Increasing the rate of return on your home can sometimes be a challenge.
Stephen Hart from Home Finders & Hometopia joined Carly Flynn on Weekend Life with the top five ways to increase the value of your home.
Mr Hart says that the very first place to start is with the basics.
“Do not even think about major renovation if you’ve got a leaking roof or rotting windows or mould on walls. Deal with those first.”
Once the basics are covered then you can think about other things, but make sure that the cost of renovating your home is not greater than the resulting increase in value.
- Adding value to your home during renovations.
- Heating your home and choosing options while renovating.
For example, adding an in-ground pool will rarely add enough to a home’s sale price to cover its cost and can actually reduce the number of potential buyers due to concerns around maintenance or safety.
The thing that works best in terms of changing the look of your home is paint.
Here are the top recommendations:
- Basics first.
- Don’t overcapitalise.
- Adding a new room or extending
Often it’s worth renovating to the minimum if possible, so accentuating the positives of your home is always a great way to improve your rate of return.
For example if your view is incredible but your windows are lacking, invest in getting new windows.
For more information on how to increase the value of your home, click here.
Listen to the full interview with Stephen Hart above.