Regardless of how the real estate market or the general economy is doing, well-maintained and spruced-up homes will sell much more than those not upgraded. However, not all property improvements are created equal. Knowing how to add value to your property can be quite challenging. Large projects, such as adding a conservatory, come with high rewards if you have a little more time and pocket power.
But small changes can also make an incredible difference and significantly increase the value of your property. If you are wondering how to add value to your home, here are some valuable tips to guide your home improvement journey.
Top 7 tips on how to increase the value of your home
1. Make a lasting first impression
Are selling your home? Then you need to create a lasting impression on potential buyers. Firstly, ensure your home’s exterior is beautiful and inviting. After all, this is the first thing property viewers see — good or bad.
Start by clearing anything that looks unsightly, tidy hedges, and consider giving your door and windows a fresh coat of paint if they look worn and tired. A fresh paint job can go a long way.
If you have a garden, it can be an excellent selling point if well maintained. However, if overgrown, it can also make the space look smaller and unattractive.
You can make the most of it by cutting the lawn, eliminating broken pots and other additions, weeding, and creating privacy with trees or trellis.
Replacing your old, dented garage door can also make a huge difference to the perceived value of your home.
2. Refresh your living spaces
When you think of selling your property, whether or not to renovate is one of the first questions that comes to mind. Minor upgrades can go a long way in improving your house resale value by up to 20-25% without hurting your wallet.
Simple, creative updates such as upgrading light fixtures, repainting, adding crown mouldings, a feature wall and incorporating trendy decor can help modernise your home.
Removing vertical blinds with sheer curtains allowing natural light flow is also a great, inexpensive upgrade.
This way, you will have a new, upgraded space without a complete tear-down.
3. Upgrade your kitchen and bathrooms
How do you add value to your home? A well-designed, functional, aesthetic kitchen and bathroom is an excellent place to start.
Note that kitchen and bathroom renovations can be costly, so invest in upgrades that guarantee a return on investment.
For your kitchen, work on improving your storage; updating, painting, and replacing cabinets; upgrading appliances; and replacing countertops.
When upgrading your bathroom, consider remodelling your bathtub or shower and upgrading your floor with ceramic or porcelain tiles, which are inexpensive, waterproof, and long-lasting. You can also consider upgrading your cabinets and vanity area.
4. Increase energy efficiency
With the emphasis on environmental safety and consciousness today, energy-efficient homes are quickly gaining traction and fetching incredible prices on the market.
Besides environmental protection, green homes help reduce utility bills and unnecessary maintenance expenses and enhance general comfort.
If you want to improve your home’s energy efficiency, you can upgrade your insulation, adopt solar power, and move to energy-efficient appliances. You can also consider upgrading your windows, which comes with the added advantage of adding economic and aesthetic value.
5. Outdoor living enhancements
Sure, various factors, including its location, square footage, and interior features, impact its value. However, having a beautiful, well-maintained exterior and a beautiful, functional outdoor living space counts too. Today, a creatively designed and well-maintained patio is estimated to increase your property value by 8-10%.
Other outdoor upgrades that guarantee a great return on investment include building a shaded entertainment structure and adding a fire pit or outdoor kitchen. You can also expand your outdoor space with decks and patios.
6. Investing in property maintenance
Wondering how to add value to your property? Thorough conducting regular inspections, maintenance, and upgrades is one way.
Besides increasing home value, maintaining your home in pristine condition through regular and quality maintenance will help you avoid potential code violations. Some common safety and maintenance tasks include safety checks, regular cleaning, asset repairs, and landscaping.
Remember to renovate and upgrade your home by installing modern appliances and technology. If you are leasing your property, tenants will stay longer, translating to more cash flow while maintaining and increasing your home value.
7. Know your market
Even if your property is in perfect condition, with excellent upgrades, the number of buyers and the nature of the market can affect your home value. Whether you are leasing out or selling your home in Perth, you want to know how to add value to your property.
But before anything else, research thoroughly and understand the current local property and market trends.
If there are many prospective home buyers with fewer properties for sale, then you are in a seller’s market. However, if the properties are more than the buyers in the market, understand that you are operating in a buyer’s market and adjust accordingly.
Analyse your prospective clients and determine their needs, wants, expectations, and how well the local market meets them.
If you want to know what the current value of your property is, speak to the trusted team at HKY Real Estate.
How to increase the value of your property FAQs
Whether you want to sell your property now or in the future, you are likely wondering how to increase property value. You can do this by thorough cleaning and decluttering, upgrading your living and outdoor spaces, repainting, increasing energy efficiency, and regular quality property maintenance. Analyse every potential improvement critically and go for the ones that will enhance your home value without stretching your budget.
Yes. A complete kitchen renovation project is worth your time, energy, and money. From adding a kitchen island and upgrading to bold cabinet designs to installing modern appliances, a kitchen renovation project guarantees a good return on investment. Whatever you go for, you can count on your upgraded kitchen to increase your home value.
- Wrongly done DIY projects
- Bad street appeal
- Excessive clutter
- Tired and worn-out decorations
- Overgrown garden beds
- Poor upkeep and unpleasant smells
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