5 simple steps to boost your property value
With interest rates in Australia stagnating, for those who want to invest outside the volatility of the stock market, investing in property is often the go-to option. A common time in life to both purchase and sell is around retirement, as many older couples and singles might find that their needs have changed, and that they would prefer to downsize, live somewhere new, or even make a complete sea (or tree) change.
According to a report by The Australian Housing and Urban Research Institute, more than half of Australians over the age of 55 are open to downsizing, based on a survey of 2,400 households. As this involves selling one type of property and purchasing another, many older Australians are looking at how to maximise their return in investment.
If you want to boost your property value without paying for expensive builders and tradies, here are five smart DIY ideas for simple but cost-effective renovations.
Give your home a fresh coat of paint
Faded walls, dry and cracked paint, dull and lifeless colours; all of these things can make a beautiful home look less-than-impressive. But a fresh coat of paint can be the easiest and most value-increasing update prior to selling your home. Just make sure you do your research on how to achieve a quality paint job. Take the time to adequately prepare, and make sure you're using the right paint for the right surface.
Add a deck or update your current outdoor area
Building a deck completely DIY may not be for everyone, but if you have a knack for woodwork, then it could be a great weekend project; especially if you can wrangle some family and friends to help. There's nothing quite like having an outdoor deck to relax on with a book, entertain friends, or simply enjoy some fantastic Australian weather. Or if you already have a deck at home, maybe it's time to restore the timber floorboards or give them a fresh coat of stain/sealant to really bring them back to life.
Install air conditioning
No matter where you live in Australia, the hot summer months can make everyday life a struggle (a sweaty struggle, at that!), especially if you don't have air conditioning to lower the mercury. Whether you spend a little to get a brand-new unit or purchase a second-hand air conditioner, it's a huge bonus to have in your home and can add real value if you decide to sell. If you can afford it, installing ducted air conditioning in your home is probably the most effective option for attracting potential buyers.
Modernise your bathroom fittings
You can have all the latest and greatest bathroom fixtures (e.g. a luxurious bathtub), but if you don't have quality fittings, then no one will care, and will likely cheapen the whole look. The best part is you don't need to be a plumber to remove and install most bathroom fittings. For those with a flair for design, this could also be your time to shine and turn a dated, boring bathroom into a thing of beauty.
Update your kitchen without spending a fortune
Giving your kitchen a makeover doesn’t need to cost upwards of $20,000. Instead of installing top-of-the-line appliances, think about simple cosmetic changes. Could your stove backsplash use some new, modern tiling? Does your cabinetry need a brighter coat of paint or maybe the handles could be updated to a more modern style? Even something as simple as a beautiful sink mixer tap could make your kitchen more enticing for potential buyers, particularly if you opt to install one that produces carbonated drinks instantly. You could even give your existing stovetop and oven a major clean to make it look brand new again.
There's no need to spend an arm and a leg to boost your home’s value. Just a few simple DIY upgrades and updates can add serious value to your home, so when you’re ready to sell, it could mean the difference between getting close to the price you want or getting an offer above it.
11 Feb 2021