The Weekend Post - Real Estate
PUMP UP YOUR VALUE
There are some key ways you can add to your home’s value without overcapitalising – and in some cases it can be best to do nothing at all
THE true price of a house is what the market is willing to pay for it and not always what the vendor lists it for, so is it possible to value add to a home?
Belle Property agent Vanessa Robinson has a background in interior design and a solid track record of upgrading then selling properties.
She says there are a number of factors to consider when looking to add value to a home, and sometimes, sellers are better off doing nothing.
“Every buyer is going to be different and have different needs. So when you add value to your house, you can’t add value for everyone,” Ms Robinson said.
“It’s fine to have 100 ideas if you want to live in the house for the next 10 years. But from resale perspective, if you’re trying to achieve the best price in the market – there’s more to consider.”
Ms Robinson said sellers should be careful not to overcapitalise and consider median prices.
“If the median price is in the $400,000s, then try not to go into the $500,000s with renovations,” she said.
“You’re not guaranteed a higher price just because you’ve spent more money.
“Usually updating a kitchen and bathroom will be key rooms that can drive interest, and boost your potential value. But, there is no use throwing in a new kitchen to a dated home. It will stand out and may work against you.
“If someone is looking for a renovator, they’re going to want to do all of it themselves.”
Using as an example 129 Petersen Street, Freshwater, a 50-year-old home, Ms Robinson said to add value, less was better and sellers should look to freshen their homes, rather than build in expensive features.
“This house has a great floorplan, really good ‘bones’. So I would be looking at replacing the old vinyl in the living area,” she said.
“It also has a second living area and I would open that up into the main living area. There is a great breeze through there.
“Generally speaking, with all Cairns houses, to value-add, you want to bring the outdoors in. You want to have that seamless integration.”
Ms Robinson said the majority of buyers were plugging in two bathrooms into their real estate search engines and so when updating a bathroom, she would also look for space, and an opportunity to expand one into two.
“You don’t need to get too creative with how you add value. The more specifics your house has, the smaller the market that’s interested,” she said. “But when someone comes through, you want them to be able to envision their life there.
“Make an effort to declutter and clean. Even if it’s your old house, it’s going to be someone’s new house and they want to feel good about it.
“A simple paint job inside and out can wipe 10 years off a property’s look. I don’t leave a lot on the walls – you don’t want to clutter a house.”
Ms Robinson said a house needed to feel fresh when buyers inspected it.
“If it looks dated or tired, they’re going to naturally assume they have to spend a lot of money on it,” she said.