CHEAP FIXES TO BOOST YOUR HOMES VALUE
By Valentino Peric
The amount of stock on the market is trending upwards for the first time in a few years and will soon be back to a normal level.
Given the fresh competition, smart sellers are looking for ways to spruce up their property to add a little ‘wow factor’, helping it stand out from the rest.
This begs the question: what’s an appropriate amount to spend on this? Well planned expenditure on a house before it’s listed can boost the sale price, but not all expenditure will necessarily result in a higher resale value.
Fix up your home for the best sale price
For example, if a property is best suited for redevelopment with townhouses, then any significant expenditure on the existing house might be wasteful given the real value is in the land.Expenditure largely falls into two categories;
1. General maintenance
2. Structural changes
includes such things as repainting, replacing worn fittings like hot water heaters, and landscaping. These expenditures are small compared to the value of the land and it’s important to attend to this regularly to prevent a decline in property value.These expenditures are easy, cost-effective and can lift the value of a home particularly if the results are obvious.
Simple garden improvements or fresh paintwork both inside and outside the home can also make a big difference.
Even modest improvements in wet areas can make an impression on buyers.
Replacing older, unfashionable tiles, shower screens, mirrors and tap fittings with modern ones can make a dramatic difference.
If your budget allows, new bench tops, tap fittings and a splash-back in the kitchen can add some real ‘wow’ factor.
The other category of expenditure is with structural change or major earthworks in the yard. This might include costly extensions, an alfresco area or the installation of a swimming pool.
Always keep in mind that the sale price of a recently extended home may not always fully cover any major expenditure on it. The key to achieving a higher resale price for a property is to spend money on work that increases the number of potential purchasers.
Read More: How To Sell Your Home Quickly
Most commonly this means adding bedrooms, although a trap sometimes for keen renovators can be to overlook the extra living space or bathroom facilities ideally required elsewhere in the home that results from extra bedrooms.
These days extra rooms are perhaps more likely to be used for storage, home theater or a study housing the computer, scanner and printer.
Other attractions for potential buyers and needing only modest expenditure might include air conditioning in some or all or the main rooms, paving around parts of the home, upgraded security, reticulation, a rainwater tank, solar panels or well placed data points through the house.