What can you do to improve your property value?

Are you thinking of selling and want to maximise your return? As a vendor you must be careful not to overcapitalise when preparing your home for sale. Here are a few tips that will help get the best results from your makeover dollars.

Exterior upgrades

First impressions are the most important issue to buyers inspecting a property. An immaculately presented home speaks volumes and can give an insight to how the property has been maintained over previous years. If there is peeling paint, loose guttering and unkempt gardens, it is reasonable for a buyer to assume not a lot of attention has gone into the overall maintenance of the property.

A fresh lick of paint can really help though the 2006 Remodelling Cost vs. Value Report showed that replacing or rendering the exterior cladding of a house had the highest return on investment. This even beat out other popular renovations such as kitchen & bathroom makeovers and second storey additions. Rendering over brick walls gives a sleek, contemporary look and while the Australian Housing Industry Association (HIA) put the average cladding renovation at $33,000, many sales agents believe this is more than returned in the sale price.

The Kitchen Renovation

The kitchen is a focus point in any home and if tired or out-of-date, it can have buyers mentally counting the cost of replacing. Alternatively, a cleverly modelled designer kitchen can be the deciding factor for a home buyer. According to HIA Renovations Monitor, the average cost of renovating a kitchen is as much as $21,929, but you may prefer a simple cosmetic makeover with a shiny new kitchen sink, brand new cookware and brighter lighting.

The Bathroom Renovation

Upgrading the toilet or bathtub can improve the appeal and value of the 'little room' and the overall house. Replacing the shower head & shower curtain and ensuring all mould and stains are removed are inexpensive ways to improve the saleability of your house. If you are considering a complete bathroom makeover, bear in mind that bathroom trends are notoriously changeable so make sure you do your research or consult a professional designer. HIA Renovations Monitor puts the average cost at about $20,681.

Space Matters

De-cluttering rooms and removing personal items such photos and family heirlooms can help a buyer picture their own family living in your house.Getting the presentation right is something you can do yourself for very little or even no cost apart from some elbow grease, though you can get professional help if you're prepared to pay. If your furniture has seen better days or is a little cumbersome, you might consider getting a professional stylist in to give it that designer feel. A professional house stylist can cost around $10,000 including consultation, minor repairs (not structural), cleaning and furniture hire for the 4-week inspection period.

Looks are everything

Most buyers come to an opinion about a property in the first 90 seconds of an inspection, which is why presentation is so important. Many improvements may not significantly increase the value of your home but will almost certainly help you sell faster. For major renovations you need to carefully consider the cost of the improvement versus its likely return. It may be wiser to stick with more cost-effective cosmetic touches and let the new homeowner undertake the big projects. Careful planning, research of sales results in your area and consultation with real estate experts should help you decide which is the best option for you.

More News
Back to this Issue

Subscribe
If a friend has forwarded you this newsletter. Click here to subscribe.