Maximising the Price of Your Home
Makeovers and renovations can increase the sale price of your property. In order to increase the market value of your home, it is important to determine what areas of your home require improvements and whether or not the increase in sales price will outweigh the investment.
Some of the areas you may consider improving are:
- The kitchen is considered to be one of the most important rooms of a property.
- If you do not have the money to replace it, simply make cosmetic changes like refinishing the cupboards and changing handles / fixtures. This will instantly update the look without spending a large sum of money.
- As with the kitchen the bathroom is another important room in a property.
- If the investment of remodelling the entire bathroom will not pay off, consider undertaking one activity which will give the bathroom a lift i.e. replacing the flooring, installing new shower screens or giving it a fresh coat of paint.
- One of the key things buyers look for in a bedroom is built in wardrobes. If your property does not contain them and the size of the room is generous, consider investing in these to improve the value of the property.
The various ways of maximising your profit through minor improvements include:
Street Appeal / Outside the Property
- A neat entrance will enhance street appeal and leave a positive first impression. A good first impression will entice buyers to come in and inspect your property.
- Improve the front entrance to ensure your property appears to be well maintained and taken care of. You may consider:
- Painting or replacing the front door
- Fixing the letter box
- Tidying up the front garden by cutting down overgrown plants and trees and keeping the lawn neat.
- Cleaning out garages and sheds to make them look more spacious.
- Fixing little defects such as dripping taps or broken gates, and ensuring any fencing or other outside areas do not need to be re-painted.
Inside the Property
- Painting in natural, contemporary colours will instantly update your home without spending too much money.
- Cover old sofas with new throws and cushions.
- Change flooring to modernise and update a dated look.
- Changing the lighting fixtures, both inside and outside the property can provide a more modern look.
- Eliminate any unnecessary clutter to make the rooms more spacious.
- Clean carpets or wash curtains to remove any lingering odours and to breathe new life into tired furnishings.
- Tidy up cupboards and clean up storage areas.
- Fix little defects such as dripping taps or noisy doors and windows.
Our Top Tip: It is important not to over capitalise when making improvements. The cost to renovate/improve particular areas may not net a higher return in the sale price (over and above the investment). Therefore it is important to discuss this with your valuer or agent before making the investment.
NEXT: Property Presentation
- Should I Buy or Sell First?
- Valuing Your Home
- Agents / For Sale By Owner
- Choosing An Agent
- Sale Methods & Agreements
- Marketing Your Home
- Maximising the Price of Your Home
- Property Presentation