Are All Renovations Created Equal?
Here’s our list of big - and little - upgrades that can skyrocket your home’s value.
When it comes to adding value to your home - especially when you’re thinking about selling - it can be a minefield.
Where to start? What to do? How much do I need to spend? And am I in danger of over-capitalising?
Not only can the thought of enduring months of upheaval while you remodel or redecorate seem overwhelming, actually deciding where to focus your attention can be the biggest hurdle (because there’s always something else to do first, right?!).
And of course, not every update will have the same impact.
But when it comes to home renos - especially when the aim is to increase your home’s value prior to sale - it’s best to take a step back, reassess and take a good look at what can - and needs - to be done, so you can remove the mental roadblock that’s preventing you from getting started.
And it’s good to remember that sometimes, the most cost-effective, minor improvements can lead to the biggest value-gains.
Here, we look at a few practical things you can do - from inexpensive additions to more major improvements - to ensure your home’s looking it’s best, and that will attract good ROI (return on investment) when it comes time to sell.
Let There Be Light.
It’s often overlooked - and may seem simple - but making sure your home has good lighting can make a world of difference to how people feel when they’re visiting (or inspecting!) your home.
It goes without saying that fluro lights and exposed bulbs can make a room feel harsh and uninviting, so install some shades that will soften the tone. Are there dark corners inside that could benefit from a little illumination, or windows obstructed by trees? If so, head outside, chop the branches back and invest in a few lamps to make sure your home shines.
An Office Away From The Office.
In the work-from-home era, having a dedicated office or study is often high on a buyer’s list of ‘must-haves’ - and the good news is, this can actually be one of the easiest things to achieve given very little space is needed to create one.
Larger homes often have a spare room that isn’t being utilised well, while a storage nook or under-stair space in smaller homes can be transformed with some clever design and efficient storage. There are plenty of inexpensive DIY furniture options designed for tiny spaces, so adding a desk, some good lighting, a few drawers and a shelf or two somewhere in your home can be incredibly beneficial.
Keep Your Cool.
In a climate like Australia’s, climate control (or lack thereof) can be a real deal-breaker. And while air conditioning or heating doesn’t always come cheap, you’re almost certain to recoup most - if not all - of its value when you sell. The best bit? You’ll enjoy a more pleasant existence in the meantime!
Already got a system, but it’s in disrepair? Get it fixed stat. Broken heating or cooling may actually lose you money, as buyers may see it as a hassle and throw your home in the ‘too hard box’.
A Little Luxury.
Much like a home office, but with a little more pizzazz, entertaining zones - no matter their size - can add an unexpected ‘wow factor’ and do wonders for overall value.
Why? Because buyers love to imagine themselves living in a new home - they’re looking for a lifestyle.
And it stands to reason that if they can picture it, they’re willing to pay more for it - so why not help build their dream?
Creating a media zone in an unused living space, creating a butler’s pantry or squeezing in a wine room all add a touch of luxury. If it makes your home even a little more lavish, you’ll be well on your way to achieving a great return down the track.
Get Out Of The House.
It’s no secret that first impressions are made within 7 seconds of a buyer first laying eyes on a home.
But no matter the size or space you’ve got to work with - big yard, courtyard, or even a balcony - making sure your outdoor spaces are top-notch is one of the most bankable investments you can make… and one of the easiest (and most enjoyable) to undertake!
Mulch up the gardens, pull the weeds and mow the lawns. Add some inexpensive shrubs from Bunnings and make sure broken paving is replaced.
And it’s not just the plants! Give the front door a fresh lick of paint and replace the rusty letterbox. Small details make the biggest impressions!
For instant ‘X-factor’, install a fire pit (in a safe place, of course), or erect a pergola, patio or gazebo to create an alfresco zone.
It’s Right Under Your… Feet?
Probably the most disruptive - but often the most cost-effective - thing you can do to up your home’s value is to replace old, worn floor coverings with fresh carpet, tiles or floorboards.
