Just because you pour $20,000 into your home doesn’t mean that your house is worth $20,000 more. The key to adding value to your home is to focus on the things that are important to buyers.
1. Kitchen
Kitchens can make or break a sale, so renovating your kitchen is always money well spent. Entertaining has become more casual over the years and the kitchen has become the focal point of the home. Kitchen renovations can be large or small, but if you can’t afford a complete overhaul, modernise your fixtures and fittings and consider updating tile floors and splashbacks.
2. Bathrooms
Remodelling your bathroom can bring you a return on investment of 75 percent. Adding a bathroom can bring a further ROI of 65 percent. If you can’t afford a full upgrade or don’t have the space to add another bathroom, refacing the cabinets or replacing the knobs and retiling will immediately update an older bathroom.
3. Entrance
First impressions are often what sell a house. Having a well-groomed front lawn, planting flowers near the front of the house and buying some potted plants to stand by the front door will make a huge difference to the perceived value of your home. You could paint your front door a bright colour, as long as it complements the rest of the house, and update your doorknob and house number. You want prospective buyers to assume that the care and attention given to the outside of your home reflects the level of care and attention you’ve given the interior.
4. Outdoor space
The rise in casual entertaining means that potential buyers are looking for decent outdoor living spaces. Installing a deck can add square footage to your house and has a return on investment of 85 percent. If your budget won’t stretch to a deck, make sure your garden is neat and well kept, and clear away an area for a BBQ, table and chairs.
5. Paint
A simple paint job is inexpensive and goes a long way to making your property look brand new. Keep colours neutral so as not to turn off potential buyers with anything too wild.
Visible home improvements that will get potential buyers excited will add value to your home. However, just remember that although you may have a beautiful new kitchen, you won’t sell your home if the roof is leaking – tackle any major problems first.
Citations:
- Statistics source
This article was supplied by Lovegrove Realty, leaders in the New Zealand real estate market and Property Management South Auckland. For more information on adding value to your property, visit Lovegrove Realty.