When property owners prepare to sell their property, they naturally aspire to achieve the highest possible price on auction day. To accomplish this, property valuers inspect the property and provide recommendations on changes that can increase its value. While some individuals invest significant amounts of money in renovations, such as purchasing luxury furniture or expensive fixtures, with the aim of adding value to their property, their efforts may sometimes yield disappointing results. Buyers have different perspectives, and they may not necessarily perceive renovations as worthwhile. However, this is not the case for everyone, as strategic renovations can indeed significantly enhance property value.
To assist you in making informed renovation decisions, property valuers have shared foolproof tips and methods that can yield favorable returns:
- Focus on Bathrooms and Kitchens: When renovating a home, buyers primarily focus on the cleanliness and modernity of the kitchen and bathroom. These areas are key in demanding renovation. Even minor changes in these spaces can substantially increase property value. The sight of new flooring, taps, sinks, freshly painted walls in the kitchen, and fully tiled bathroom walls can make a positive impression on buyers. Immaculately cleaned and well-maintained kitchens and bathrooms can greatly influence a buyer's decision. The trend of compact kitchen spaces is fading, as people now prefer open and modular kitchens with modern appliances. The kitchen has become the focal point of a home. Property valuers suggest painting kitchen walls with light, nude, or neutral color schemes, particularly for smaller homes, as these colors create an illusion of spaciousness. An open kitchen concept with an attached dining area is particularly appealing to buyers.
- Expand the Living Area: Smart renovations allow you to increase the usable space within a house without altering the existing walls. Adding built-in desks or units for study and reading is a creative way to optimize underutilized spaces. The more space you can offer, the greater the value added to the property. Renovations should focus on transforming unused areas into functional living spaces. People increasingly prefer open living areas that provide comfort and convenience. Remarkably, even minor investments can lead to a substantial increase in property value.
- Present Your Property Well: If you genuinely desire to sell your property, its maintenance and presentation are crucial. A well-maintained and properly presented house can attract potential buyers who recognize its true value. Pay attention to every corner of the house. Ensure the garden is well-manicured with ample mulch, vibrant plants, and devoid of weeds or dead vegetation. Mow the lawn to enhance its appearance. Consider repainting the interior and exterior. Thoroughly clean the house, removing clutter and unwanted materials to create an inviting atmosphere.
If you plan to sell your house, consult a property valuer in Melbourne to assess its value before and after renovations. Armed with this knowledge, you can proceed with renovations that will maximize your property's value.