This post has been written in collaboration with Altec
When you purchase a property, you can be naïve in thinking it will increase in value as the years go by. In our experience, we’ve bought in a buyer’s market and sold on the cusp of a seller’s market. Our first house did go up in value, but only because of demand for housing in Brisbane, which pushed the price of our little villa up. We repainted, laid new carpet and put a roof on our patio when we first moved in which probably bumped the appeal of our villa a little bit when we went to sell.
Since we’ve been in our second home, which we will live in long-term, the house hasn’t increased as quickly in value as our first house did. Despite that, I do know that our house has increased in value to a buyer because of simple things we have done to the property to make it appealing to buyers. If you’re wanting to increase the value of your home over time, here are some tips that you can slowly work on on a long-term basis.
- Add a patio or outdoor entertaining area. People love being able to entertain at home, so having the space by adding a patio can add value to your home because you’re adding another living room in some ways to your property. Aussies love to be outdoors on a weekend throughout all year. Outdoor entertaining requires a roof for all season. Altec can provide a quotation on extending the roof to make your patio weather proof.
2. Solar Panels. Even though you lose your rate of selling back to the grid when you sell your house, the new owners will appreciate a house that is energy efficient and allows them to get a small amount off their electricity bill.
3. Vegetable Gardens. Sounds crazy right because don’t gardens require extra maintenance? In the last couple of years or so, growing your own food is pretty trendy and helps keep the grocery bill down. If you have garden beds ready for new veggie seedlings, this can be an emotional drawcard to buyer.
4. Add a car port or garage. This acts as another room should you need it, but more importantly it protects your car when you’re home. Most people prefer a garage or car port that can protect your car from the weather and outside elements.
5. Renovate the bathroom and kitchen. These wet areas are the ones that date easily, but are the hardest to modernize without starting from scratch again. Always stick to your budget when renovating.
6. Add in an ensuite and walk- in-robe if the space allows it. These extras make the main bedroom a desirable space for parents and adds extra appeal to the house.
7. Well presented gardens. Gardens are the outdoor accessories to your house. It’s often the area that gives a good first impression to buyers.
8. Add air-conditioning which can be reverse cycled for winter and summer.
9. Create an open plan space. It could be as simple as knocking down a wall. Just get a structural engineer to check that the wall you’re removing isn’t supporting your house.
10.Replace or paint the front door. It’s amazing how a new door can change the look of your house. It also gives a great first impression to buyers.
11. Increase storage. Built in wardrobes and cupboards are a necessity for storage. Especially when minimal living is a big trend in interiors. People want space to put away their ‘stuff’.
12. Add an in-ground pool. Pool maintenance costs are pretty high these days so there has been a decline on demand for houses with pools. Despite the demand being less, there will still be families that require a pool and often it will be on their non-negotiable list of features for their dream house. If you can afford to put one in and afford the extra maintenance in time and costs, why not take the plunge (see what I did there) and add one in the backyard. It will still add value to your home.
13. Livable Laundry space. A laundry that is both practical and functional will add value to your house. It can also double as a storage room if designed out correctly.
14. Add a powder room. Powder rooms are another little space that offer value to a buyer, especially if they love to entertain and don’t want guests to be using the main bathroom. Alternatively they can be a second bathroom to use if the main bathroom is in use.
15. New flooring will always draw a buyer in. Think about the longevity in trend and style when choosing the right flooring. In older houses, timber flooring can be brought back to life, or you may like to retile or re-carpet the bedrooms in a more modern and neutral shade.
Of course not all of these tips can be done to your house if you’re not planning on an extension or renovation, but some cosmetic lifts can really add value to your home. If you plan to renovate over a long period of time, these are certainly some areas to consider.
What things have you done to your house to add extra value to your home? Any things you wish you could do or plan to do in the future?
This post has been written in accordance with my disclosure policy.