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Adding value to your property
December 2, 2014
Adding value to your property: What does it mean and how can you do it
Any reasonable vendor will want to get the highest price for their house come open or auction day. It’s a no- brainer. But how can you add value to yours? Or more specifically- how can you add value on a budget? As an agent, I stress to my clients the importance of educating themselves to buy, but this also applies to selling. While you need to consider the risks of overcapitalisation, it is true that simple yet inexpensive changes to the appearance of your home can significantly increase your asking price. Here’s a few helpful pointers.
Think: Who are my buyers?
Value lies in the kitchen, bathroom and garden. This is because they are usually the most cost- heavy and time consuming part of the house to alter. When preparing your house for sale, consider your target buyers- who are they and what are they looking for in a property? While it is not unreasonable to want to maintain the home’s ‘personality’, the more neutral in colour and design your home is, the higher your chances of attracting a wide range of buyers. Small alterations like retiling your bathroom or giving a new coat of paint can lift a room. It may also be worthwhile investigating second hand bathrooms and kitchens. Remember- beauty is in the eye of the beholder, so while you may think your fuchsia pink wallpaper looks great, others may not.
Think: How can I enhance my outdoor space?
Much of the external changes to your property such as gardening, yard grooming or maintenance can be done yourself. Building a balcony or deck can also be a simple yet cost effective additional to the outside of your property, extending the overall entertaining space of your home. This is particularly attractive when selling in warmer months such as spring or summer. While building a pool can seem like a logical option if you have the means and space to do so, this isn’t always an appealing aspect to potential buyers (for example, if buyers are in search of low maintenance properties). In doing a cost- benefit analysis, will the cost in seeing these additions through yield a higher price?
Think: How can I dress to impress?
You can expect your agent to take you through a presentation debriefing prior to your first open home, and this should give you a chance to receive feedback on presentation. I am always of the opinion that less is more. While installing the latest sound system or state of the art oven may be appealing, it is possible to also achieve that same great impression with small presentation changes. Furniture, for example, can contribute to the overall ‘feel’ of a home, so if your couches are tired but you cannot afford to replace them, hiring furniture could be considered. If an open home is like a first date, keep in mind that it’s the little things that can really make your property appealing and add value. You’ll only get one first impression so make it count.
About the author: With more than 20 years experience in real estate, Barry Sloan’s specialist knowledge of the industry has helped thousands of clients confidently take the next step in their property journey. As a fully licensed real estate agent and senior auctioneer, Barry’s personal motto is ‘chase down every potential buyer in order to secure the highest price from the market on behalf of his sellers so that they can achieve their property goals’. He is a newly appointed member of the sales team at realestateVIEW.com.au and handles new business nationally. Although now out of main stream residential selling, he still loves being a part of real estate as he has been his entire working life.