Investing in property has the potential to provide astute buyers with an excellent return. But, as any seasoned investor will tell you, you need to spend money in order to make money. It needn’t cost you thousands of dollars, however, to add value to your home and increase your equity, there are a few key things you can do even on a shoestring budget.
It’s the little things
Often the smallest things can make a huge impact like replacing faucets, handles, a little paint and a touch up here and there. Think about drapes, blinds and carpets and if they are worn and tired, you might want to replace them.
Your front entrance is everything and its important to use this part of your property to maximise the impact on potential buyers. Most people don’t want to walk into a dingy, dirty front entrance with the door full of cobwebs. So do a little tidy up and if you have a few dollars give it a slap of paint or a good wash. I can highly recommend DNA House Wash for big or small jobs and when you list your property with me we automatically forward you a discount voucher that you can use on your property.
Think carefully about your budget and what you would like to spend to ready your property for the market. Often the garden and backyard could just do with a tidy up that costs only a bit of manpower and some help from family members. Perhaps a plant or flower here and there and I would recommend places like Kings Plant Barn or Awa nursery for those needs.
Inside, ensure you can tidy away and declutter as much as possible. If your property is vacant I would recommend that you have it staged (if your budget allows) otherwise let me help you work with what you have to maximise the impact of your interior. Here again it is important for areas to be clean and tidy, to have as little lying around as possible. This will help potential buyers to visualise their items in the property, helping them to see the suitability of a property quickly.
Always turn on the lights , open the curtains and blinds and let in the fresh air as much as possible. Nothing will turn off a potential buyer like having bad smells. Before your open homes think of what you are cooking and how that smell may linger. With every open home I always gift my clients with a few things like a “chef” candle as these help eliminate odors in the kitchen.
A room can be instantly refreshed with a coat of paint in a neutral colour. A fresh set of bedding, pillows and a little throw would work a charm when photographing as well as during your open homes.
Reduce the noise of hard flooring by throwing down a lovely rug or two. The instant uplift it gives a room should not be under estimated.
If ever you want to invest in your property before going on the market then you should consider what a kitchen and bathroom can do to the value. Bedrooms and lounging areas are things that can be changed with personal styling and furniture however it is often difficult for a buyer to be able to change anything in a kitchen or bathroom if they do not have the budget after purchase. If this is where you can add value then do it. A worn out kitchen or bathroom can easily be updated by changing only a few things rather than going full out and spending thousands. Something as simple as a new bench top could change the feel of the kitchen and tapware in a more modern style will enhance a bathroom without the large spend.
Declutter and deep clean
Clearing away the clutter in your home can have a dramatic impact. Not only does it leave you with a perception of more space, a much fresher and tidier appearance, decluttering has surprising health benefits according to experts – both mentally and physically. Decluttering could even make you a little money!
Try walking around your home and viewing each room through the eyes of a strange or better still get a candid friend or relative to come and give you a good indication of their impression. This will help in identifying those items that are simply taking up valuable space. Then, tackle one room at a time, separating your necessities from the things you really don’t need.
There are a few things to consider when decluttering that may be helpful to you
- If you are not using it, do you need it?
- If you want to keep it, can it go into storage for a few weeks?
- If you don’t want to keep it, can you sell it or give it to someone in need or to charity?
- If its broken, can you fix it or do you need to pitch it?
A property that has had a deep clean not only present well it also photographs well. Try to imagine what it would be like if you opened a dirty oven or walked into an unkept shower. If you don’t have the time or inclination get someone to do it. There are a few services I can recommend for these time consuming and often much disliked tasks. Just ask me!
Avoid over-capitalisation
Yes we all want to grow our wealth and investing in property is often the way we do it, however it is important to remember not to overspend on renovations where you won’t see a return on your investment.
Before you consider any type of renovation, do your research, visit a few open homes in the area in different price ranges and look at what has been done and don’t be afraid to talk to your agent about the little things, they may not always have the answer but the chances are they would be able to get someone who can help you. They will also be able to advise if a large renovation will be worth the effort and cost once you sell.
Ultimately it is always your choice what you do to your property and regardless, your agent should be able to work with you to ensure a successful sale.
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