Are you planning on selling or leasing your property but worried about how much it’ll cost to make the most impact? It doesn’t take much money or effort to increase its resale value. Here are our top tips.
Freshen up indoors with a splash of paint
“Never underestimate the power of a fresh coat of paint,” says Jaime Pratt, head of PM at VPM. “It’s one of the easiest and most cost-effective ways to give your home an instant facelift, and with the right colour tones, you can enhance the natural light in almost any room.”
Start by removing any outdated wallpaper, then get to work painting the walls, skirting boards, architraves, and all cornices to truly refresh the home’s overall appearance. Opt for neutral, crisp colours like beige, off-white, cream, or light grey. These colours will attract a broader range of buyers and allow them to imagine adding their own pops of colour and personal touch. If you’re keen, you can also save a bit of money by tackling the paint job yourself!
Revitalise the kitchen
The kitchen really is the hub of the home! It’s where conversations start, memories are made, and milestones are celebrated. Investing in the kitchen can significantly impact a buyer’s interest in your property. Whilst it’s considered one of the most costly areas of the home to renovate along with the bathroom, rest assured there are more budget-friendly options for a complete renovation.
“You can simply modernise the kitchen by replacing old benchtops, taps, and cupboard handles and giving the walls, tiles and cupboard doors a fresh coat of paint,” Jaime says. “Upgrading electrical appliances isn’t a must but can be really appealing for potential buyers.”
Enhance the exterior charm
Many people opt for rendered brick walls for a truly modern feel when it comes to street appeal. However, it’s essential to consider the style and era of the home and whether rendering is the best use of your investment.
There are some cost-effective options if you want to spruce up a typical brick home. Jaime acknowledges that rendering an entire house can be expensive and suggests painting directly onto the brick as an alternative. Choose neutral colours and repaint timber skirting and fascia boards to transform the exterior instantly. If you’re willing to lend a bit of elbow grease, this approach is particularly budget-friendly and makes a huge impact.
Explore passive income opportunities
With the rising costs of living, it’s worth seeing if there’s some way your property can provide extra income. Jaime has worked with many clients who’ve opted to build a granny flat on their property, which is an innovative and relatively affordable way to provide an income as a short term rental whilst also boosting resale value.
“While the cost of construction and furnishing can range from $50,000 to $100,000, you can make it financially viable by renting out the granny flat to offset the initial expenses. When you’re ready to sell, market the property with the added benefit of passive income, significantly boosting its value”, she says.
Always check any legal restrictions with your local council first to ensure you can have extra accommodation or run a business from the property.
Avoid overcapitalisation
Before diving into extensive renovations, it’s crucial to consider your target market and the current market conditions. Research the preferences of potential buyers in your area to make informed renovation decisions and avoid wasting money.
“An eco and ‘green’ backyard may be highly appealing for families with children who want space to explore, but for others, an en-suite bathroom, extra bedroom or a walk-in robe in the master bedroom may be the clincher. You need to know who you’re marketing to so your investment is worth the time and money”, Jaime advises.
Overcapitalising your property is easy to do if you’re not aware of the local and current market. Jaime suggests doing your research and staying reasonably within the average market price for similar properties in your area.
Being mindful of the marketplace and implementing these strategies can dramatically increase the resale value of your property without exceeding your budget. Tailor your renovations to suit the desires of your target market and the current market conditions, and you’ll reap the rewards in no time.