6 Tips to add value to your property

REAL ESTATE

Undertaking a renovation is an exciting opportunity to transform your home into a modern masterpiece. You have the chance to create a home you’ve always wanted – however to get the most out of your investment, you will need to ensure the renovation is ‘adding value’ to your home.

Different rooms within your home will most likely require different approaches, but there are some tried-and-tested elements each successful renovation must include. 

It is so important to get the presentation of your property right. It is critical all elements and features match and naturally flow within your home – including paint colour, tile selection, windows, and floorboards and carpets.  

We’ve compiled these 5 tips to add value when renovating to help you make the most of your renovation opportunity. 

1. Refresh with high-quality paint

It’s amazing what a fresh coat of paint can do for a home’s interior and exterior. Fresh paint can immediately lift the energy, mood and ambience of your home.  Painting can also be inexpensive if you’re willing to take the DIY approach.  Painting walls and ceilings can be fairly straight-forward, but skirting boards, doors and door frames will require more time and focus.  Instead of painting fresh, you may be able to give these areas a good clean with sugar soap or washing soda – saving you time and money. 

Remember to tackle one room at a time, and start with a room where the paint finish quality may not necessarily be noticed – such as a laundry or study. As your technique improves, move to more demanding areas such as living areas and bedrooms. 

Make sure you select a warm, dry day to start painting. Position furniture into the middle of the room, cover it with a drop-sheet and complete the first coat in the morning. As most paint will need only a few hours between coats, especially water-based paint, you can complete a second coat later in the day. 

2. Improve presentation with modern window treatments 

These days, there are so many options available to update your window treatments. Whether you’re considering curtains, shutters or blinds, there is a value-adding solution for every room of your house. Prices will vary, so make sure you do your research and stick to your budget. 

To get yourself inspired, review both www.realestate.com.au and www.domain.com.au for well-presented sold listings. Even scroll through www.pinterest.com and www.instagram.com and search for window treatments, shutters, block-out curtains etc., to seek modern and fresh inspiration. 

Remember, window treatments aren’t something we necessarily change often in the lifetime of a home, so ensure you select a quality, timeless style. To add warmth and style, shutters or timber venetians are highly recommended. For an element of luxury, block-out curtains in a rich fabric will work best. 

3. First impressions count

To really elevate your home’s façade, focus on your front door and entrance area. Painting your front door (or replacing it if your budget allows) and adding modern doorway furniture, can really improve your home’s street appeal.  Ensure you give the area a thorough once-over by pressure cleaning pathways and walkways, removing cobwebs, pruning plants and hedges and cleaning windows.  Remember to clean gutters, fertilise and mow your lawn, and fix any loose pavers or fence palings too. 

4. Focus on flooring

Before you decide on flooring, it’s important to know what you are working with. Critically assess whether your home’s flooring has passed its use-by date, or if a thorough clean – for example, getting carpets steam cleaned – will yield positive results. 

If your floorboards are showing significant wear and tear, it’s best to have them re-sanded. This then opens up options such as having them stained, painted or simply resealed.

If you currently have carpet, you may be lucky to have glorious original timber underneath. Rip-up a section, mix a solution of boiled linseed oil, turpentine and white vinegar in equal parts and test a patch with a cloth to see if the timber can be re-sanded and brought back to life. 

5. Update the little things

You’d be surprised at how a home’s overall presentation can be lifted by changing the little things. By changing your kitchen cupboard and cabinet hardware, and even light switches, you can really elevate a home’s modern presence. These items are not expensive, and can readily be purchased at a hardware store.  Be sure to match handles and switches into your home’s overall character too. 

6. How to not overcapitalise

Finally, when considering a renovation, be sure you do not overcapitalise. Create a budget and stick to it. Overcapitalising is when an owner invests money into a property – on the initial purchase and on future improvements and renovations – which combined, is more than the property’s resale value.  Overcapitalising is always a risk with any property, however with the right advice and planning, it is a risk that can be readily mitigated. 

It’s important to speak with a trusted Real Estate professional to understand what your home is worth today, and what it may be worth following a renovation. Remember, if you’re going to renovate and spend money, do your homework first. An experienced Real Estate professional will provide you with an objective view of where to focus your renovation budget, in order to get the best return. 

[To learn more about the dangers of overcapitalising, see our previous article HERE

Most importantly, if you do decide to renovate your home, remember to have fun. Renovating the family home is an enjoyable process, so be sure to take the time to appreciate the experience. 

Always seek advice from a trusted professional.

Purchasing and investing in real estate is exciting and when done well, can significantly transform your life.  Your local One Agency specialist, lives and breathes real estate in your area and has insights into exactly what is happening in your community.  

Now is a great time to get started on your property journey, or continue climbing the property ladder, as interest rates are at an all-time low. Our agency is also seeing high-quality family-oriented supply begin to come onto the market, and this is set to continue as we progress through Spring and approach Summer.

To learn more about the benefits of real estate investing and what prices may do long-term, please contact us at One Agency.  With One Agency being one of Mildura’s most trusted real estate agencies, we are well placed to provide you with our view of the current market based on our local experience. We’ll thoroughly guide you through the process and help you take advantage of this opportune time in the property market.

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