18 May WHAT PROPERTY MAKEOVER IDEAS GIVE VALUE TO MY HOME?
What property makeover ideas give the most value to my home?
That is one important question that every homeowner considering a home improvement project should ask. Whether it is a makeover to sell, to rent or to stay, it is important to know if these projects will actually contribute to making the home more valuable.
As not all projects will pay for themselves or will improve the value of your home, prioritising by focusing on value-add tasks is an integral aspect. You can feel a bit better about spending money on your home if you understand that you are contributing to making it more valuable. Interestingly, not all modifications are created equal; some can add to the value of your home, while some may detract.
Things That Add Value To Your Home
Based on the properties we have worked on, here are some projects that will typically account for a 5% to 10% differential in price between your home and similar homes in your area.
- Street appeal and landscaping
- Kitchen remodel or makeover
- Updated bathrooms
- Desirable Master Suite furnishings
- Windows in great working order
- Refreshed contemporary colour scheme
- Creation of indoor/outdoor space where possible
Things That May Devalue Your Home
Some of these home elements have been called “liabilities”. If your home were to go on sale, these elements may actually turn away potential home buyers.
- A garage full of stuff, where purchasers cannot see the available space
- Inappropriate furnishings layout, not highlighting flow and versatility of space
- Poor appliances and systems (plumbing, electrical infrastructure)
- Dated decor and furnishings, including colour and window furnishings
- Lack of maintenance
- Unusual, custom designs or unique renovations
If you need help in determining how your planned makeover project may alter the value of your home, contact us for an initial appraisal.