8 hacks to boost property value without breaking the bankMay 30 2022
"For those of you who are looking at squeezing a bit more value out of your property before putting it on the market, these tips will get you there." - Miguel Nitorreda, Data Analyst
With record-high property prices all over the country, more and more property owners have been contemplating selling their property. If you’re one of those intending to sell, here are some simple tips to boost your chances of success.
Aegean Zhang, sales director of Sydney-based Atlas Real Estate, has recently suggested that if you keep your property up to date, it can generate bigger returns when it’s time to sell.
“Even in challenging markets, simple improvements to a property can help you to push up the sale price and generate increased interest from buyers,” Ms Zhang said.
And no, home improvements don’t have to cost you an arm and a leg.
“Improvements don’t have to be expensive; they just have to emphasise certain features of the property and minimise negative elements. It is all about delivering the right perception for the right market and this can be done through dressing a property,” explained Ms Zhang.
Here are Ms Zhang’s eight hacks to boost property value without breaking the bank:
1. Repaint the exterior for instant pay-off
They say that first impressions last. Thus, it is important to spruce up your property’s exterior because that’s the first thing that will attract your potential buyer’s attention.
You can do this by giving the exterior part of your property a fresh coat of paint.
Ms Zhang opined that this hack is “not too expensive, yet the pay-off is instant. In fact, some valuers suggest that repainting your home can increase the price by up to 7 per cent.”
Choosing the right colour can also have a big impact on your property’s perceived value, as Ms Zhang added: “Repainting your house in a neutral, modern colour can broaden your market and improve its universal appeal.”
2. Make the entrance look welcoming
Arranging some plants at the entrance can help achieve this goal while also making it look aesthetically appealing, more spacious, and more expensive, said Ms Zhang.
Even with a tight budget, she quipped that pots and plants “can be purchased cheaply through Gumtree or Facebook marketplace. Pots can be spray painted any colour.”
3. Make your garden and lawn look zen
Make the garden look clean and nice by adding trendy yet low-maintenance plants to create focal points.
For the lawn, Ms Zhang believes that a coat of green lawn paint “is the perfect way to green up your lawn fast and easily. Green lawns add value by improving the lush and well-kept look and feel of the garden.”
In addition, she highlighted the big impact of adding solar lights to create the right ambience for the lawn because “buyers will visit your property during the day and also drive past at night”.
4. Keep the interior neutral
Keeping a property’s interior neutral can help “potential buyers see themselves living there,” Ms Zhang explained.
White paint is the top choice for neutral colours that will easily make a room feel light and fresh. Making the room clutter-free can make the interior look spacious as well.
5. Dress up the property
If people dress up for an important occasion, the same goes for a property up for sale.
“Staging a house for sale can add an extra 5 to 10 per cent to a property’s sale price,” Ms Zhang pointed out.
Furthermore, he added that placing expensive and minimalist furniture in strategic areas of the property can make people “see how the property can be showcased in the most gorgeous style.”
6. Give the kitchen and bathroom a facelift
Ms Zhang emphasised that “the kitchen is one of the biggest selling points of any property”.
But fret not; this does not mean you have to start scouting for luxury appliance discounts to upgrade your kitchen and bathroom. The sales director revealed what buyers really want for these spaces: functionality and practicality.
The budget-friendly way of doing this, said Ms Zhang, is by replacing taps, as well as cupboard doors and handles. Outdated splashbacks and bathroom tiles can also be “spray painted with tile-friendly paint”. These tricks can help make your property sleek and modern.
Another trick is to replace an old-style bathtub with “a modern more functional shower to create more space.”
“These improvements are usually well worth the initial small cost because you’ll get it back, and more,” she assured.
7. Konmari your clutter to create more space
“Ultimately many people buy new properties because they want more space so it is important to create the feeling of more space when selling your property,” Ms Zhang revealed.
Specifically, she advises optimising the property’s layout by making minor renovations and removing clutter. One way this can be done is by knocking down walls in multipurpose areas used for study or media rooms to add more space to the lounge or dining area.
She has also advised removing personal belongings to “keep the clutter minimal” and give space for visitors during house inspections.
“Potential buyers will be moving through the spaces and opening things. It is important to show that everything in the property is in good order,” she concluded.
8. Clean is IN
Having lived in a property for some time can make an owner have blind spots for spaces that badly need attention.
Ms Zhang’s proposed solution is to “get a professional company to clean the property. They will not only clean the spaces that you can see, but also get into all the hidden corners that you don’t even know exist!”
Pamintuan-jara, N. (2022, January 24). 8 hacks to boost property value without breaking the bank. Financial Resources - Earn, Borrow, Save, Invest and Retire | nestegg. https://www.nestegg.com.au/invest-money/property/8-hacks-to-boost-property-value-without-breaking-the-bank