A recent study conducted by PerfectRoom revealed that when a real estate agent asked buyers to visualise the end result of cosmetic work, 82 percent could not picture what these changes would look like once renovated, creating buyer hesitation for properties requiring work. Designed to remove this, PerfectRoom provides a photo-realistic virtual renovation to show buyers what cosmetic improvements could look like, allowing you to sell the true potential in your home.
Laura Pollard, Head of Product, says: “In order to maximise the value of your home and help it sell faster, you should consider performing certain repairs and refurbishments to get it looking its very best. While it is clear that renovations can have a positive impact on your sale price, with the average Australian renovation costing a minimum of $40,000, you want to make sure you that you are performing renovations that will actually pay off and be worth your while.”
Here, she shares six ways to maximise the value of your home:
Paint the front door
Pollard says “Buyers make a decision quickly and considering it can take only eight seconds to make a positive first impression, curb appeal should not be underestimated as it sets the tone before the buyer has even walked in the front door.
“A trend at the moment to add extra character and colour to your home is painting the front door a bold colour such as coral, tangerine, aqua or teal. While adding too much personality is never recommended, a single pop of colour on the door seems to be well received by buyers. Additionally, consider planting extra greenery or even flowering plants for a pop of colour,” added Pollard.
Open up closed spaces
“Modern living translates directly to open plan, where the kitchen, dining and living space all integrate beautifully. We’re finding open plan living to be extremely desirable for buyers and while most new homes have adopted this style, older style homes often have closed off rooms and opening them up can make a big difference,” says Pollard.
“Consider which walls could be removed to provide true, open plan living for buyers but be sure to engage a structural engineer before pulling out the sledgehammer to make sure the wall isn’t holding up the roof. If you find out that the wall is structural there are ways to still remove it and provides the opportunity to add a statement beam. If the look doesn’t suit your home, it’s also easy to Gyproc and plaster around it for a clean finish,” suggests Pollard.
Upgrade your benchtops and cabinetry
“It’s often said that kitchens and bathrooms sell houses, and I couldn’t agree more. A major reason for this is that other areas in the home can easily be redecorated whereas the kitchen and bathroom is much harder to modernise and upgrade,” says Pollard.
“If you’re looking around and can see dated benchtops and cabinetry or tired looking tiles, it might be worth considering an upgrade. This doesn’t mean you need to rip out the entire space and start from scratch, upgrading the benchtop, painting the cabinets, spraying the tiles a neutral white or updating the hardware (handles, taps, showerheads and towel rails) can make a big difference,” she added.
Spruce up the backyard
Pollard says “Backyards have increasingly become a focal point for home buyers, many of whom are upsizing from apartment living to enjoy the outdoor space that a house provides. If you have the time and budget, think about having the area planned out professionally so that there is a harmonious mix of entertaining and relaxing space.
“High end upgrades include an outdoor kitchen, mature plants and using quality materials. Low maintenance gardens are also more in demand so consider where decking or pavers could reduce the amount of mowing required,” says Pollard.
Declutter and remove all personal possessions
“One of the biggest rules of presenting an attractive home is to declutter it, remove all personal photographs and elaborate ornamental displays. You can tackle this yourself with some online inspiration or you can bring in a professional. Booking a one-off appointment with a design consultant to advise on what to keep and what to store can provide the guidance needed,” says Pollard.
Alternatively, Pollard says that you can hire a home styling company to bring in furniture and decorative pieces for a complete design overhaul.
Increase your square footage
Adding to the square metres of any home, as long as it’s highly functional, should add a substantial amount of value to your home. Pollard encourages you to consider whether you can convert the roof space into a guest bedroom, office or extra storage space for example. “Even if there isn’t space for a fixed staircase, often a pull-down ladder is an option and there are many companies who specialise in creating this space,” she added.
Bonus tip: Walk through with a real estate agent
Much like styling, inviting a local real estate agent into your home can help to define exactly what will and won’t add enough value to make it worth doing. Pollard suggests “walking through the property with the agent and asking them exactly what they would recommend. They see things through the eyes of a buyer and can make recommendations around finishes, how to add privacy, walls to remove, areas to upgrade and more. You can ask them exactly how much value it could add as they will have comparable properties to use as a reference.”
–If you don’t have the time or budget to make the required changes, PerfectRoom provides a photo-realistic virtual renovation to show buyers what these improvements could look like ($299 per room). This allows you to sell the true potential in your home and includes everything from removing walls, renovating the kitchen, landscaping the backyard, extending your home and even overhauling the façade to provide curb appeal.
This post gives us very detailed info on what homeowners need to do to boost the resale value of their homes and also what extra works or rather expenditures can be avoided for the same.