There’s an art to property renovation, particularly when your focus is on maximising value (which it should be). With most things in the modern age, sometimes you simply don’t have the time or resources to become a master – but there’s nothing stopping you from faking it till you make it. So, if you have a fast-approaching deadline and need to see dollars soon, here are four key considerations that can up your property value without also increasing your wait-time.
1. Create space
We know that a higher ceiling can rake in a few extra dollars when it comes time to put your property under the hammer, but going for the visually opening abilities of white walls can also add to making the room feel more expansive – it also allows you to mix-up the colour scheme while not setting you back as much time during the renovating process. Mirrors also assist with creating the illusion of space; enlarging an area is a great way to create atmosphere, as well as value.
If working with oddly shaped rooms or spaces, avoid large pieces of furniture that may make the area appear cluttered, and accessorise with asymmetrical rugs and rounded furnishings.
2. Be practical and functional
Take a quick glance at that spare room: how quickly can you turn it into another bedroom? Buying a secondhand mattress and shifting a few ornaments into the new space could add hundreds to your overall value – after all, a three bedroom home is always going to be worth more than a two bedroom + study.
This is only the case if the space room already exists and only needs a few minor tweaks – if you don’t have this potential, focus your efforts on the key rooms in the building instead. The bathroom and kitchen are the rooms that are most likely to see a return. This doesn’t mean replacing your current kitchen with a brand new one – instead, get quotes to change-up your benchtops or replace the cabinet doors only for a brand-new look for less.
3. Be strategic with your upgrades
If you’re contemplating a new full-length window, take a deep breath and assess the alternatives. While some upgrades – such as a whole wall of glass – can be flashy, they might not actually be the smartest when viewed in terms of utility and value. A discreet, quiet and hidden air conditioning unit might actually achieve the same outcomes you were hoping for in the massive window, it will likely cost you far less and doesn’t have to change the entire vibe of the room. Similarly, ripping up worn carpet and polishing the original floorboards is cheaper than getting brand new ones, and exponentially quicker than knocking down a wall in an attempt to provide more space.
4. Pay attention to the outside, too
If you want some extra eyeballs when it comes to auction day, make sure you’ve ‘curled the ribbons’ on your property – get some extra mulch, make sure the lawn is short and have your plants in order. It sounds niggly, but if potential buyers know you’re attentive to the little things they’ll trust anything bigger has been resolved. Besides, first impressions can make or break a deal.
Happy renovating, and good luck when it comes to auction time!
— Bessie is a property commentator at finder.com.au, one of Australia’s largest comparison websites. She’s passionate about real estate, renovating and helping Australians find better.