When looking to make improvements to your home, there are some important considerations to keep in mind. As well as the layout of the property and your budget, (you can get an instant home renovation quote here), you also need to think about how long you plan to stay. If you plan on moving within a certain period, you don’t want to be wasting money on improvements that won’t yield a return…and this is very much the topic for today.
With many home improvements, the upfront expense can be recuperated when the property is sold. Whether you’re just looking to minimise losses or are actively seeking a profit, we have some advice for you below!
To make things easier, we’ve separated our tips down into categories. Firstly, we want to focus on changes you can make inside while recuperating a healthy percentage of the cost.
Often, homeowners concentrate on adding square footage and making large improvements in order to boost the value of their home. Yet, many sales each year are affected by the lack of essentials. Before thinking about extravagant changes, we recommend considering the basics. This includes;
- Electrical system
- Sewer system
You might have the best conservatory in the area, but this counts for nothing if the basic systems need work. In addition to those listed above, we also recommend checking the air conditioning and other basics.
A finished basement can add a lot of value – and extra space to your home
Did you know that the difference between an unfinished and finished basement can be significant in terms of selling price? Since you’ll be adding valuable square footage to the home, it suddenly has another room, and this alone adds more value than the cost of implementing the change.
When the basement is finished, it’s also easier for potential buyers to imagine themselves utilising the space. Instead of looking at a blank room and imagining the costs, they’re thinking about decoration, furniture, and the good times they will enjoy in the space.
Of course, we’ve started this list with a difficult task. However, research is always key. As long as you team up with the right company, like Houseace, you’ll be guided through the process and your needs will be considered at all stages of the process.
These days, laminate or hardwood flooring seem to be the common choice all over the world. Sure, luxurious carpets can bring some style and colour, but they also bring lots of hassle. Most prospective buyers look for simplicity and durability; hardwood flooring ticks both of these boxes. Fortunately, this is an easier improvement to implement and you can get started in no time.
When it comes to serving a purpose, the kitchen serves plenty. As well as a place for cooking, the kitchen brings together families for meals, offers a workstation for kids, is the focal point at most gatherings, and more. With the right lighting, a dimmer is a great example, new buyers will have the option to set the mood for each occasion. Suddenly, the kitchen is the multi-purpose room that every home requires.
If your sole purpose is to recuperate your investment and make some money, there’s no better solution than attic insulation. What’s more, the average cost of such a project is thought to be around $1,350 in Australia. Once the loose foam insulation has been installed, you can expect up to 8% added on top as profit when selling.
We’ve spoken about lighting, but you can also pay some attention to the paint job, flooring, sink fixtures, or even a backsplash. Depending on your budget, we’ve always got improvements to match at Houseace even if it’s a simple change in cabinetry or countertops.
If we look at the backsplash idea as an example, this is a brilliant way to add some character to the room. With a unique mosaic design, for example, you’ll find something to match your kitchen and a price of around $10 per square foot will ensure you don’t pay extortionate amounts. As long as you have a plan for the installing, grouting, and sealing, there’s no reason why this can’t be achieved over the course of a weekend.
Fill and Paint
If you aren’t planning to move just yet, this won’t be too important. For those who are reading this simply because you want to add value, there’s nothing wrong with starting simple. At Houseace, we encourage homeowners to walk around their own home while trying to see it through the eyes of a viewer. While you might be accustomed to the chipped paint and marks on the wall, this is another job for the buyer so keep this in mind.
If there are holes or marks on the wall, spend a couple of hours filling and painting. If you want to paint a whole room, choose a neutral colour to make the room bigger and provide a blank canvas for the buyer.
You might think painting is too easy, but a recent Zillow report claimed that nearly $5,500 can be gained from painting the bathroom blue.
Before we move onto the exterior improvements, here are some more you could do inside;
- Recuperate around 90% of your cost with manufactured stone veneer
- Redesign the home so it has a universal appeal (wheelchair mobility, for example)
- Introduce Smart Home technology
- Assess the lighting in each room
What about the outside? How can you add value to your home here?
Just as we said with the indoors, there are some basics that need to be in place before anything else. For buyers, they want to buy a home that allows them to make optional changes not necessary ones. With this in mind, replacing the roof will always make for a good investment. In resale value, most are able to recuperate up to 70%.
Alongside the roof, you’d be amazed at how different a home can look with new windows. Of course, real estate agents will tell you about curb appeal and about how you can’t make a second first impression. If your budget allows, consider the following;
- Solar-powered lighting
- Carefully mown grass
- Colourful trees, shrubbery, plants, and flowers
Fibreglass Entry Door
While most tips we’ve provided have been quite traditional suggestions, one of the more recent trends has been to use a fibreglass entry door replacement. On average, owners can receive up to 85% back while selling.
While on the topic of doors, your garage door will also play a huge role in increasing curb appeal. If we stick with the theme of using averages, the cost is around $1,750 and it earns $1,350 in resale value.
Steel Entryway Door
You’ve probably spotted a theme, and this is because 90% of the $1,400 spent on a steel entry door can be recuperated. In terms of outside improvements, this is one of the best you can do. With these three door-related suggestions, they can all be done in a day or two, so it doesn’t require lots of time and inconvenience.
Considering the return that you’ll get when selling, decking can actually be incredibly affordable. According to Remodelling Magazine, $7,650 can be returned on a project worth $10,700. Once installed, you can enjoy the decking you’ve always wanted for $3,000 rather than an amount over three times larger.
We hope you’re learning lots about how to add value to your home through improvements and know that we can help you at Houseace. To finish, we want to provide some more general tips now that we’ve covered the most popular ideas.
Especially for families, because kids seem to come with endless boxes of ‘stuff’, storage is important. Many years ago, these boxes of items would clog up rooms and eventually become clutter. Thankfully, we have better solutions now and you can consider them during your home improvement project.
While the bedroom can have wardrobes built into the walls, the kitchen can have clever storage options that unfold and keep items hidden away. The more options you provide to the buyer, the more attractive the property will become.
We’ve focused on aesthetics and functionality, but what about safety? With a burglar alarm, smoke alarm, and carbon monoxide systems, the property is as protected as can be.
Finally, you can keep all chemicals such as chlorine, pesticides, and herbicides from contaminating the water with a water filtration system. Although a small investment, it will easily add value when you want to sell.
There we have it, your guide to adding value to your home through property upgrades. Whether you have tens of thousands, thousands, or hundreds available, there should be something here for you.
Remember, Houseace will always be here to help whenever you need it. As well as being assigned a dedicated project manager, you’ll only work with the best tradespeople and our online systems keep the process more efficient than ever! If you need help on moving, we recommend checking out our friends at Muval.