There is little doubt that, when it comes to selling your home, you want to give yourself the best chance of securing top dollar when the gavel falls.
While there are many factors to consider, understand that you cannot control all the factors that affect the value of your home. These include your home’s location, market sentiments or that new development going up across the road. But that doesn’t mean that you are powerless to increase your home’s value and often you need to put yourself in the headspace of the buyer. Where do they see value in your home and what is going to make them bid top dollar for it?
Here are some things that you can do to improve the overall look and feel in your home to help you maximise your chances of a great sale.
Simple yet effective, painting is one of the most affordable ways to give your home a quick facelift. Painting materials will set you back a few hundred dollars, although if you want to get a professional in to do the job (often a good idea for more difficult ceilings), this will obviously be more. Freshly painted rooms can make a property look newer than it really is and it is often a big plus for potential buyers.
2. Install new carpets
Although some carpets are in good condition and can look great after a professional steam, often you’ll find that no amount of cleaning can make a floor covering look stylish. If this is the case in your property, you’d be wise to replace the carpets with a more up-to-date look. To save on costs, consider buying replacements from an online auction site or contact local retailers to see if they have any end-of-line inventory or discount off-cuts available for purchase.
Parking is a big plus for any buyer looking to purchase a property in a suburb where on-street parking is tight or impractical. If your property does not have off-street parking, such as a garage or carport, you can add considerable value to your home by creating a new parking space. This does not mean knocking out a room on the house, but rather, applying to council to convert part of the front garden into a driveway.
4. Improve the property entrance and gardens
First impressions always matter, so the exterior of your house needs to have that ‘wow factor’ to draw the buyers in. Many buyers will discount a house if the pedestrians on the street can see into the home. So assess your home for any privacy issues and address them with hedges, a fence or window awnings.
In addition, if your budget allows it, consider turning any disused outdoor space into a stylish entertaining area, particularly if you have an amazing view.
5. Update kitchen or bathroom
Two of the most important rooms in the house, the build quality of kitchen and bathroom are areas that prospective buyers tend to consider the most when selecting a property. Updating these wet areas in your home is one of the best ways to help achieve top dollar and can add thousands to a property’s value when completed. However, ensure that when you undertake a room renovation that you set a budget and stick to it. You don’t want to overcapitalise on a huge renovation and come away from the sale with a loss.
6. Refinance your mortgage
While this tip won’t necessarily improve the value of your home, it can save you a lot of cash in the long term and as a result provide you with some extra cash flow to finance the above property upgrades. Brokers such as Mortgage Choice can help you to minimise mortgage costs or help you unlock the equity in your home to undertake the right renovations to add value to your home.
When updating your home, consider the best ways to add value that will be appreciated by potential buyers in your demographic and location – there’s no point putting money into additions that buyers in the area just aren’t looking for. However, if done correctly, added property value can potentially give you up to an additional $100,000 in your bank account (or more) come sale time.
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Mortgage Choice's head of corporate affairs and company spokesperson. She is passionate about property and helping potential buyers understand the home loan options that are available to them.