There’s a lot of advice out there about ways to improve the value of your home, but it pays to do your research. Not all upgrades and additions will increase the value of your property. In fact, it tends to be the smart and simple things that get you a better return on your investment than the luxury additions.
Whether you’re looking for ways to increase the value of the home you live in or an investment property, here are 8 of the best additions to consider.
1. Solar panels
More and more Australians are recognising the importance of sustainable energy sources. Switching to solar power could help make your home more energy efficient and increase the value of your property.
Renters see solar power as an advantage when looking for homes to rent as it can reduce their living costs. For a property that you live in, investing in solar panels could pay itself back in a few years, increase your savings and help you pay off your mortgage faster.
To ensure you get the right system for your property and household needs, it’s important to speak with a professional about sizes, efficiency and solar rebates that are available to you.
2. Effective heating and cooling
Controlling the climate inside your home is one of the best ways to increase property value and appeal to potential buyers and renters. Look for heating and cooling systems that are effective but also energy efficient.
Also consider functionality. For example, investing in reverse cycle air conditioning vs gas heating might reduce the number of appliances in the home and provide a more versatile system. Ducted air conditioning can improve comfort and livability throughout the whole home, which can be an advantage if you want to sell or rent to families.
Don’t forget that all heating and cooling systems are made more effective and efficient when you have quality insulation installed in the home. Consider upgrading your current insulation, especially if you are carrying out any renovations.
3. Outdoor entertainment area
Creating an inviting outdoor space is a great way to increase property value. Consider a functional and aesthetic outdoor entertainment area which can be used for cooking meals, relaxing and hosting events.
Elements like a hardwood timber deck, pergola or retractable shade cloth are all great investments. Consider how different elements will help make the space appealing and functional throughout the year and in different weather conditions.
Also, where possible go for materials and designs that are built to last to ensure your investment gets good long term returns. Recycled materials may be an option if you’re looking to keep costs down.
Putting effort into the garden and outdoor spaces can go a long way. If you have the budget, consider hiring a professional to revamp the front and back yard. They’ll be able to guide you on how to create a cohesive and impressive design to capture the eye of potential buyers.
If you’re looking for a more DIY solution, do your research into the landscaping efforts that have the biggest impact on property value. Planting leafy trees, defining the edges of your lawn, mulching your garden beds and putting in new paving are good places to start.
5. More storage space
Having limited storage space in your home can be a turn off for potential buyers. Consider ways in which you can increase storage without making the house feel crowded.
Simple improvements can actually make a big difference. For example, installing open shelves in the bathroom and laundry, converting your attic space or improving organisation in the shed can all get the attention of buyers.
6. Attic conversion
If your property has a sizable area between the ceiling and the roof, you could be taking advantage of that extra space and converting it into something functional.
Some attics can be converted into living spaces with a spare bedroom or home office. Others may be more ideal as storage spaces. Either way, embracing that unused space can be a great way to increase property value.
Before undertaking any renovations, make sure you’ve spoken to a professional about the building regulations in your local area.
7. Granny flat
If you don’t have the ability to expand space inside your home, but you’ve got space in your backyard, consider building a granny flat. Whether you use it as a spare bedroom, creative studio or short term rental, having a granny flat can increase your property value.
As with the attic conversion, be sure to consult a professional about how to go about the construction so that you’re compliant with building regulations. Keep in mind you may need to get an electrician and a plumber in to make the granny flat functional.
8. Curb appeal
You know how they say first impressions count? Increasing your property’s street appeal can help increase its value too.
Giving your home a new paint job, tidying up the garden, replacing a worn out door and fixing up a broken fence can all do wonders to the appearance of your property. If you own an older home, it’s also a great idea to preserve or restore period features on the facade as well as any within the home itself.
Before embarking on any property improvements, it’s wise to get professional advice. Not everything will increase the value of your property and some efforts will get you more bang from your buck than others.
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