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June 13, 2023

How To Increase Your Home’s Value

One of the great things about owning property is that you have the potential to add value to your asset.

We look at eight ways we encourage homeowners and sellers to maximise the value of their properties before sale.

1. Staging for sale

Selling for the best price means having potential buyers envisage how they would live in your home. One of the most effective ways to do that is through ‘staging’ – or arranging the furniture, decor and accessories in a way that highlights the property’s best features – rather than the way you live. There are professionals who can do this for you, making sure your property is on trend and appealing to the right buyer groups.

Cost from your end: From free to a few thousand dollars.

Potential value add: By getting more parties interested, you could drive up competition and, therefore, the price. This only works at sale time, though – you probably don’t want to live in a staged home.

2. Street appeal

When it comes to selling homes, first impressions matter. You want to hook potential buyers in from the moment they pull up to inspect it. The more appealing your home is from its outside, the more likely you are to do this because it shows the home is well maintained, livable and inviting. Doing the weeding and gardening, fixing the fence, power washing the walls and path, and, if necessary, even giving your home a fresh coat of paint can all increase the street appeal exponentially.

Cost from your end: While the weeding may cost you nothing other than a sore back, having your house professionally painted could run into the thousands of dollars.

Potential value add: In the best-case scenario, you could attract new buyers who would otherwise be put off.

3. Walls and floors

Perhaps nothing adds more to the feel of a home’s interior than the state of the walls and floors. So before you spend big money on anything else, target these. That means cleaning off marks, patching up any holes in the walls and perhaps even giving them a new paint job (just keep it neutral). It also means replacing worn carpets or polishing up floorboards and other surfaces.

Fixing cracked bathroom and kitchen tiles can also make a big difference to the look and feel of your home.

Cost from your end: That depends on the state of the walls and floors and can range from virtually nothing to over $10,000.

Potential value add: The walls and floors are the backdrop for your whole house. Making sure they’re well presented gives buyers the impression of a well-maintained home.

4. Focus on the kitchen and bathroom

They’re two of the most important rooms in the house and the two that have the most room to make (and lose) money. Buyers often prioritise these areas, so making them aesthetically appealing and functional can draw buyers in and give the impression of luxury and sophistication.

Cost from your end: That depends on what you’re doing. A simple kitchen renovation might just involve changing the cupboard doors to a more modern aesthetic. However, a full-blown renovation might involve remodelling, new appliances, and even moving the plumbing.

Potential to add value: Enormous if you get it right. The key is knowing where to spend. For instance, if you go all out on top-end appliances in a standard home, you may not make your money back, whereas doing the same thing in a luxury home could be key to getting top dollar.

5. Have a backyard blitz

It’s not just the front yard that matters, your backyard should be a priority too. Overgrown yards, broken fences and unmowed lawns can all detract from a sales price. The key here is to show someone the outdoor lifestyle they could have from their own home, especially given our climate. Decking, a covered outdoor space and a swimming pool could all lead to more interest and drive up the price.

Cost from your end: If you’re putting in a swimming pool or building a deck, the cost could be enormous – running upwards of $50,000 in the latter case. But creating a living outdoor living area doesn’t have to be costly at all.

Potential to add value: As with the kitchen and bathroom renovation, the potential could be huge. But swimming pools especially don’t always make their owners money, and the potential to lose out could be massive too. A good local real estate agent will know whether your property’s sales price is likely to benefit from extensive outdoor work, including a swimming pool. Get in touch if you’d like our advice.

6. Go energy efficient

With people becoming more environmentally aware and power bills soaring, ‘going green’ could be the key to bringing in more buyers. That could mean installing solar panels, upgrading your appliances or installing double glazing. You can read about how to make your home more sustainable here.

Cost from your end: The cost of going solar depends on the panels and battery you use but don’t expect any change out of $5,000 (and chances are you’ll need to pay more). Double-glazed windows are also more expensive than single-glazed, and you should expect to pay anywhere from $150 to $1,500 a square metre.

Potential to add value: While solar panels may make your home more appealing to buyers and drive up the price, the value of some of the other environmental measures is less quantifiable.

7. Build a granny flat

Working from home has taken off in a big way across Australia. However, here in Toowoomba, we’re fast becoming one of Queensland’s working-from-home capitals. Adding a granny flat can help you tap into the massive community of remote workers who value a private work-from-home space. It can also help you attract multi-generational families and, well, anyone who wants a bit of extra space.

Cost from your end: A granny flat can give you a lot of extra space for less than the cost of a renovation. And you don’t even need council approval for some (you can read about building approvals in Toowoomba here). Generally, expect to pay at least $50,000 for a substantial pre-fabricated granny flat.

Potential to add value: Again, this could add serious value to your home, especially if it gives buyers an entire new room (or two).

Read more in our guide to granny flats in Toowoomba.

8. Subdivide

One final way you can potentially dramatically boost your property’s value is to subdivide your land (known as ‘reconfiguring a lot’). This means carving more than one property from the footprint of your land. You can then choose to sell the vacant land or even build a new home to sell.

Cost from your end: This is a costly one because it involves three stages – panning and application, works, and registration or endorsement. So you’re unlikely to get out of the process for under about $70,000, and chances are it may cost more than $100,000. If you then choose to build a new home, it will add further cost still.

Potential to add value: If you subdivide, you give yourself two properties, so the upside can be enormous. This approach is not without risk, though, so it pays to do your homework beforehand.

Want more?

These are just eight ways to increase your home’s value. If you’re interested in finding out how to maximise your Toowoomba property’s sale price, get in touch.

Article by James O'Donohue

Delivering a premium service experience has been Team Elevate’s primary focus since commencing their real estate journey. James and Shaun created a team to ensure that they maintained a premium standard for Sel… View profile

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