A little elbow grease and some clever re-designing or re-decorating could be the only thing standing between you and a healthy boost to the sales price of your property.
Whether you want to add value to your unit or home, we’ve outlined some simple and effective things to do that will give you plenty of bang for your buck.
You can do a lot with sweat equity if you know what you’re doing. Know your strengths. If you don’t have the skill set or resources to tackle a project yourself, you are definitely better off shelling out a bit more for experts to do the work.
Interior Designer, New Build Expert, Author and Public Speaker, Frances Cosway has over 15 years’ experience in renovating and building and now specialises in helping people design and build their dream home. She is founder of White Pebble Interiors and author for ‘Your Forever Home’.
Frances shares with us her top four ways to improve the value of your property.
Paint inside. A home always looks much fresher and brighter when it’s freshly painted. It certainly will stand out from a tired home which is full of buffs and scuffs on the walls. Painting will also enable you to modernise the home with an updated colour scheme.
A well maintained and landscaped garden. There’s no doubt that a stunning garden can assist in selling your home, and increase its value. Ensure it’s well maintained, is neat and tidy and free of weeds. Remember your garden is an extension to your home, and acts like another room, so treat it as such and make it lush and beautiful. It can definitely add to the value of the home and makes it easier to sell.
A modern kitchen. There’s certainly truth in the old adage that kitchens sell homes – so a cosmetic update to your kitchen can definitely add value to your property. There are plenty of ways to improve it aesthetically, without having to rip it out and start again. New splash-back, painting cabinetry or replacing door fronts, can alone make a huge difference. A stone overlay can even be applied to old laminate bench-tops.
Declutter. Allow a buyer to visualise themselves in the space, and not be distracted by too much stuff in the home. Keep things simple so others can see their own possessions in the home.
A FEW MORE SIMPLE IDEAS
Vision Board. Create a vision board to stay on track. Whenever you choose an item, whether it’s a tap, a plant pot or a chair, go back and check it against your vision board to make sure it fits the style. The best visions can go rogue if you’re not staying true to it.
Insulation. Look at the insulation, or lack thereof. If you have none either your new buyer or your tenant is going to be stuck with hefty bills. A well-insulated property is more appealing to a buyer or tenant.
Kitchen Remodel. Often considered the heart of the home, and you can expect to recoup 60-120% of your investment on a kitchen remodel. Just don’t go overboard; you don’t want it to be too fancy for the house or neighbourhood.
Deck Addition. Adding a deck increases the resale or rental value of the property as outdoor spaces have become increasingly desirable. Homeowners can expect to recoup 65-90% of their investment with the addition of a timber deck.
Cladding. Old cladding can make even the nicest of homes look worn-out. Bankrate.com estimates homeowners can recoup 76% of their investment with the replacement of out-dated and worn cladding.
Sustainability. Sustainability is on everyone’s mind as of late. Consider energy efficient windows as old single-pane windows are a turn off to buyers. Adding energy efficient windows is environmentally responsible, your property will be more comfortable to live in and will decrease heating / cooling costs.
Simpler ways to bring your property to life and value without breaking out the sledgehammer or jumping through body corporate hoops are just a creative touch away.
Coco Republic Interior Design is a national studio specialising in the design and decoration of private residences, hotels, hospitality and development projects across Australia and New Zealand. Here are a few of their tips for styling your home using interior trends to help make your property stand out amongst the crowd
Greenery. Coco Republic says that the use of indoor plants is on trend and instantly re-invigorates a space. Indoor plantings soften a space and bring life to interiors. Play with textures and scale with greenery, don’t be afraid to mix foliage or bring large plants inside. Look for Ficus or ‘Fiddle Leaf Fig’, Monstera or ‘Swiss Cheese Plant’, Snake plant or ‘Mother in Law’s Tongue’ and Ficus Elastica or ‘Rubber Plant’.
Combine Contemporary With Character. Coco Republic’s clients are looking for cleaner, more edgy styling rather than the traditional ‘Hamptons’ look we have become accustomed to in recent years. This modern contemporary look is achieved with the use of materials like concrete, brick and ‘live edge’ timbers. Black steel features also create a strong and industrial look. In Queensland for example, this is a fusion between our beautiful character-style Queenslanders, contrasted with raw, more modern interiors.
Lighting. From spectacular wall sconces to dramatic pendant lights, lighting can be the pinnacle element of an interior space. A large chandelier or decorative pendant over the bath is a lovely way of adding a layer of luxury and romance to a bathroom setting. Turn to stunning wall sconces for a dimly lit hallway or to add symmetry to either side of a sofa setting or bed gives a luxurious boutique hotel feel. If you have the luxury of sky-high ceilings, make a feature of them using a bold feature light suspended in an entrance or staircase.
A FEW MORE SIMPLE IDEAS…
Lighten Up. Painting the walls white or a neutral cream colour will create the illusion of more light and open up the space.
Flooring. A major turn off is old flooring in a property. Replace your current flooring with an updated version. A lighter colour will really open up the space.
Upgrade Closet System. A custom closet system is a luxe addition that will really add value. Having space to hide all of your ‘stuff’ away, is an invaluable addition to a smaller property.
Artwork. Whether it’s framed prints or textured tapestries, add interest and personality to a space with artwork. Art is one of those things that really makes a property sing.
About the author
Debra Beck-Mewing is the Editor of the Property Portfolio Magazine and CEO of The Property Frontline. She has more than 20 years’ experience in property investing Australia-wide and has used a range of strategies to build her property portfolio including renovating, granny flats, sub-division and development. Debra is a skilled property strategist, and a master in sourcing properties that have multiple uses and multiple exit strategies. She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business. As a passionate advocate for increasing transparency in the property and wealth industries, Debra is a popular speaker on these topics. She is also an author, podcast host, and participates on numerous committees including the Property Owners’ Association.