When you want to sell your property for profit, how do you boost the value of your home? Where do you start? Here are eight ways to add equity to your home.
While it can be tempting to go all out adding features and renovating, it’s essential to understand which additions and improvements will add value to your property and which won’t. To get the best possible outcome, you need to focus on additions that suit the neighbourhood, attract the right kind of buyers, and add an appealing unique quality to the house. Here are some key ways to add equity to your home.
1) Complete a kitchen makeover
Investing in modern, good quality kitchen appliances is almost guaranteed to improve the equity of your home. The kitchen is usually the most expensive room in any house, and potential buyers will pay more for a fully upgraded kitchen.
This doesn’t necessarily mean you need to do a complete overhaul. Depending on the condition of your current kitchen, you could consider such things as:
- Installing a new oven and stovetop;
- Repainting, especially if there are marks and oil splashes from cooking;
- Brighten dark corners by installing spotlights or downlights, and install unique pendant lights over an island bench for some visual interest;
- Upgrading old benchtops;
- Repairing or replacing floor tiles or floorboards; and
- Installing additional storage or upgrading your current storage.
2) Enhance the bathroom
Bathrooms are so much more these days. They are relaxation sanctuaries, pamper stations, and a quiet place for people to go to spend some alone time taking care of themselves. Buyers today want beautiful bathrooms that lend themselves to being multi-functional spaces.
The bathroom is often the most expensive room of the house after the kitchen, so if you’re going to spend good money increasing your equity, this is the room to do it in. Aside from replacing broken fixtures and upgrading outdated features, spend some money making your bathroom a beautiful feature room by installing a unique vanity, perhaps a sleek, wall-mounted modern vanity or an upcycled table or dresser for a rustic look. You should also invest in making the room as light and spacious as possible, perhaps by:
- Installing a skylight;
- Adding large mirrors;
- Improving the overhead lighting; or
- Adding or enlarging the window.
Indoor/outdoor bathrooms are trendy at the moment, so if you have the space and budget (and privacy), you could consider installing floor to ceiling window and planting a screen of gorgeous plants to look at while you bathe.
3) Consider flow
Properties with a cohesive flow are more likely to sell at a higher price. Consider: does your kitchen flow into the dining and family areas? If not, is this something you can achieve? Open plan living is by far a more coveted home layout than sectional rooms, so spending time getting this right can add significant equity to your property’s value.
While considering flow, don’t forget to think about cross ventilation. Cross breezes in summer can be life saving when it’s hot outside, and buyers will appreciate the ability to regulate the temperature of their new home without artificial air conditioning. Consider adding larger windows in the living area and installing security doors to your front and back doors to allow the doors to be left open without fear of burglary.
4) Highlight a standout feature
While you can create standout features with new additions, it pays to look at the qualities your home already has. Does your home have a beautiful view? You can highlight that by adding large bay windows to enhance the view.
Do you have a swimming pool? You can make some changes to make your pool stand out, such as landscaping the surrounding area into a beautiful garden. Or, you could build a deck to add an entertaining area nearby. Swimming pool owners should be aware that a run-down pool in need of repair can actually detract from your home’s equity, as new owners would need to spend money on repairs. So, regular pool maintenance is vital to upkeep your property’s value.
5) Invest in more storage
Adding storage is a relatively low-cost way to increase the equity in your home. Buyers will pay good money for a home already equipped with great storage options in bedrooms, hallways, bathrooms, and garages. If there’s a space to add storage, do it!
6) Apply a fresh coat of paint
A coat of paint can completely transform and refresh your property, mainly if the paint scheme is outdated. To add equity to your home, think about repainting your home’s interior in a palette of modern, neutral colours.
But don’t stop there! Is the outside of your home looking a bit worn or dated? You could render old brickwork or repaint weatherboards in a fun, modern colour. This will help create a good first impression and set the tone for the rest of the property. Bright yellows and greens are popular right now, or, if you’re feeling brave, how about a bright red?
7) Invest in your garden early
A manicured mature garden with many established trees and shrubs is very popular with buyers. While beautiful landscaping before a sale can add value to your home, you will add far more equity by presenting buyers with a well-established garden. Adding large trees to your garden is an expensive endeavour, so planting gorgeous trees as soon as you move in will pay off inequity in the long run.
8) Create space for outdoor entertaining
Homebuyers love entertaining outdoor spaces as they create a whole new room. When planning your outdoor space, consider how you would use it. You could consider installing an outdoor kitchen or installing French doors to turn your living room into an indoor/outdoor entertaining space.
A simple deck or patio with a comfortable table and some shade may be all you need in small spaces. With even a tiny outdoor space, buyers can imagine themselves sitting outside enjoying a morning coffee or an evening glass of wine.
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