10 Ways To Add Value To A Home

Here are 10 potential ways to increase the value of your home for either selling purposes or for your own enjoyment.

But, before we get started, it is important to understand that every property is different and not every one of these points will relate to every property.

It is important to know the market you are in and understand exactly what it is that people (either potential buyers or tenants) are looking for.

Be very clear as to whether you are doing this work for your own enjoyment, or whether it is for the purpose of making the property more salable or valuable.

Your answer to that question may affect how much you ultimately spend and the style of the improvements.

Remember too, that cost doesn't always equate to added value. So it is important to spend money in the right areas and not to over capitalize. Good budgeting and thorough planning are essential if you are to maximize your profits.

Now for the 10 ways you could potentially increase the value of a property.

1. Update the kitchen

The kitchen can be the most expensive room to update, but it can be a critical selling feature of a home. It is usually best to maximize bench space and integrate the kitchen with the living area.

2. Add a deck, patio or outdoor living.

Indoor/outdoor flow can be a big selling feature for many homes.

3. Add fencing.

Consider adding fencing to screen neighbors, or ugly views, or buildings. It is often best to discuss any fencing ideas with affected neighbors and hopefully get a financial contribution to the cost. The style of any fence needs to enhance the style of the home.

4. Improve the garden.

The garden is often the first thing potential home buyers notice. Consider the landscaping. Does the garden need space and order? Do trees or shrubs need trimming or replacing? Does the property need space for children to play or an area for outdoor entertaining? Would the garden benefit from more color or design features? Are the plants suitable for the environment and is the garden low maintenance? Does the garden have street appeal?

5. Add a minor dwelling.

This can be a tricky but very profitable project. Check if local regulation allow you to add a minor dwelling on the land - one with a bedroom, bathroom and small kitchen. Adding a minor dwelling can add value if the existing property is suited to having an additional dwelling on the land (and if it is legal.)

A minor dwelling can maximize the usage of the land, but it would need to blend with the existing architecture. Be aware that an extra dwelling on the land can devalue the existing property, but overall it should increase the value of the total property. Always do your homework before spending any money.

6. Renovate a bathroom.

Just like the kitchen, a bathroom can be a critical selling feature (or buyer turn off) when selling a house. Renovating a bathroom can be very expensive, especially if you need to move plumbing or pipes. And, remember; never skimp on water-proofing.

7. Add a bedroom.

Adding another double bedroom can add value and make a property for salable. Adding a room is usually a lot cheaper if it can be done within the confines of the existing walls rather than extending to the house.

8. Add a garage.

Parking for two cars, or off street parking, is nearly always something buyers look for.

9. Add an extra level to the house.

Adding an upstairs area can improve some houses by adding space and views. It can be expensive and may not be acceptable to local authorities, so always work through the issues before you get started.

10. A quick make-over.

If you are thinking of a quick property sale then a quick make-over might be the easiest and cheapest way to add value. Consider whether it would be worthwhile improving the walls or flooring by updating paintwork, wall coverings, light fittings, carpeting, tiles etc. Always think about what the end user (purchaser or tenant) wants.

I'll finish by repeating what I said at the beginning. It is important to understand that every property is different and not every one of these points will relate to every property. Know what people in your area are looking for and know exactly what will (or will not) add value. And, do your homework and thorough planning and budgeting BEFORE starting any building or renovation project.

Good luck selling.

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