Homeownership is something many aspire to. Property is a huge financial asset providing comfort and future security, should you choose to sell one day. Whether or not selling is in your near future, you may want to consider steadily upgrading your home’s value over the years. There are several strategies investors commonly use to boost value. These generally centre around various aesthetic and functional upgrades to your property.
For those with less design savvy, property valuers in Perth are an excellent option for highlighting valuable potential upgrades suited to your budget and tastes.
This process can go far beyond simply slapping on a fresh coat of paint or implementing basic renovations. One needs to assume a more holistic approach, where each improvement is thoughtfully chosen and executed to align with one’s long-term goals.
Other options range from enhancing kerb appeal to entice potential buyers to step inside to carry out thoughtful interior modifications that make everyday living a joy. The basic idea is that every facet of your home has the potential for enhancement.
Embarking on the home improvement journey calls for practicality, creativity and a keen awareness of market trends. You may even want to consider bringing a professional designer on board to help unlock your home’s ultimate potential.
Do your financial planning first
When it comes to home improvement, expenses can get out of hand fast. The best way to prevent this is by establishing a strict, comprehensive budget early on. This will help you complete your intended projects without breaking the bank.
Start by setting clear priorities for the project. Determine which areas of your home need improvement the most. Prioritise projects that add value, improve functionality and address any potential safety concerns that may arise.
You’ll then need to research the costs involved. Consider:
- materials
- labour
- required permits.
We advise securing quotes from multiple contractors to compare prices.
The only way to set an accurate budget is to develop a clear, achievable plan for your home improvement strategy. That means creating an outline of the scope of work involved, including specific materials, measurements and design details.
Having a well-defined plan will help you to prevent costly changes mid-project.
Be sure to have a contingency fund available as well. Most experts recommend setting aside around 10-20% of your budget to cover any unexpected expenses.
Consider whether or not any of your upgrades can be done DIY-style to save money.
Finally, be strict about tracking your expenses throughout the process. Hold on to receipts and invoices, as this can help you stay within budget and provides clarity during financial reviews.
Popular home improvements to consider
Boosting your home’s value requires a strategic approach. Certain renovations, additions and upgrades offer far more potential value than others. If done right, these can yield impressive returns when you sell your property.
Upgrading the kitchen and bathroom tends to be timeless options here.
These are focal points for potential buyers. Modern appliances, stylish countertops and suitable storage space can breathe new life into the kitchen. In the bathroom, enhancing fixtures, adding energy-efficient features and improving overall aesthetics can significantly impact.
Another valuable improvement is increasing energy efficiency. This could mean installing:
- energy-efficient windows
- improved insulation
- eco-friendly appliances.
These can both reduce utility bills and help to attract environmentally conscious buyers.
In terms of the outside, kerb appeal is paramount. Invest in landscaping, exterior painting and a well-maintained entryway. Each of these can go a long way in creating a lasting first impression.
Furthermore, outdoor living spaces such as decks or patios, complete with comfortable seating and attractive landscaping, are incredibly popular and are guaranteed to improve desirability.
Smart home technology is rapidly becoming increasingly sought after. Consider integrating smart thermostats, security systems and lighting. These can help attract tech-savvy buyers while offering additional convenience, security and energy savings.
If it’s possible to add additional functional space, do so. Basements or attics, for instance, can be converted into additional bedrooms, recreational spaces or home offices.
What to avoid
There are several prominent pitfalls that homeowners tend to fall into when planning their improvement strategy. Though we’ve already covered budgeting, remember that overspending is the most common mistake that homeowners tend to make.
The first mistake to avoid is over-personalising your renovations. Your tastes are not necessarily the next person’s. Adding personal touches can be appealing, but going overboard with eccentric design choices can quickly limit your home's appeal to a broader audience.
Prioritising essential maintenance should not be forgotten.
Before focusing on cosmetic upgrades, begin by fixing any pertinent structural issues, leaks or other hidden problems. Neglecting these core concerns could lead to more significant issues, undermining the value you're trying to enhance.
This an area where hiring a professional property valuer can greatly benefit you. Their specialised training includes a knack for identifying these kinds of issues and offering suitable solutions.
While the DIY route can be fun and rewarding, it’s important to steer clear of DIY projects that exceed your skill set. Tackling complex tasks without the necessary expertise will likely result in shoddy workmanship, ultimately reducing your home's value instead of enhancing it.
One last point is to ensure you don’t sacrifice functionality for aesthetics. It’s crucial to strike the right balance between style and practicality. Installing trendy features that don't serve a purpose might deter potential buyers in the long run.