You might not be able to control the property market, but you certainly have a say in how appealing your home is to future buyers or prospective renters. Whether you’re looking to flip a property for a quick profit, or an everyday investor wanting to boost your long-term gains, there are plenty of things you can do to add value to your property and build home loan equity.
You might be the hands-on type with a flair for creative design, or someone who is more than happy to let a professional do the work – whichever basket you fall into, selling your home in Sydney’s competitive market can be made easier and more lucrative with a few carefully thought out adjustments. The following are some simple ways you can add value to your home.
With your creative juices flowing, it can be easy to look over the smaller details. Having a well-kept home can often be the difference between a quick sale and long time spent on the market when the time comes to sell. Before you begin planning a cosmetic overhaul, deal with the little things first. An eagle-eyed buyer is likely to pick up on shabby features, faults and any other blemishes that require them to spend money after purchase. Leaking taps, creaking floorboards and damaged walls may seem inconspicuous, but they could suggest more serious deterioration is lurking beneath the surface – and might require a large amount of work further down the line.
Harness curb appeal
The external appearance of your home is crucial to its value. Allowing the garden, terrace or facade to run into ruin over time will increase the amount you’ll need to spend in the future, which can undermine the hard work you’ve put into the interior. This doesn’t necessarily mean a complete overhaul – simple improvements, such as a regular repainting of the exterior walls and window frames, repairing damaged fences and keeping the garden in a healthy state can enhance street appeal and ensure the property ages gracefully.
Choose your improvements carefully
Australians are avid home renovators – in fact, the Housing Industry Association expects the renovations market to grow 10 per cent by 2018. While it’s tempting to pour all your resources into making your home a design-fuelled haven, it’s more important to avoid overcapitalising. Any changes you make should be carefully considered and weighed for their cost benefits. It might be that the changes you make now are outdated in a few years time, so it’s important to analyse how much profit you can gain from your investment in the long-term.
Speak with local agents about what renovations hold the most value in your particular area. For example, key improvements to outdoor spaces, kitchens and bathrooms may be appreciated more in a family-orientated area, while apartments-dwellers may find more benefit in updated appliances.
It’s worth thinking about how these type of improvements are consistent with the investment strategy you have in place for your property. Our team of home loan professionals at Police Bank are on hand to help achieve your property goals.