The real deal: How do you increase the market value of your home?
If you’re planning to sell and move (perhaps into one of our luxe dream builds at Nest!), or just looking to give your home a makeover, chances are you’ll want to increase the market value of your own home. Better yet, you'd prefer to move into a home with a higher selling point.
Whether you’re getting your hands dirty or just calling a tradesperson to help out on the job, you want your home to leave a physical good first impression.
We mentioned in our last article (“Where should you build your next Nest?”) that many people believe the market is crashing, but rather this is the opposite. You can create someone else’s physical dream build or even your own, and now is a great time to do so.
Although this is a great idea, adding value to your homes involves a great deal of input in the planning process. Discussing structure changes along with designs can become long and tedious. This is a process that will take some time depending and what you wish to add to your home, so it’s essential you take one room at a time to add value.'
According to Local Agents Finder in late 2019, the general rule of thumb is to:
“. . .spend within 2% of your home’s value in order to add significant value, without over-capitalising. So, if you’re selling a home worth $500,000, spending $10,000 in rooms like your kitchen and bathroom could add significant value.”
This gives us a good gauge as to how much we should be spending, depending on the original market value of your own home.
If we were to list all the ways you could add value to your home, we’d be here ALL day. . . however based on affordability, luxury and most valuable added-assets, we can provide you with the most common and popular suggestions.
1. Curb Appeals.
This is perhaps one of the most crucial elements of a property, as this is the first physical element of the house buyers will see. Improving the curb appeal triggers instant interest, and will encourage buyers to explore the property further. With environmental efficiency and appeal becoming a priority nowadays, utilising flowers and plants is extremely popular, and is also one of the most cost-effective ways to lighten the appearance of the home.
Another way to improve market-value appearance-wise is to highlight the properti’s features. What can you accentuate? How can you do so? If the colour of the exterior of the home is vibrant and attractive, why not give it a re-paint? It’s a simple change, yet so effective. If the drive-way is nice and curvy, add to the area with lights or a stark yet contrasting stone. It’s the little things that will significantly create a more appealing look to your home’s exterior, regardless of how big or small the job may be.
2. Bathroom refresher.
Bathrooms are one of the greatest assets when reviewing the value of a home. Both a bathroom and kitchen remodel have been viewed as one of the greatest impacts a house can have. The reason for this is because of the constant high-use for these areas, therefore these are most likely to be judged the most.
3. Modern kitchen spaces.
When looking for a nice and easier way to increase market value, your best bet is to go with a good old kitchen renovation. It’s important to capitalise on the kitchen workflow and your target market when thinking about changing this space, as this will be one of the most functional spaces in the home. Replacing old items with new ones is a great start, or even a good lick of paint could turn your kitchen into a gourmet-style area.
4. A good period feature.
We all know good period features add character, making a home extremely appealing. Highlighting a home’s unique qualities are what give the space a warm abience- something we all desire in our own nest. Trying to minimalise certain areas of the home as well as adding more details for other areas can help audiences focus on the elements that will set your home different from others.