When you own a home, it’s natural to want to add value. Property is an asset, and if you play your cards right, you could end up taking a lot more out than you put in. When you’re considering projects that will add value to your home, it’s also worth thinking about the long-term impact and how any work will affect the saleability of the property. If you can select projects that will enhance your home’s worth at the same time as making it more appealing to potential buyers, this will stand you in good stead if you ever decide to up sticks and put a for sale sign up outside. Here are some of the most lucrative options you may wish to consider.
Loft conversion
Loft conversions are fantastic for both the short-term and the long-term. In the short-term, you’ve got an extra room or two and looking to the future, your home will be a more valuable and versatile asset. A conversion can take a home that is suitable for a couple to one that may appeal to families, enabling you to reach a much wider range of buyers. If you’ve got sufficient space available to convert an attic into usable rooms, this gives you the chance to create extra areas that could be used as bedrooms, a playroom, office space, a studio or a den for older kids to hang out or do their homework. The options are endless, and you can design the space to suit your needs and preferences. The cost of a loft conversion will depend on the size of the area, the condition of the loft and the design brief. Using a loft for storage will cost a lot less than creating a new bedroom with an en-suite, for example.
If you’re thinking of converting your attic, get in touch with some local building firms, read reviews, get recommendations from neighbours, friends or colleagues, and discuss ideas. Once you’ve got quotes, ask some agents to visit and give you an idea of a valuation once the work is completed. This will enable you to see how much you stand to make if you decide to go ahead. It is estimated that a loft conversion can add around 20% to the value of a property.
Using your green fingers
Many people look for a garden when they’re on the hunt for a new home. If you have a garden that looks gorgeous, this is going to boost the value of your home and help to attract buyers if you do choose to sell. If your garden isn’t quite the wonderland you desire, it’s never too late to hone your green-fingered skills. Start with the lawn. If you’ve got bald patches or areas where the grass doesn’t seem to be thriving, you can use products like Powerfeed to nourish the lawn and promote growth. Once you’ve got a good covering, take a few minutes to mow the grass once every fortnight to keep it looking healthy and lush. Next, turn your attention to decking, fencing and flags. If you’ve got distinctive areas in the garden, make sure they look smart and stylish. If you’ve got broken stones or fencing that has seen better days, replace them. If you’ve just got a lawn and you’re keen to make the garden more aesthetically pleasing, you can use different materials to create a completely different look. Set up an entertaining area around the barbeque with some decking, a table and chairs and some oversized lanterns or use flags to create a terrace around the pool. You can inject colour with planters and accessories such as outdoor cushions, bean bags and candleholders.
Overhauling the kitchen
Research suggests that buyers have two priorities when they enter a house: the kitchen and the main bathroom. It may sound dramatic to say that a kitchen can sell a house, but it really can make the difference between receiving an offer and losing a potential buyer. Even if the rest of house ticks every box, the fact that the kitchen isn’t up to scratch could put many buyers off. If your kitchen is dated, it’s too small and cramped, or it doesn’t scream out light and airy, it may be time to consider making some changes. Renovating your kitchen could cost a substantial amount, but it could also add significant value and ensure buyers are queuing around the block if you sell up.
The cost of renovating or redecorating a kitchen can range from hundreds to thousands of dollars, and the price will depend on the size of the room, the scale of the project and the interior touches you choose. One option that could prove lucrative in the long-term is creating a larger, open-plan kitchen. You could do this by knocking into a downstairs bathroom or a dining room or by extending into the back garden or to the side of the house if there is sufficient space to do so. The cost of this kind of project will obviously be a lot higher than simply overhauling the decor, but it could bring financial rewards further down the line. The best thing to do if these are options worth considering is get some quotes from different construction firms, compare prices and see how much value the proposals could add to your home. When you’ve got the figures in front of you, you can then decide whether or not to proceed.
Are you keen to boost the value of your home? Are you looking to sell in the near future? If so, there are often projects you can undertake that will both add value and make your home more saleable. Whatever kind of work you plan to do, it’s always wise to get some quotes and to get in touch with agents to see if your proposals make financial sense. Don’t rush into making decisions and try and put yourself in a buyer’s shoes if you do plan to sell. Think about what you would look for and try and ensure your home ticks the most important boxes.
Images of 20 Bickell Road Mosman, currently on the market via domain.com.au listed with Simeon Manners
