7 Tips for Maintaining and Increasing Home ValueMarch 26, 2018
In this day and age, real estate is one of the safest and smartest investments that one can make– especially in Australia, where urban land is becoming a hot commodity as population and migration rates rise.That being said, not all properties are created equal. The ones that are well-maintained reflect such in their cost, while the ones that have experienced neglect are usually far less expensive.
If you own a home in or around any major Australian city, you surely know the importance of maintaining its appearance and trying to increase its property value. Whether you are currently trying to sell your home, plan to sell in the future, or are considering renting out your property, keeping the building in good condition is non-negotiable in order to profit from this major asset.
There are many methods for maintaining and increasing the value of your home, some of which cost more than others. However, any home renovation you undertake should always do one of two things:
1) Provide greater financial return than you spent or
2) Prevent financial liabilities that may pose a future threat.
If it does both, even better!
Below, we have compiled our top ways that homeowners in Australia can increase the value of their property. Here are some tips to consider if you fall into this category:
Give it a new coat of paint. If your paint is chipped or scuffed up, your home will look far less attractive to potential buyers or renters. That being said, damaged or passe paint is quite and easy fix, either on your own or with the help of a professional. Both interior and exterior paint jobs can be beneficial for improving your home’s curb appeal and maintaining a contemporary living environment.
Update kitchen and bathroom fixtures. One of the largest drawbacks of old homes is their outdated kitchen and bathroom amenities. Even the most minor of restoration services, such as new splashbacks, fresh wallpaper, or updated faucets can be enough to revamp these spaces and increase your home’s overall value.
Get checked for termites. It is extremely important to perform routine house inspections in order to assess your risk of termites and other pests. While any pest infestation is bad news, termites are especially harmful as they are known to cause major structural damage if left untreated. If you think you may have termites in your home, contact a local exterminator for termite control methods suited to your situation.
Clean your home regularly. Homes that are generally well maintained will retain their value better over time than homes that aren’t. If you allow dust, dirt, grime and debris to accumulate, the outcome will be much harder to remediate once the time comes. It’s recommended that you clean your home regularly and invest in some professional deep-cleans to complement your own efforts.
Plant trees and other foliage. Typically, houses with more natural foliage tend to have higher property value, as potential buyers pay high regard to greenery within their living space. Trees, hedges, bushes, flowers and other plants not only look nice surrounding your home, but also provide shade and privacy– two elements that may make the residence more alluring to future buyers or renters.
Upgrade your lights. Like kitchen or bathroom fixtures, light fixtures are also a tell-tale sign of a home that’s out-of-date. Old light bulbs, lamps, chandeliers and the like tend to use far more energy than newer varieties, which ultimately decreases your home’s value and increases your expenses. New lights can also provide some modern flair on a relatively low budget.
Have your roof assessed. Faulty roofs are no laughing matter, as they can lead to leaks, structural damage, and mould or mildew. All of these effects can significantly hinder your property value and lead to high-cost repairs later on down the road. If your roof has any sort of minor damage, it’s worthwhile to get it fixed immediately. Although, consistent roof inspections are advantageous even if no problems are present (that you know of).
We hope that these home maintenance and improvement tips have provided some inspiration for how to increase your property value in the short and long-term. However, these are just the tip of the iceberg. There are many more ways to preserve the look and worth of your house, despite what conditions may arise.
From preventing and combating pests to updating home accessories to adding valuable additions to your dwelling, efforts of all sizes can have a major impact.
What tips have you got to add to our list? Have any of these home improvement tips worked well for you? Let us know in the comments!