Add value to your property

Painting

Nothing transforms a home like a lick of paint in fresh modern colours. Paint is the number one way to add value to a property of any budget and continues to be one of the easiest, fastest and highest value drivers of a property today. According to 3D Inspiration paint stores, the average cost to have a standard three bedroom family home professionally painted is $3500 internally and $4500 for the external works. If your budget doesn’t extend that far, you can do it yourself for an approximate cost of $1600 for the internal and external works. This investment alone can net you a return in the tens of thousands of dollars, provided you choose the right colours that are modern and won’t date quickly.

Cement render your property

One of the easiest and fastest ways to boost your equity in a property is through the application of cement render (a mix of sand and cement applied to the external brick façade and walls of a property). Property owners dealing with older style red or blond brick houses can instantly modernise their property within days through cement render alone. With average render costs between $35 to $50m2 for a single level home, the investment in this simple cosmetic change can net you phenomenal returns in the league of up to a $10 return for every $1 invested. Cement render is also ideal for timber or plastic clad homes where the cladding is removed, blue board is installed and render applied straight over the top. This enables a property owner to have a property perceived to be of a brick-like, more solid construction than traditional cladding and therefore perceived to be of a substantially higher property value.

Add a bedroom 

If space allows, adding an extra bedroom is a significant way to boost a property’s value. Adding an extra bedroom can cost on average $50,000–$80,000 (depending on other variables such as location, site topography etc.) but can have a massive financial upside the price difference between a three to four bedroom home is in the range of two to four hundred thousand. Properties are typically valued by two primary means: land size and the number of bedrooms. As a renovator, you can’t change the land size but you do have the ability to increase the number of bedrooms in a property for massive financial upside. The price jump difference and the market appeal of a property with more bedrooms are therefore significant.

Update your kitchen
In terms of adding value, no other room in your property compares to that of your kitchen. This area is the engine room, the pivotal hub of a property and will single-handedly add the biggest value to your property. Your kitchen can make or break a sale so don’t be afraid to invest money in this area to ensure a high return on investment but do so in a way that your new kitchen meets the expectations of your local market and not go significantly beyond that. As a general rule of thumb, two per cent of your current property value is your total kitchen budget and that includes everything, all of your materials, fixtures and trade labour to see this room transformed from start to finish. The key to adding value through the installation of a new kitchen or remodelling an existing one is to increase the bulk and scale of the kitchen so it appears larger and of more substantial quality. Opt for a modern style that appeals to the majority not the minority of people, won’t date quickly and install decent fixtures and fittings relevant to your local market.

Update your bathroom 
Bathrooms are the second most important room in a property and renovated well, significantly improve the value of a property. A tired, outdated bathroom negatively detracts from your property value. Always aspire to have a bathroom located on the same level and in close proximity to your bedrooms. Aim to spend 1.5 per cent of your current property value to completely upgrade an existing bathroom. Simple, cost-effective changes that continue to yield massive value include respraying all the tiles and fixtures and fittings within a bathroom, which can be done in a day or less for less than $3000 typically. Low-cost, modern tiles are readily available these days from $20m2 and instantly modernise bathrooms for instant financial gain.

Update the front façade
Your front façade is often the first thing buyers see on your property. The saying “first impressions count” is a significant quotation for any property owner. Improvements made to this area of a property can yield massive returns in more ways than one – higher property value, buyer confidence in the property and the ability to sell or rent your property quicker. Have your house washed, clean or recolour your roof, paving paint driveways and pathways, paint your front façade, improve the gardens, fix wonky gates, install a new front door, add a letterbox and dress up a property through low-cost decorative features such as timber finials and fretwork to add bulk and scale to your property. These are big value adds at relatively low expense. An external makeover can cost anywhere from $2,000 to tens of thousands of dollars, depending on the extent of work done, but will net you far more than that if done correctly and in a way that the property contributes positively to the overall streetscape.

Create an outdoor entertaining area
Love entertaining (think barbecues and pool parties) so it shouldn’t surprise you that outdoor entertaining areas that can be used all year round add real value to a property. Gone are the days of the awful, ill-planned extension on the back of a home. Today, outdoor entertaining areas lead off the indoor living areas and have become social hubs that foster relationships with family and friends and help people relax. They’re an area of a property that adds real value simply because of the emotional connection associated with these rooms. The key is to match your new outdoor entertaining area in with the existing style of your property. Consider how you will use the area (ie. casual dining or more formal dos?) and the flow of traffic between rooms to ensure a seamless transition from the indoors to the outdoors.. The addition of an outdoor entertaining area can range from $10,000 to $50,000 depending on the extent of work done but can make a big difference to the value of a property simply by extending the square metreage of a property seamlessly from the indoors to the outdoors.

Improve the landscaping
Landscaping is really important and frames a property front and back. For the front of a property, simple, low budget cosmetic changes such as installing garden beds, adding plants, bark, pebbles or mulch, installing grass and paving or painting tired old driveways can radically improve the visual curb appeal of a property and hence add value. A well-maintained garden shows pride in a property and that speaks volumes alone. At the rear, it’s all about creating larger open span lawn spaces that allow adults and kids to move freely around and to provide privacy and shading wherever possible. Works to a rear yard should be to cut back and reduce unruly trees and foliage, install perimeter garden beds and plants, relocate the iconic Hills Hoist to a visually less obvious position and correct irregular fencing where needed.