We’ve all come across a few home improvement shows in our day, and as a homeowner, this can be a great source of inspiration. We all know that any improvements or renovations to a home can have the potential to add value. From major renovations to small cost-effective DIY finishing touches, these Home and Lifestyle Shows have it all.
Do you have a million and one ideas running through your head but have no idea where to begin? Can you tell which project will be the most cost-effective and yet still add value to your property, both personally and financially? It’s important that you have some knowledge and expert advice before deciding on any major changes to your property as there are many pros and cons involved.
We have compiled a few key points that you should consider when adding value to your home and why investing in a property valuer service is an essential tool for any homeowner to have.
What Adds Value to a Home Improvements ?
It’s not always an easy task trying to add value to a home. With anything, there are drawbacks that need to be weighed up before any decisions are made. Firstly, figure out what the end result is that you wish to achieve. Is it for yourself to build a better home? Are you planning on using the property as an investment? Are you planning on renting it out or as an Airbnb?
Once you’ve decided and figured this out, then the planning process comes in. This involves creating a list of what you would like to improve or renovate as well as your budget. It will do you no good to spend a huge amount of cash on renovations only to end up with less value. It would only cause great financial stress.
Generally, you would focus on improving key areas of the home, such as the kitchen and bathroom as these are focal areas that many potential buyers or tenants look at in a property. Being the first impression a person has on your property, updating the exterior of your home can be very beneficial when doing home improvements.
Keep in mind, that you don’t need to spend thousands of dollars on dramatic renovations to increase property value. The key to successfully adding value to your property is obtaining maximum benefit for a minimal amount.
Any improvement can make a difference visually to the presentation of your home, below are five ways to add value that are cost-effective and instant.
- Adding a fresh coat of paint
- Exterior landscape maintenance
- Update flooring
- Create a more open plan layout
- Renew and update fixtures and finishes
You’ll be surprised how a fresh coat of paint can make a property feel brand new. Keep to neutral colours if you plan on selling or renting as this will attract more potential buyers or tenants. This comes into play with the exterior of the property as well. By painting the door, a brighter colour making it stand out from others you can add kerb appeal. This is an important aspect of your property that many homeowners overlook. By cleaning up and removing older plants as well as clutter, you’ll be creating a more open, usable, and inviting space. The outside of your home is the first thing anyone sees. First impressions count, and this will set the standard of what buyers or tenants will expect of the house interior.
Flooring is another important feature of a home. By updating timber floors, you are increasing the lifespan as well as the durability of the home. Carpets are great for bedrooms but consider tiles or timber throughout the house. Especially, if you are thinking of renting as this will be more cost-effective in the long run and will also give the property a more modern feel.
Depending on your budget, creating a more open plan layout in your home adds a more inviting and again, modern feel. The kitchen is the heart of the home. Try to focus on any major changes in this area even if that means knocking down some walls. Redoing the cabinets, as well as updating all appliances and maybe even adding a pantry are also great ways to improve a kitchen. Whatever your budget allows it will add value.
If you are on a tighter budget but still want to make changes to add value. Simple improvements like changing light fixtures to more efficient LED-powered inserts, and updating tapware and door handles, can make a big difference overall to the property.
Remember, there’s no guarantee you will see a return when doing home improvements. But, if it’s done right and with expert advice and knowledge. What would benefit you in the future then, the hard work will pay off at the end of the day. If you’ve only come across the term property valuation and never fully understood the benefits or why, as a homeowner, a valuation is an important investment to make, then you should know that it gives you a better understanding of your property and where you stand within the market.
The importance of a property valuation for any homeowner
Firstly, the term property valuation can be described as a process. In which a valuer will use their knowledge of the market as well as skills in various methods to calculate the true value of a property. A valuation is best to be completed by a certified property valuer that is API accredited.
The valuer is set out to complete an independent non-biased valuation of the property creating a certified document that is legally binding. This document or valuation report is detailed and extensive . With research and data analysis gathered by the valuer based on the specific property. For a valuer to complete a thorough report for a current market valuation they would need to consider:
- Information about the property such as the type, use, age, size, and location
- Any renovation completed/ structural changes to the property since first purchased
- Overall condition, materials used in construction, fixtures and finishes
- The local market for comparable sales of properties
- External factors that may have an impact on the property’s appeal or value.
A property valuation is an essential tool to have, giving you information to help with any informed decisions on your property moving forward whether you are planning on selling or renting out the property or just wanting to create a more liveable home for yourself setting yourself up for your retirement. Seeking professional advice will help determine what valuation service you need. What’s best suited to the property-related purpose you require. Giving you peace of mind for the future investment of your home.