Valuers look for certain key features to assess the worth of a property. They are making an ‘as is’ unemotional assessment but they are also looking for what buyers will respond to because that directly affects the value.
Here are 8 steps you can take to help maximize the resale value of your property.
1. Smarten up your exterior
You know what they say…you never get a second chance to make a good first impression, so get started with the exterior of your property.
If you have one, spruce up your entrance or garden. A well-groomed entrance not only creates a good first impression, it can also add to your property’s street appeal, which in turn can add value.
If your house is weatherboard, replace and repaint any loose or rotting wood. If it’s brick, make sure any cracks in the mortar are filled. If your home is painted make sure the painted surfaces are clean and tidy.
Buyers love an attractively landscaped patio or back yard and it doesn’t need to be too costly or take a lot of effort to fix yours up.
Investing in new soil, rocks, shrubs, ground cover, trees, and laying bark can help transform an outdoor area; making it fresh and inviting.
3. Fix all the surface issues
While lots of small defects don’t directly affect the overall value, added together they will make a place less attractive and therefore lower its valuation.
The following are typical of small things that will put buyers off that can be easily fixed:
- Repair peeling paint
- Get rid of mould or any signs of water damage – especially to ceilings
- Cracks on ceilings or plaster walls
- Squeaking or sticking doors and windows
- Door latches that don’t work
- Lose, cracked or mouldy tiles in kitchen and bathroom
- Dripping taps
- Broken or cracked windows
- Squeaky floors and stairs
- If you have old-fashioned lighting, it’s worth upgrading your light fittings
4. Consider Upgrading Your Kitchen
The kitchen is one of the most important areas of a home. Buyers want a good workspace that has modern appliances, attractive taps, and good cupboards and bench-tops.
5. Beautify the bathroom
Like kitchen upgrades a good bathroom space that is functional and aesthetically pleasing will add value to your property.
Rather than a complete renovation, small touches like painting the walls and replacing tile grout can really work wonders. Consider re-surfacing (rather than replacing) a chipped bathtub or sink and replacing old taps to make things look like new. For more tips on upgrading your home without breaking the bank click here.
6. Replace old carpets
It may seem strange, but the floor is one of the first things that buyers look at when entering a property. Old carpet won’t do your home any favours. Be prepared to replace worn carpets. Or if they are laid on hardwood floors consider removing the carpets and polishing the floors.
7. Finish those projects
To get the best valuation you must finish any renovations or handy work you started. Valuers have to assess what they see on the day not the finished value of what is still only half done.
8. Add storage
Functional storage space is something most buyers and renters look for. This can come indoors in the form of built-in wardrobes or outdoors as backyard sheds.
If your renovations include structural changes to your property, you may need to obtain consent from your local council and Strata manager so make sure to check this upfront.
Smart renovation done well can help you unlock extra value in your property, but it is also important to consider whether the amount spent on improvements will exceed the value of the property to avoid overcapitalisation. Before you get carried away with kick-starting that renovation project, why not work out your renovation budget? Having a realistic idea of how much it will cost will ensure you don't go over budget and spend more than you can afford. We've also tackled the 3 most common questions home renovators ask themselves before starting out, to help you with your planning!.
Want to learn more about property valuations? We outline everything you need to know.
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This article provides you with factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. Neither Pepper nor its related bodies, nor their directors, employees or agents accept any responsibility for loss or liability which may arise from accessing or reliance on any of the information contained in this article. For information about whether a Pepper loan may be suitable for you, call Pepper on 13 73 77 or speak to an accredited Pepper Money broker.