We own properties for lots of different reasons – it can be a home, for business, as an investment. No matter what sort of property you have, from a financial perspective, your property is more than just a place to live or work. It’s a valuable investment that has the potential to appreciate over time.
Adding value or creating equity in your property is something that you should always take into account and you should always look at ways to increase its value. But how do you go about it? Here are five useful tips on how to add equity to your property. Let’s dive in!
How to add equity to your property: a list of tips
1. Make sure your property is energy efficient
More and more buyers are looking at energy-efficient properties, and this trend is here to stay. So adding value to your property starts with looking at what changes will make your home more environmentally friendly. Start simple and add LED-efficient lighting to your rooms and garden.
If the budget allows, think about installing windows with two layers of glass and veneer wood internal doors for better insulation. We all know how freezing Melbourne can get in winter! Consider also adding smart thermostats and water tanks.
2. Modernise your kitchen
The heart of every property is the kitchen. It’s a focal point for potential buyers. So start by replacing outdated appliances with energy-efficient models. Consider refinishing or repainting cabinets to give them a contemporary look. Install sleek, stone countertops and a stylish backsplash to add a touch of luxury.
3. Enhance the bathroomÂ
The bathroom is another area that plays a crucial role in adding market value to a property. So start revamping it by replacing handles and taps and swapping out old fixtures for modern alternatives. Consider installing a new, water-saving toilet and updating the sink and faucet.
Consider adding a glass shower enclosure or a stylish bathtub to create a spa-like atmosphere.
4. Enhance your entrance and garden appealÂ
First impressions matter, and your exterior and garden will be the first things that prospective buyers will look at.
So, update and maintain your garden and entrance with vibrant plants and colourful flowers. Add a fresh coat of paint to the front door to bring new life to your home’s exterior. Consider installing outdoor lighting to illuminate pathways and create an inviting atmosphere. These simple changes can significantly enhance your home’s overall appearance and entice potential buyers within minutes of the start of the inspections.
5. Interiors: start with simple changesÂ
Start with simple changes that are cost-effective and have an instant return, like repainting. Use neutral colours like grey or white or colours that match your overall property style.
Nowadays, technology plays its part too when adding equity to your property, so consider investing in smart cooling and heating, lighting, and security systems.
5. Work with the right Real Estate Agency to help you through the process Â
Adding equity to your property needs planning, a structured approach, and expert guidance. The right real estate agent will give you just that. Professionals with many years of experience like Simone or Russ live and breathe real estate. They are very familiar with what buyers are looking for in a new home and can give you the right framework on how to add value to your property and sell it for a great price.
At Atria, we also work with a qualified network of professional lawyers, tax accountants, builders, and stylists that can help you with everything that needs to happen on your to-do list. Call us on 03 8680 9421 or email us today to find out more.
