5 Renovations to Increase Your Property Value in Australia

If you’ve been thinking about selling your house at some point in the near future, you’ll want to start getting ready as soon as possible.

Renovating your home is a great way to give it missing features and a much-needed update. But you need to decide which renovation projects are worth investing in. Part of that process is knowing what features buyers in your market are looking for. Just like everything else in life, when it comes to selling your home, the more effort you put in, the better the results.

So, it’s time to pull those socks up, get to work and implement these tips to help improve your property’s value.

1. REPLACE YOUR GARAGE DOOR

If you’re looking for the best Return of Investment (ROI) home improvements to make before selling your home, one of the first things to consider is a garage door upgrade.

According to the Cost Vs. Value Report of Remodeling (2019), a garage door replacement is one of the best home improvements to make according to job cost, resale value, and cost recouped. In fact, according to the report, garage door replacement has a higher ROI than a kitchen remodels, window replacement, bathroom remodel, master suite addition, and backyard patio.

A garage door replacement basically pays for itself, according to statistics. Not only does it add over $3,400 in resale value to your property, but it also can enhance curb appeal, making it easier to market your home and attract future buyers. Replace your existing motorized opener with Melbourne Garage Doors and recoup at about 98% of your costs at resale.

2. RE-BEAUTIFY YOUR EXTERIOR WALLS

According to Ruby Launder from the Local Agent Finder (2019), the first thing that a potential buyer will see is the exterior of your home, so it’s worth making sure that your home looks its best outside and in. Properties that appear dilapidated, old, or ugly just won’t make the cut. There’s nothing like a fresh coat of paint to make your home look fresh, modern and more universally appealing, but you may wish to shy away from overly bold shades, or you’ll make your house stand out for all the wrong reasons. It’s a good idea to consult with your real estate agent or a designer before you get started. 

In addition to giving your home a paint job, you should also examine the exterior for visible signs of damage. Walls made of weatherboard may have panels that need replacing. Brick homes may need to have small gaps filled in with fresh mortar and rendered walls can do with fresh concrete to fill in gaps. These small improvements will make a property look like new without the need for a major renovation.

3. INSTALL AIRCONDITIONING

In some locations, like tropical Queensland, an aircon is pretty much a must-have to beat the heat. That means your buyers are likely expecting to see it installed. Look to reverse cycle units that can also heat, and only install them in rooms that you spend a lot of time in. Expert tip from Craig Gibson (2018) suggests that you need to make sure that your airconditioning unit is powerful enough (measured in kW) to cover for the area, otherwise, it will be pointless. Expect a powerful 8.0kW unit to cost in the region of $2,100, and installation could cost another $700, depending on how complex the job is.

4. RENOVATE YOUR BATHROOM

If you have dollars to spare from the kitchen, Anne Grobler (2019) proposes that your bathroom could be the next on your list for an overhaul. Most prospective buyers will forgive an aging bathroom, but very few will forgive a dirty one. Spend some time attending to small repairs, but more importantly, make sure everything is clean.

With $5,000 carefully spent on tiles, tapware, accessories and new paint you can make quite an impact on the look and feel of your bathroom. Dedicate the entire $20,000 to this room and you’ll get the complete spa experience with new windows, vanity and a freestanding tub.

If your budget can stretch to a replacement toilet or sink, you could be able to create a great impression with relatively low spend. 

5. ADD MORE FLOORS

For Property Expert David Best (2016), this is the creme-de-la-creme of house extensions and will add a staggering amount of value to your home. However, this highly complicated extension can cause inconvenience, as your home will be without a roof for some time. Or, if you have an existing loft or roof space, converting it into a usable room is a win for future resale value and making space for work or play. Speak to an architect or draftsperson to start planning for your extra bedroom, a playroom for keeping toy clutter hidden, a home office or even a parent’s retreat. 

In the long run, the addition of a floor is a fantastic investment and will add a huge amount of value to your home without sacrificing its outdoor area. If you dwell in a picturesque area, the view from your double-floored home will increase your property value alone.

It’s only natural that you want to achieve the highest sale price possible for your property. Refinancing your home and extending your mortgage by just $20,000 can give you a chance to make your home much more comfortable for your family and guests. And you can also make it a project that may add value if you decide to sell in years to come.

Create a great first impression and paint a mental picture for prospective buyers, you will have the best chance possible of selling your property quickly and for the best price. Whether you are looking to up your property value before selling, or just wishing to improve your home, a house extension can be a worthy investment.

Sources:

At Your Service Garage Doors (2019, April 22). “How a Garage Door Upgrade Can Increase the Worth of Your Home.”. Retrieved from https://www.aysgaragedoors.com/garage-door-upgrade-increase-worth-of-home/.

Best, D. (2016, Oct 23). “5 House Extensions That Will Increase Your Property Value”. Retrieved from https://searchfrog.com.au/blog/house-extensions-increase-property-value/

Gibson, C. (2018, Nov. 9). “35 Expert Tips for Adding Value to Your Home Before You Sell”. Retrieved from https://www.openagent.com.au/blog/35-expert-tips-adding-value-to-your-home#.

Grobler, A. (2019, Feb. 6). “10 Ideas to Increase the Value of Your Property Before You Sell”. Retrieved from https://www.openagent.com.au/blog/selling-your-house-10-ideas-to-increase-the-value-of-your-property-before-you-sell.

Launder, R. (2019, March 31). “Top Ten Tips to Increase Your Home’s Value Before Selling”. Retrieved from https://www.localagentfinder.com.au/blog/top-ten-tips-to-increase-your-homes-value-before-selling/

Remodeling (2019). “2019 Cost vs. Value Report”. Regional Data – South Atlantic. Retrieved from https://www.remodeling.hw.net/cost-vs-value/2019/south-atlantic/