7 Ways to Add Value to Your Home
Australia’s housing market remains a lucrative investment for both local homeowners and overseas investors. Particularly for Australian expats living abroad and foreign buyers, understanding what adds value to a house in Australia is crucial.
In this comprehensive guide, we’ll unravel seven astounding ways to maximise your property’s value.
1. Strategic home extensions
Adding more space to a property can significantly increase its value. It’s essential to invest strategically in home extensions. For instance, adding another bedroom or expanding the living area can be beneficial.
Always consider the house’s existing layout and the potential return on investment (ROI).
2. The bathroom boost
An extra bathroom can be an enticing feature, particularly in family homes. According to studies, adding a bathroom can increase your home’s value by up to 20%. That said, quality and design matter.
Contemporary, stylish bathrooms with high-end finishes often provide the best returns.
3. Optimise outdoor spaces: The value of a deck
Adding a deck can significantly enhance your property’s appeal, particularly in Australia where outdoor living is an integral part of the lifestyle. Depending on the size and materials used, a deck can add up to $10,000 to your property’s value.
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4. Clever kitchen upgrades
The kitchen is often considered the heart of the home, and it’s a critical factor when determining a property’s value. Well-designed, functional kitchens with modern appliances and finishes can significantly boost a property’s worth.
5. The allure of energy efficiency: Saving money and the environment
Energy-efficient features are becoming increasingly popular among Australian homeowners and buyers. Installing solar panels, energy-efficient appliances, or upgrading your insulation are relatively cheap ways to add value to your home.
6. Curb appeal: First impressions count
Never underestimate the power of a first impression. A well-maintained facade, a beautifully landscaped garden, or even a freshly painted front door can boost your home’s appeal and value.
7. The value in the details: Fixtures and fittings
Updating fixtures and fittings may seem like a minor change, but it can have a significant impact on your property’s value. High-quality fixtures in the kitchen and bathroom, along with updated lighting or window furnishings, can add up to significant value.
How to renovate your house with confidence
Renovating your house can be a great way to improve its value, make it more comfortable to live in, or simply update its look and feel. However, it’s important to do your research and plan carefully before you start any work.
Here are a few tips to help you get started:
- Set a budget: One of the most important things to do before you start renovating is to set a budget. This will help you stay on track and avoid overspending.
- Do your research: Once you know how much you’re willing to spend, it’s time to start researching different renovation options. There are a lot of great resources available online and at your local library.
- Get estimates from multiple contractors: Once you’ve narrowed down your options, it’s important to get estimates from multiple contractors. This will help you compare prices and find the best deal.
- Make a plan: Once you have a budget and estimates in hand, it’s time to make a plan. This will help you stay organized and ensure that the renovation goes smoothly.
- Get permits, if necessary: In some cases, you may need to get permits before you can start renovating. Be sure to check with your local government to find out what’s required.
- Hire a professional: If you’re not comfortable doing the work yourself, it’s a good idea to hire a professional contractor. This will ensure that the renovation is done correctly and that you don’t have any problems down the road.
- Be patient: Renovations can be a long and stressful process. Be patient and don’t get discouraged if things don’t go according to plan.
Following these tips will help you renovate your house with confidence and get the results you want.
How much value do renovations add to your home?
The amount of value that renovations add to a home can vary depending on a number of factors, including the type of renovation, the location of the home, and the current market conditions.
However, in general, renovations can add anywhere from 50% to 100% of the cost of the renovation to the value of the home.
Transform your property investment with odin mortgage
When it comes to adding value to your property in Australia, it’s often about highlighting its potential and enhancing its key features. Whether you’re an Australian expat living overseas or a foreign buyer, understanding what adds value to a house in Australia can help you maximise your investment.
Contact the experts at Odin Mortgage today. We provide tailored mortgage solutions for Australian expats and foreign buyers.
Discover how we can help you navigate the Australian property market and maximise your investment.
Get a free Australian mortgage assessment today.
Frequently asked questions
Kitchen renovations, bathroom additions, and strategic home extensions often provide the best returns.
Generally, the kitchen and bathrooms are the most valuable parts of a house. However, a home’s value can also be significantly influenced.
The value of a deck will vary depending on the size and features of the deck, as well as the location of the home. In general, a deck can add anywhere from $5,000 to $10,000 to the value of a home.
The value of an extra bathroom will also vary depending on the size and features of the bathroom, as well as the location of the home. In general, an extra bathroom can add anywhere from $10,000 to $20,000 to the value of a home.
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