area
It’s not just the inside of your house that can be improved. Having friends and family over for barbeques is a way of life in Australia and updating your outdoor areas with entertainment in mind is another way to add value to a property.
There are a range of ways you can boost your outdoor area to add value. Do you have a pool that is taking up valuable space? Not every renter or new property owner wants the hassle of paying for pool upkeep, so consider if paving over it for added backyard space is useful. Also, evaluate how much shade is available and whether you can improve this through extending your roof, adding a marquee, investing in patio umbrellas or pop-up canopies etc.
Financing a home renovation to boost a property’s value
You’ve got some useful tips for improving your property’s value under your belt, but how do you actually pay for them? This is where construction loans may come in handy.
A construction loan is not so different from your existing mortgage, however, instead of being provided with all funds upfront, your construction payments progress with the stages of your building. Reduce Home Loans offers competitive construction loans for homeowners looking to build their dream home, to investors hoping to boost their property’s value.
Whether you’re renting your property out or hoping to sell it down the line, it pays to add value to your home.
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