Adding Value to your Property on a Budget
Whether you are about to move in, rent out or sell, we have compiled some of our best real examples of cost-effective ways to add value and maximize the appeal of your property – Adding value to your property on a budget.
Before you open your checkbook, it is pertinent that any money invested into your property is intended to broaden the prospective buyer group for greater marketability and demand. Determining the dominant demographic in the suburb and who your property will likely appeal to allows delivery of what your target market is seeking. When you know what your property needs, be sure to obtain quotes and schedule trades to carry out the works in a timely manner to minimize vacancy, exposure to risks and further costs.
First Impressions Count
The façade of the property will be the first thing a buyer sees advertised, or in person when they inspect. The sight of disrepair, peeling paint, unkempt gardens or mould will give the impression it has not been maintained well, like the examples pictured. This first impression may scare off many buyers with little time or desire to take on a renovation, and those who will do it want to pay a lower price. As a first step, a professional house wash is very affordable and cleaning from the gutter to the ground can remove years of built-up dirt and lift the appearance of the home. Paint is the most cost-effective and easy way to add value and the best thing is its something you can do yourself and save thousands. Sometimes the property may just need a freshen up by painting out the dated trims, so consider touching up paintwork rather than an entire repaint which can be costly and take time. Examples of other problem areas to target may be cracked tiles, rotten timber and broken windows which will all maximize first impressions.
Do Not Sit on the Fence When it Comes to Security
The same can be said for an attractive front fence when it comes to first impressions. Not only does fencing enhance the appearance of a home but provides the peace of mind demanded by many buyers, not only families. Fencing deters theft, vandalism and other unwanted visitors while providing secure car parking privacy from passing traffic and a safe place for children and pets to play. Ensure all door and window locks are functional and consider adding security mesh or an alarm system to maximize the security of your property’s occupants and belongings. In the example pictured, installing a white picket fence that adjoined the existing fence was a cost-effective solution that greatly improved the street appeal and security of the home and in turn, the market appeal.
Put on Your Gardening Gloves
Usable yard space for entertaining, young kids and pets are key criteria for many and clearing overgrown gardens, turfing and mulching is an affordable way to meet buyer needs and lift the appearance of your property. The property featured was suited for a family demographic but was shrouded by tall trees and lacked usable yard space. Replacing the gravel with turf, claiming back the overgrown garden, repainting the patio and fencing across the rear let in more natural light and created a far more welcoming, secure and usable area.
What is on the Inside Does Count
Again, paint is the champion in the examples provided. Focusing on areas such as the kitchen and bathroom can have the highest impact on the appeal, condition and functionality of your property, however, a complete renovation with new appliances can easily be cost-prohibitive and blow your budget. Instead, a partial update with new paint, modern benchtops, and sought-after finishes can be a very affordable way to transform your kitchen or bathroom. Similarly, when it comes to the indoors, the flooring is also important. Removing old vinyl or carpet to reveal timber floors is easy and cost-effective.
Raising and building underneath your house can be very expensive or over-capitalising in some areas. Consider flooring and updating the enclosed utility space under your house.
Under the Building Codes Australia (BCA), a room or space within a building below the average height of 2.4m cannot legally be a habitable room i.e. a bedroom. These utility areas are widely found under high-set houses and their usability has led to many people enclosing the space for storage and car parking. More recently, people have converted the space for use as a multi-purpose room. In the example above, the utility space was fully enclosed but dark and derelict after many years as a rental. Removing the carpets and old window coverings, painting the brick walls and ceilings white, and adding a quality vinyl timber flooring transformed this space into a light-filled and welcoming multi-purpose room that was snapped up by buyers.
We can help with our Advisory and Vendor Advocacy Services
If you do not know where to start, what demographic is prevalent in the area, what your property is worth, what works to do, how much to spend and the right trades to use, you should use a Vendor Advocate. Our service is unparalleled in the industry, acting as an independent advisor providing specialised assistance, managing the entire process of preparing and selling your property.
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