More homes are being put on the Australian real estate market, but very few people are buying. This situation has been brought about by the uncertainty about the future as well as tightening credit rules. If you are hoping to sell your property soon, you have to add value to avoid waiting very long for buyers or letting it go at a lower price than you are comfortable selling.
When it comes to home improvements, not all of them have the same impact on your property’s value. Should you install backyard cabin sheds or new floors? Is a kitchen improvement any better than renovating the exterior of the property? Some upgrades can be costly but offer little value, while others cost less but provide more value. Consider the following tips if you are looking to add value to your property within a year:
Improve street appeal
Many buyers will decide on whether a home is right for them or not the moment they view it from the street. A beautifully designed home from the curb can also be what you need to get more money for your property. Create a recognizable entrance with a beautiful door that is made from a sturdy material. If you have a terrace, make sure that it matches the style of the rest of your home. Another thing that you can do to improve curb appeal is to add a fence. The fence you choose should give an excellent impression of the house rather than look out of place.
Add a granny flat
A granny flat not only provides extra room for visitors to stay, but it can also be rented out. If you have a mortgage, rental income from the granny flat can help you to offset it quicker. This appeal is what makes home buyers consider purchasing homes with a backyard structure. Whether you will use it for storage, as an office, or any other purpose, adding a granny flat in your backyard might be costly, but it can improve the value of your property.
Update the kitchen
Nobody wants to buy a home that they’ll have to renovate before moving in. Even if they do, it will have to be at a much lower price. To avoid selling your home for next to nothing, give your kitchen a makeover by changing things such as the cabinetry, fixtures, and floor tiles. When you give potential buyers a tour, they should not only feel at home but also feel like they can start using the most critical areas of your home immediately if they were to move in today.
While there are many improvements that you can make to your home, be well aware that spending over a certain amount doesn’t guarantee any returns. Check the current property rates in your neighborhood and calculate the amount you can comfortably spend renovating the home if you are to sell it for a profit.
The projects you undertake to improve your home should show potential buyers that you care for it. These improvements should also be able to fetch more in the current market. If you are unsure of how much to spend or the areas to fix, it is always a good idea to seek assistance from an experienced property agent.