Boosting the resale value of your property is a strategic way to ensure you get the best return on your investment when it's time to sell.
Here are eight practical ways, based on current web and news findings, to enhance your home's appeal and increase its market value.
1. Install green features
Homebuyers are on the lookout for properties equipped with green features, aiming for long-term savings in an escalating market. Homes that boast energy efficiencies like a solar system installation not only capture buyer interest more swiftly but also tend to sell faster than those lacking such sustainable attributes.
Investing in an energy-efficient property is highlighted by industry experts as a strategic move to elevate its market value with minimal risk.
Experts say solar panels can increase a home's value by up to $20,000, while investing in double-glazing windows might add as much as $50,000.
Quality blinds are another wise investment, helping to regulate indoor temperatures throughout the seasons while additional features like installing a rainwater tank for domestic use and employing greywater systems for landscaping needs, enhance the property's sustainability and appeal.
2. Upgrade the basics
When looking to increase the value of their home, homeowners often focus on adding square footage or making significant improvements. However, sales are frequently influenced by the absence of essential features. Before contemplating grand renovations, it's important to address fundamental aspects such as the electrical and plumbing systems, heating, sewer systems, and landscaping. Enhancements like solar-powered lighting, well-maintained lawns, and the addition of colourful trees, shrubbery, plants, and flowers can significantly impact a home's appeal.
Investing in a manufactured stone veneer can recoup over 100 per cent of your costs, offering a substantial return on investment. Additionally, redesigning the home to have universal appeal, such as ensuring wheelchair mobility, can make it more attractive to a wider range of buyers. Incorporating smart home technology and evaluating the lighting in each room are also effective strategies for increasing a home's market value.
3. Renovate your kitchen and bathroom
There’s a lot of truth to the saying, "Kitchens and bathrooms sell houses". Real estate experts and property developers have been in agreement for years that renovating the kitchen provides one of the highest returns on investment in terms of increasing a home's value. But there are bathroom and kitchen upgrades that are more valuable than others. So, if you’re operating on a lower budget, consider prioritising these higher-value kitchen upgrades.
Making practical renovations that maximise countertop space, upgrade fixed electrical appliances and perhaps even integrate more storage, will boost the appeal of those interior spaces to prospective buyers. It’s all about making sure that your property’s "functional interiors" are actually as functional and liveable as they can be.
4. Apply a fresh coat of paint
You don’t have to carry out major and expensive renovation projects to improve the value of your property, sometimes all it takes is a simple lick of paint. A fresh coat of paint, inside and out, will make your home look newer, cleaner and more appealing to prospective buyers, which can add some extra dollars to the sold price as well.
A fresh paint job is not just about aesthetics, either, it adds a protective layer to your home to prevent mould and mildew from setting in, which creates another selling point, as well.
5. Address necessary repairs
Major repairs should obviously be addressed before your home goes on the market and there are conditions of sale that mean you are compelled to ensure the wiring, plumbing and other fixtures are all operating optimally and safely.
However, it is the little things that can also make the world of difference. That cracked fence paling, that light switch that hasn’t worked in years, that laundry tap that has had a slow drip for months. You can bet your bottom dollar that prospective buyers are going to pick up these little things, so attention to detail is critical here.
6. Improve curb appeal
First impressions matter and you are going to have a lot of potential buyers walk, ride and drive past your property while it is on the market. You could have the best features inside but it won’t make a difference if the outside of your property is looking rundown.
The exterior of your property is going to set expectations, so make sure it is as appealing as possible. Time to get the gardening gloves out and prune those hedges, mow and edge those lawns and carry out any repairs on the outside of the home that need completing and it will make the world of difference.
7. Update lighting fixtures
Investing in new or upgraded light fixtures is a cost-effective strategy to enhance your home's value. The impact on your home's worth varies, largely influenced by the disparity between your current and new lighting quality. Transitioning from outdated fixtures to contemporary, high-quality alternatives can notably increase your investment's return.
The choice of lighting plays a crucial role in appealing to prospective buyers. Options like LED and recessed lighting, along with energy-saving features and dimmer capabilities, are highly sought after. While the direct influence on your home’s market value may be uncertain, modern lighting solutions can significantly enhance its saleability.
Additionally, consider extending this upgrade beyond indoor spaces. Enhancing outdoor lighting, including garden, pathway and entrance illumination, not only elevates your property’s curb appeal but could also contribute to an increase in its market value.
8. Keep or restore period features
If your home has unique period features, preserving or restoring them can add significant value. Features like original hardwood floors, crown mouldings, and fireplaces are highly desirable and can set your property apart from others on the market.
Implementing these strategies can help maximise your home's resale value, making it more attractive to potential buyers and ensuring you get the best possible return on your investment.
