Planning on selling or leasing your property? There are several ways to increase its resale value without spending too much. Here are some tips to help you.
Freshen Up with a Splash of Paint
Don’t underestimate the power of a fresh coat of paint. It’s one of the easiest and most cost-effective ways to give your home an instant facelift. Remove any outdated wallpaper and paint the walls, skirting boards, architraves, and cornices to enhance the overall appearance. Opt for neutral colours like beige, cream, or grey to attract a wider range of buyers. You can save money by tackling the paint job yourself.
Revitalise the Kitchen
The kitchen is often considered the heart of a home, so investing in it can significantly impact a buyer’s interest in your property. While a complete kitchen renovation can be costly, there are more budget-friendly options. Modernise the kitchen by replacing old benchtops, taps, and cupboard handles, and give the walls and cupboard doors a fresh coat of paint. Upgrading electrical appliances can also be enticing for potential buyers.
Enhance the Exterior Charm
When thinking about a modern exterior, many people envision rendered walls. However, it’s essential to consider whether it’s worth the investment. Rendering an entire house can be expensive, so consider painting directly onto the brick as a more cost-effective alternative. Choose neutral colours and repaint timber windows and fascia boards to instantly transform the exterior. This approach is particularly budget-friendly if you’re willing to take on the project yourself.
Explore Passive Income Opportunities
Building a granny flat on your property is an innovative and relatively affordable method to increase its 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.
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. For example, families may value a green backyard for their children to play in, while others might prioritise an en-suite bathroom and walk-in robe in the master bedroom.
It’s important not to overcapitalise your property. Stay within a reasonable distance of the average market price for similar properties in your area by conducting thorough research.
By implementing these strategies, you can increase the resale value of your property without exceeding your budget. Remember to tailor your renovations to suit the preferences of your target market and the current market conditions.