10 Best Ways To Add Equity To Your Home
1. Get some expert advice
Before you start knocking down walls, it’s a good idea to get a professional such as a real estate agent or an interior designer to give you some advice as to what they believe would add value to your property.
The benefit of asking a real estate agent is, they live and breathe property in your local area and are very familiar with what buyers are looking for in a new home. You could also use the opportunity to get a free property appraisal.
2. Highlight a standout feature to add value
If you have a swimming pool, ensure the lighting is good to help make this a feature. If you have an ugly side fence, you could transform this using an evergreen wall or vertical planter boxes. If your living area is separate from your garden, bring a bit of nature inside using indoor planter boxes, potted or hanging plants.
3. Invest in your garden early on
4. Revamp the kitchen to add equity
5. Enhance the bathroom
Buyers today like beautiful bathrooms - they want a room they can relax and pamper themselves in, no matter what size or condition your bathroom is in. It is Ok to spend some money on the bathroom to make the most of what you have.
6. Go with the flow of the property
A property that flows smoothly from space to space is important to buyers, as it directly affects how easily and comfortably people can move through the home. Spending time getting this right can add significant dollars to your property's value. Consider:
7. Add a granny flat
If you have space, a granny flat can be a big drawcard for buyers for a multitude of reasons. Family buyers love a granny flat as the space can double up as a rumpus room for the kids, a place for the in-laws to stay, or a home office.
In addition, astute buyers see the opportunity of being able to lease out the external flat and help with their mortgage.
8. A fresh coat of paint increases value
Paint can totally transform your property and help catapult it from the 70’s or 80’s into the 21st century. Consider re-painting the façade of your property if it is looking a bit tired, or if you have exposed brick you could render the façade and paint it. This will help create a good first impression and set the tone for the rest of the property.
Don’t stop there, re-painting the walls inside also has a positive effect on buyers as it instantly refreshes the entire home. You can’t go wrong with fresh, crisp paint job in modern neutral colours.
9. Invest in additional storage
Another great investment is to add built-in cupboards throughout the property – in bedrooms, family rooms, hallways, garages…anywhere you have the space. Buyers love great storage so this can make your home much more appealing.
10. Create an outdoor entertaining space
An outdoor entertaining area adds a whole new room to your home, and buyers love this. When planning your outdoor space, consider how you envisage it to be used. If you have the space, perhaps one that is ideal for a large family, a large dining area may be the best option with a BBQ and cooking area.
If space is tight, a deck or patio with comfy seating and shade may be the best option. If you have a balcony, adding a table setting, even small, is very appealing to buyers. They will be able to project themselves, enjoying their morning coffee in the sun.
Ready to sell your home? Request a free appraisal from your local LJ Hooker real estate agent to get a better understanding of where your house stands in the current market today. It will give you a detailed breakdown of your property's size, location, how it compares to similar local properties, potential areas of improvement, and much more.
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