One of the surest ways to add value to your property is to perform renovations. While results may vary from house to house, it is possible to add as much as $100,000 value to a property for as little as $10,000. At the very least, one should aim for a return of about $5 for every dollar spent on renovating.
Painting
While painting is seen as only a cosmetic “fix” by many, it still performs better than any other renovation in the “bang for buck” category. If you are new to painting, start at the top and work your way down. Also, remember that the part that faces the street is most important, especially when the valuer is doing a “drive by” assessment.
Landscaping
Landscaping, like painting, greatly improves the look of a home. You can also do paving and create an indoor/outdoor area with a bit of deck furniture. You may even want to do stone walkways, which require no pouring of cement.
Fence
Install a fence. It provides security and privacy. It also helps keep toddlers in the yard and out of danger.
Kitchen
On the inside of the house, the kitchen is the most important room to renovate and get right. For example, you can paint an old kitchen with laminate paint and provide new handles for the cupboards. If you have a stainless steel sink, polish it. If you can afford it, update the appliances.
Bathroom
You can use Tub ‘n’ Tile to paint your baths white and make them look new. Then, re-lift existing tiles with tile paint. Paint your bathroom any colour except white.
Extra Bedroom
If you have a large, wide-open space, put in a wall and create an extra bedroom. An extra bedroom can add as much as $50,000 to the price of a house.
Get the Right Home Loan
This doesn’t actually affect the value, but it does affect the amount of money you will pay to the lender over the course of your home loan. You should always hire a mortgage broker with plenty of experience to obtain the loan with the best terms and interest rate for your individual situation.
For a home loan in Rockingham, Baldivis or Kwinana, call 0408 912 244.
