When it comes to adding value to a property, your primary goal is to create equity and either make good on the windfall or to leverage the unlocked equity to continue building your portfolio. This can lead to questions about what exactly will add value, how much and whether what will be worth your while in terms of finance and timing of the project. For example you wouldn't want to invest thousands into building a swimming pool only to find that it adds minimal value to your investment and even worse, not something that appeals to the broader market. This leaves the question, how exactly do you get the most of your value adding strategies?
Adding value to the important aspects of the home, such as those that are essential to lifestyle, will stand out far more than any other aesthetic or luxurious additions made. These are of course areas of the home such as bedrooms, bathrooms and kitchens. These are often the deal breakers for not just the purchaser of the purchaser but also the tenants calling it home. Kitchens in particular, can bring enormous value due to their central nature to the home. Rebuilding the cupboard, appliances or even the flooring can transform the entire aspect of the home.
Bringing Life to the Garden
Gardens can also weigh heavily on the value of the home. This is particularly the case when a home is situated in a family orientated area. Simple work such as tidying the yard, removing weeds and laying new turf can be a way to add finishing touches to an already renovated home. Otherwise an entire garden overhaul with a outdoor barbeque area will appeal to just about anyone and will always look great in real estate photos
Opening Up Space
Open-plan living is now highly sought after by most buyers. You may find in many older style homes this was not always the case as such many homes preferred privacy oven openness. This can be seen as a great opportunity for the savvy renovator. Knocking down walls and opening up the home can make it look so much more inviting and modern. Be aware though, that not every wall should be taken out since there is such thing as too much space. Opening up dining areas with the kitchen or living areas with the kitchen create the perfect flow but anything more and you might find the house reduced to nothing more than an empty shell. Plan strategically and have a good idea of how the space will look before any decisions are made.
Modernising a Classic
If you are fortunate enough to snag an older style home at a bargain price and it just so happens to have been untouched by the 21st century, you are in luck. These additions can be anything from air conditioning and ventilation, heated floors in bathrooms, LED lighting and smart technology throughout, security systems linked to mobile phones and even music systems to be streamed throughout the house with ceiling speakers. These all add up to change the house from “rundown” into a modern masterpiece with classic flair, appealing to all tastes.
Adding a Granny Flat
Nothing can add value to a property quite like creating an opportunity for dual living. Whether or not these are regarded as separate dwellings, the value can be created in opportunities for a teen retreat or grandparents quarters. These types of renovations can add value for both families and investors seeking higher yield. This can provide a space for privacy or closeness depending on the living arrangements or even just as a separate space for recreation, away from the main house such as a music studio or guest bedroom.