Any improvements to your house that cost less than the value they add are worth the money, but which improvements yield the best returns? As one of North Shore’s leading real estate companies, we here at Lochore’s understand the factors that are likely to optimise the value of your home. If you want to ensure you get the best possible sale price for your home, read our list below of the six best ways to add value to your property.
1. Split the property into separate flats
Splitting your property into separate flats is a win-win. Many Aucklanders are hungry for affordable housing and are more receptive to a smaller, cheaper living space. Meanwhile, more rentable spaces almost always translate to a higher total of rental revenue from a single property, making this a very effective way to maximise returns. You’re also more likely to have at least one revenue stream, even when one flat is between tenants.
It’s worth noting, however, that splitting a property into multiple liveable spaces is usually one of the more expensive renovations you can make. While properties commonly have more than one bathroom, they seldom have more than one kitchen, which means a new one will have to be added, complete with a major reworking of the property’s plumbing system and a host of additional, pricey appliances. All these improvements will need to be compliant with the building code and local Council standards.
You also need to ensure you have appropriate entrances and adequate parking, and you’ll need to register new addresses with Auckland Council. While costly, splitting your property could pay for itself quickly.
2. Convert unused spaces
Space is a precious commodity when it comes to Auckland housing. As more people move into city-centre apartments and buy smaller, modular homes, full-sized homes must capitalise on every inch of available space to offer what other properties can’t. If you’re trying to make the most of your home’s floor plan, consider converting spaces such as cellars, garages, and lofts into vibrant new living spaces, studies, nooks, or bedrooms.
Cellars and garages, for example, are great opportunities for potential Airbnb listings. Think of the value you could add to your property if a potential buyer could earn a couple of hundred dollars every month on the sharing economy!
3. Modernise bathrooms & kitchens
Most real estate agents will tell you that bathrooms and kitchens are what sell homes. If you want to improve the value of your property through renovation, these two spaces tend to offer the highest return on investment.
New appliances, cupboards, countertops, and taps can make a huge difference in an older kitchen, as can a new basin, shower tiles, and taps in an older bathroom. If you’re a bit more ambitious, a side-return extension could add precious space to your kitchen.
4. Boost curb-side appeal
Bathrooms and kitchens may be the spaces that tip a maybe over to a yes, but a bad first impression could ruin your chances before your potential buyer even steps inside. This is why many real estate professionals advise that you put some extra effort into what we call “curb-side appeal”.
What will buyers first see when they pull up to your property? For most properties, that would include roadside fencing, the garden, and the home’s siding, windows, and doors. A fresh coat of paint is an affordable solution that fixes a lot of problems. You can start with your fences and work your way in! Freshly painted windowsills, shutters, and doorways can give any house an extra pop as well.
Finally, take the time to weed and replant your gardens. Altogether, these efforts will communicate to potential buyers right away that everything they see inside has been well looked after.
5. Declutter & clean
You’re probably showing your home to potential buyers before you’ve moved out. Remember that these buyers want to imagine their own families living in that space, not yours. Nothing makes a home seem “lived in” more than clutter, so even a simple tidying up can make a home seem more worth the asking price. Return toothbrushes to their cups and toys to their cubbies. Essentially: treat the items in your home like staging props when a viewing rolls around!
The secret here is that you don’t always need to renovate your kitchen with new silver taps when a thorough scrubbing can produce the same result. A deep clean when you’re ready to show your home is vital and affordable, and subsequent tidy-ups ahead of every viewing and open home will ensure you’re not undermining the value of your home with simple neglect. Make time to scrub your outdoor patios, decks, and walkways as well.
6. Spruce up the little things
Fixing up your home doesn’t have to involve knocking out walls, ripping up plumbing, or wheeling in new appliances. An adept eye for detail can add value to your home in subtle but meaningful ways. Consider easy replacements like shiny new door and cupboard handles, or stylish and spotless light fixtures. Swap in a nice new showerhead and replacing the weatherstripping around your doors.
Get the best help to get you the best price
Ensuring the best possible value is key to what makes Lochore’s Real Estate one of the most trusted names in North Shore real estate. We’ve been helping property owners in the Northcote, Birkenhead, and surrounding areas with successful sales and rental property management for decades. If you need help or advice to maximise the sale price on your home, contact our team today.