Extending your home will undoubtedly add the most value to it, since it makes your home much bigger and offers more to buyers. This can be particularly beneficial in popular metropolitan areas, where finding a large home is a challenge. Things like building a second storey, converting your attic, adding a bedroom or even a home office can all be easily done. If you don’t currently have the funds, consider whether a construction loan or renovation loan might help you. If you’re planning to sell in the near future, you might just be able to pay back your loan and make a profit on your investment.
Renovating is one of the biggest ways to increase the value of your home, especially if it’s quite old or run down. While renovating might send a shiver down your spine at the amount of money you need to spend, it’s important to remember that renovating doesn’t have to be huge. One-off jobs like replacing your kitchen cabinets, redoing your flooring, replacing your shower or simply repainting your home can all be done in cost-effective ways, especially if you are keen to DIY. The best way to decide what to renovate is to determine exactly what is detracting from the value of your home or what will add the most value to it. Kitchens and bathrooms are good places to start.
Outdoor Living Areas
Outdoor entertainment space is highly prized when it comes to buying property. Verandas, patios and decks can also add a substantial amount of value to your home, especially in Australia where the whether is generally suitable all year round. Your outdoor area can either exist as separate space or it can extend off your indoor living area to make the living space a whole seem bigger (bear in mind, however, that this may mean losing some backyard space).
If you’re keen to invest smartly, landscaping is also huge value-adder for homeowners. Landscaping can be carried both at the front and rear of your home: your main goal in landscaping your front yard should be to make it as appealing as possible, while your aim out the back should be to maximise the outdoor space you have. A great landscaper will be able to bring lots of ideas to your investment table that can help increase your property’s value. You can also use trees and hedges to create much privacy, which will make your home more appealing to buyers if your yard is located close to your neighbour’s.
Swimming pools are often a great idea when it comes to providing extra living perks for you and your family. However, there many pros and cons when it comes to investing in your home via a swimming pool. If you have a family home with lots of space, a swimming pool can be ideal in increasing your home’s value. However, swimming pools also mean extra running costs for the buyer/tenant and also mean that your yard space can be limited. If you do decide to invest in a swimming pool, ensure that you consult a landscaper or designer who can effectively design your pool area so that it completes the ‘package’ of your home, rather than looking like a last minute add-on.