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5 WAYS TO ADD VALUE TOYOUR HOME / INVESTMENT
Created by Tiana WalmsleyDirector | The Walmsley Group
2The Walmsley Group
How do I Add Value?I am often asked how to add value to properties when clients are renovating on a budget, preparing a property for sale or looking for ideas to increase rental returns on an investment. Whilst there is no magic, one-size-fits-all solution, there are a few things that you can do to ensure you are maximising your rental return and ultimately your end sale price.
I have put together a list of ways you can improve the overall presentation of your property without having to spend an absolute bomb! Different concepts will suit different styles of properties, however these comprehensive alterations will help to maximise your return and minimise your spending!
If you are considering putting your property on the market, I have included the link below to my Sales Profile for a little further advice.
If you require some guidance with the steps to purchasing an investment property, I have put together a guide to assist you through this process.
Alternatively, I encourage you to reach out to me at any time via the details below for a more in-depth discussion about any of the aforementioned topics.
Happy Renovating!
Tiana Walmsley
Tiana WalmsleyDirector | The Walmsley GroupDirect Line | 0404 764 996Email | [email protected]
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01.Garden
The two key concepts to keep in mind when you’re rethinking your garden design are 1 - low maintenance and 2 - less is more. Most people don’t have time, nor do they want to, be spending their weekends mowing lawns, trimming hedges and watering gardens. To remedy this, keep plants and hedges that require attention to a minimum and instead opt for succulents, cycads and artificial grass. There are many economic ways to liven up your outdoor areas and gardens including; decorative pots/vases, hanging plants, fairy lights and outdoor furniture.
Additional ways to spruce up your garden on a budget
Recycled Paving
Ebay and Gumtree are great resources to help you save money on materials. Contractors and tradespeople often have pavers left over from jobs and use these sites to sell them at a discounted rate.
Shade Sail
A shade sail will not only look visually appealing but will also make an area more functional. This is a DIY job that involves installing three timber posts and a shade sail kit that can be purchased from most hardware stores. The average cost for the product and installation for something like this is around $500.
Mulch
If grass isn’t your thing, mulch or bark is a presentable and economical alternative. It makes garden beds look neat and tidy and can often be obtained for free from local tree removal companies.
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02.Kitchen
There are no two ways about it - kitchen renovations are expensive! The kitchen is more often than not, the focal point of a home so if your kitchen is looking daggy - it can make the whole home feel that way. If you are looking to tidy up your kitchen but don’t want to blow the budget, here are a few tricks to increase the overall appearance.
Resurface your benchtops
Resurfacing the bench space in your kitchen will have a huge impact on the overall appearance. Look for inexpensive materials such as laminate that mimics the luxurious look of stone or marble. There are countless styles to choose from such as vinyl, bamboo, concrete and tile that can all be purchased for as little as $100 per metre.
New Handles
Simple but effective. Tired and damaged handles automatically bring down the look of a kitchen so by updating or replacing these, you will breathe new life into your kitchen with minimal cost and effort. If you’re handy, this task can take less an hour to complete and paid for with loose change!
Splashback update
Splashbacks have made a big comeback in recent years, mostly due to the impact that they can have on the visual appeal of a kitchen. Whether you choose to paint your splashback or use laminate, this is a great way to make your kitchen space stand out for as little as $50.
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03.Brightness & Blinds
Lighting and blinds are two sure-fire ways to improve any property in a short amount of time. Depending on the style of your property, the design of the lighting and blinds you should invest in will vary. A few examples of these salary-saving adjustments include:
Batten Fix
The simplest and most inexpensive lighting update is a DIY batten fix. These are shades that go around your existing light fitting, which means there is generally no need to engage the services of an electrician. There are ample design options to choose from and they provide an instant update to unsightly bulbs and light fittings. Pricing ranges from $10 for the simpler styles to a few hundred dollars for the more elaborate designs.
Get Crafty
If you are the creative type, you may be able to update your lighting fixtures by adding your own artistic flair. You can revive old chandeliers and light fixtures with spray paint, fancy-shaped bulbs and DIY shades that are all low-cost and high-impact.
Binds & Louvres
As important as it is to have adequate light, it’s just as important to be able to keep it out! Curtains can be considered ‘old-school’ and adding new blinds or louvres can update the look of a property both internally and externally. The most cost-effective and attractive options are venetian blinds and roller blinds that you can purchase for around $50 per blind.
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04.Flooring & Fencing
Flooring and fencing are two renovations that people often over-capitalise on. Fences can be great additions to bigger properties where the likely tenant or buyer has small children or pets however adding a fence doesn’t always add a huge amount of value to a property. Whilst they are a ‘must’ for some people, it doesn’t always add a huge amount of value to your property. Flooring is a similar situation where it can absolutely increase your homes’ appeal but you should be careful not to invest too much.
Floor-Fixes
Flooring can have a huge impact on the overall presentation of your property. Unless you have timber floorboards that can be sanded and polished, you will require a low-cost alternative such as; laminate, vinyl plank, concrete overlay, tiles or simply painting over the existing flooring.
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Refresh Your Fence
If you have an existing fence that is looking old and run-down, depending on the condition it can be fairly simple to update with just a coat of paint and a few minor repairs.If you are considering adding a new fence to your property, you can minimise your cost by taking the DIY option and purchasing the wood from a local hardware store. If this seems like an overwhelming task, make sure that you have considered all of your options before installing a new fence or gate.
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05.Know Your Demographic
This will allow you to focus on the aspects of your home that will appeal to these individuals and then update or add them to your home accordingly. Additions to your home that will attract and entice but won’t blow the budget include…
Young Family
If your home or investment is most likely to attract a young family with children, there are a few things that you can do to entice this type of buyer/tenant. An outdoor play area for the kids, safety latches on doors/cupboards and a designated reading corner are all inexpensive ways to appeal to this audience.
Professional Couple
Professional couples will generally look for properties that offer a convenient location and require minimal upkeep. Some of the adjustments/updates that you can make to your property to attract them include low maintenance gardens, time saving appliances (such as dishwashers and clothes dryers) and a built-in wine rack.
University Students
University students or individuals who are completing studies will be drawn to a home that offers a study room or study nook. The other addition you can consider making to your property is adding more sophisticated security such as alarms or coded entry to the home as an extra safety precaution, especially for younger students.
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