The value of a property is widely considered to be dependant on an entire property and not one or two key rooms or items of furniture.
However, as it turns out this isn’t always true, and an increasing amount of homeowners are choosing to renovate specific parts of their property with the aim of increasing its overall value.
Despite what you may think, it is possible to increase your property value without having to spend a massive amount of time and money on a complete renovation.
"There are a few key parts of a property that have potential to add the most value, and knowing which rooms and aspects to focus your efforts on will drastically increase your chances of a successful sale."
There are a few key parts of a property that have potential to add the most value, and knowing which rooms and aspects to focus your efforts on will drastically increase your chances of a successful sale. It can be as simple as adding a new coat of paint to the living room, or as complicated as replacing an entire kitchen, but almost any decision a homeowner chooses to make is capable of having a profound effect on property value.
There are so many different ways to increase value through slight modifications or improvements of a property that a homeowner could find it difficult to narrow down the choices. If you want your efforts to have a positive effect on your property value, you must be able to differentiate between parts of a property that add the most value, and those areas that are best left alone.
Homeowners can find the information needed to make an informed decision on what specific areas of a property are worth investing in through online research and services like OpenAgent, through which you can find a professional appraiser or a reliable real estate agent. Any of these methods will help to ultimately increase your understanding of how best to increase the property value of your home, without having to spend an arm and a leg.
Before getting the expert opinion, however, here are some areas to consider:
Renovating a kitchen
Kitchens are one of the most important parts of a property, with the largest potential to add value. This could be due to the fact that the kitchen is, according to the ABS, one of the rooms in which residents spend most of their time. Take into account the importance and functionality of a kitchen and it is probably one of the most vital parts of any property
"Kitchens are worth more when compared to other parts of a house."
Kitchens are worth more when compared to other parts of a house, and a well- renovated kitchen is capable of adding as much as $100,000 to the value of an entire property.
One of the most beneficial aspects or updating or renovating a kitchen for a homeowner is not only the potential selling price they can achieve through an effectively renovated kitchen, but rather how inexpensive the entire process can be.
Homeowners can invest in a new oven and fridge and a fresh coat of paint -a relatively inexpensive way to give a room a new look - and make a profit at sale.
Landscaping a garden
"A well landscaped garden has the potential to add upwards of $50,000 to the value of your property, which is surprising considering it is one of the last things homeowners think of."
Gardens may seem like something to ignore when it comes to increasing property value, but this is a mistake. A well maintained and landscaped garden is one of the most important aspects of a property as it is one of the most inexpensive ways you can increase value.
A well landscaped garden has the potential to add upwards of $50,000 to the value of your property, which is surprising considering it is one of the last things homeowners think of.
Simple things like maintaining the lawn and removing any of the undesirable aspects of your garden can have a strong impact on the all-important first impressions of prospective buyers.
The result of making the outside of your property, particularly your front garden, appealing is it will ultimately attract more interest to your property and increase the chances of selling effectively.
Renovating your bathroom
There are different ways you can renovate a bathroom increase the selling price or value of your property, ranging from cheap to expensive: a complete updating of old or ‘lived-in’ bathrooms to something more modern and appealing to potential buyers could set you back a significant amount of cash, but could make it all back - and more - at sale..
A cheaper way to fix up your bathroom is to simply give it a complete and thorough clean, enough to make it look brand new, and investing in a new sink, tap set or counter top.
Despite the possible costs, renovating a bathroom is one of the best ways to guarantee an increase in value. An effectively renovated bathroom has one of the best chances to get you extra cash.