Property is one of New Zealand’s most popular and lucrative investment opportunities, partly because homeowners can proactively add value to their investment. While many changes and updates can make your home more comfortable or better suited to your lifestyle, some can also appeal to valuers and buyers as you put your home back on the market and accelerate your ROI!
Whether you’re flipping homes professionally or want to springboard into a bigger, nicer home, some improvements will add more value than others. Continue reading to learn how to increase your home’s appraised value.
Boost your property’s street appeal
Beautiful street appeal implies higher value within, giving viewers and appraisers a stronger first impression. Street appeal can also attract more foot traffic to open homes; additional viewings make interest in the property more competitive, potentially culminating in multiple buyers having interest in your home!
A fresh coat of paint, attractive window treatments, and a well looked after lawn or garden can greatly impact your home’s street appeal.
Renovate the kitchen & bathroom
Most of us spend more time in our bathrooms and kitchens than any other room. These are not spaces we merely occupy, such as lounges and bedrooms; these are rooms we use. They must be functional and reliable in addition to being attractive and comfortable. The utility of the kitchen and bathrooms is why property valuations in Wellington emphasise them so much.
If you have the money to renovate only one or two rooms in your home, the kitchen and bathroom—with all their plumbing, storage, and whiteware or appliances—offer the highest potential value increases for your property. Sometimes it is possible to cosmetically improve these spaces to make them more inviting and attractive, so if they are functional, just not pretty, this could be a more cost effective transformation.
Increase energy efficiency
Savvy buyers are willing to pay more upfront for a home that offers a lower cost of ownership long-term. The promise of lower water, power, or gas bills reflects a home that works well for its owners.
In New Zealand, retrofit double-glazing or new double glazing units, are the standard for energy-efficient home improvements. Only in reasonably recent times have double-glazed windows become standard on new build homes, and they are often the first query from prospective buyers.
Energy- or water-efficient appliances can also help but remember which will go with you when you move.
Make those minor repairs
Small but necessary repairs can be death by a thousand cuts for buyers, especially first-home buyers who are not likely flush with cash after taking their first step onto the property ladder.
Prospective buyers want to know that their new house is ready to work for them immediately. Such minor repairs may not dramatically increase your home’s appraised value, but the presence of minor issues can certainly decrease it. It is best to address these issues where possible before you have had your home appraised so that the improvements can be factored in to your appraisal.
Common minor home repairs can include:
Liven up your outdoor spaces
Functional and inviting outdoor spaces can make a home feel bigger, expanding the floor plan and adding lifestyle versatility. Decks, patios, and hard landscaping make great additions to any home with enough space providing areas to easily enjoy the outdoors. If you already have an outdoor space, consider a retractable awning or louvre roof to make that space usable in more weather (keeping in mind which way the wind blows!).
If you are thinking of selling, trust Lowe & Co to ensure you secure the full market value for your investment. Now that you’ve learned how to increase your home’s appraised value, obtain an indication of the estimated sale price of your property with our experienced salespeople and hear about the latest property opportunities in your desired area. Get in touch today to learn more.