Laying some eye-catching floating timber floors is a low-cost way to modernise an older home and increase its low-maintenance appeal, while new carpets add warmth to a bedroom or lounge.
And if you’re lucky enough to have hardwood floors? A simple polish up can add charm and value, and wow interested buyers.
While all of these things are fairly easy and inexpensive, what about the bigger projects?
If your goal is to sell, simply be mindful of what you’re trying to achieve and not needlessly over-spend.
Bathrooms.
More specifically, adding or updating one.
Alongside bedrooms, bathrooms are one of the most marketable features of a home.
In fact, when doing their research, buyers will often narrow their results down based on these two factors alone.
So whether it’s as simple as switching out old tapware for new and repairing the grout, or going as far as replacing basins, bathtubs and shower screens, undertaking an upgrade in the bathroom can seriously sway your final sale price for the better.
Of course, if the budget - and floorplan - allows, adding an ensuite, spa or second bathroom to a single bathroom home, or resurfacing with floor-to-ceiling tiles is also a great way to up the ante as buyers search for more luxurious amenities.
No matter what you choose to do, the goal here is to simply work with what you’ve got and enhance it where you can.
Kitchens.
As the focal point of a home, the kitchen is a pretty big selling point. So it’s crucial to make sure it’s looking it’s best come sales time.
But before you start jimmying cupboards off walls and ripping out the sink, remember a full reno may not be necessary.
In the first instance, ask yourself - is the space quite functional, just a bit run down? If so, why not simply paint the cupboards, or replace their faces? Likewise, a stained or scratched benchtop can easily be resurfaced.
Could the space be used more effectively? Is there room to put in an island bench or extend a little to create a breakfast bar?
Dishwasher broken or oven door falling off? Maybe an appliance upgrade is what’s needed.
Of course, a renovation can go as far as replacing and remodeling - and if you truly think this is what’s required, by all means go ahead.
Just bear in mind - most buyers will look for functionality, freshness and a pleasant place to meal prep over lavish tapware or feature lighting.
Extensions.
It’s undeniable that upping the square meterage of a home will increase its value exponentially. In fact, some experts claim it can increase value by a whopping 20%!
So what are your options? Usually, to build up, or build out.
But if you do go this route, how should this extra space be used - what’s going to make the biggest impression?
Extra bedrooms are always a boon, and adding one or more can instantly make your home more desirable - and in turn, more valuable.
A close second is living space. Creating a lounge, theatre or rumpus will instantly increase its appeal for families and those seeking space.
Other smart investments include alfresco zones, granny flats, lofts or balconies.
Whatever you choose, keep in mind that the best (and most valuable) extensions serve a purpose.
Regardless of what or how you choose to upgrade, creativity and functionality should always be at the heart of your decision, as this is what will set your property apart - it’s just crucial to be realistic and not to lose sight of the big picture.
Overcapitalising can lead to disappointment, so make sure you’ve thoroughly considered where to focus your budget and time. Get it right, and you’ll certainly reap the rewards!
Remember - whether it’s a full reno, or a simple facelift, there’s something every homeowner can do to attract a higher return when time comes to sell.
And if in doubt, have a chat with your real estate agent. They’ll have qualified tips and advice to help point you in the right direction.
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Want to learn more about the best way to sell your home? We’re ready and waiting to answer all your questions!
If you’re just getting started, or looking for more valuable property selling tips, tricks and hints, check out these other handy articles on our blog:
× Which Real Estate Agent Is Right For You?
× How To Add Value To Your Home Outdoors - Without Blowing The Budget
× Are These 5 Real Estate Myths Holding You Back?
And for all the very best property sales or investing advice, why not connect with us - We Connect Property are your local property market specialists with over 21 years’ experience in buying, selling and managing property in southern Adelaide.
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DISCLAIMER: All recommendations made by We Connect Property are general in nature and not to be relied upon as legal or financial advice. To ensure accuracy, we always strongly recommend seeking independent, professional advice tailored to your specific situation before making any investment or financial decisions.