May 11, 2020
Lock down leaves room for home improvements
Self-isolation has motivated many people to find new ways to occupy their newfound spare time, be it taking up a new hobby, trying their hand at a new skill or even spending more time on DIY projects around the home.
One of the industry trends that we have seen as a result of lockdown, is home improvements. Whether it be simply restyling and decluttering or diving into a fully-fledged renovation, many people are taking this opportunity to add capital value to their home whilst they have the time.
If you are wondering what the best way to add value to your home in the current market is, it really depends on your own living circumstances, financial situation and level of commitment.
We have put together a simple guide to help you decide what improvements to make now in order to add value to your property.
Level 1 – Decluttering & Restyling
Marie Kondo gave new meaning to the word decluttering with her 2019 Netflix series “Tidying Up”. The series has gained much popularity and for good reason, with many studies attesting to the mental health benefits associated with decluttering.
Aside from the release of endorphins, decluttering can also add value to your home by making it more aesthetically pleasing to potential buyers, allowing them to better visualise the space with their own furniture in place.
Tip: Ask yourself if you really need something in your life and consider how often you use it; this should help you decided what to keep and what to throw away.
Once you have done the big clean out, you may feel your home needs more of a refresh. Restyling can allow you reinvigorate your property and add value by giving it a more contemporary feel. This may include things like a fresh coat of paint, a new rug, upgrading benchtops or simply changing the furniture and décor.
Tip: Create a mood board of the look you want, but keep your finishes and furnishings neutral, that way you will ensure your property will appeal to a wider range of buyers and will not date over time.
Level 2 – Landscaping & Exterior
Exterior upgrades and landscaping are other great ways to refresh the look of your home and improve its curb-side appeal. Simple improvements like repairing any wear and tear on your front fence, painting the exterior of the home and neatly paving around gardens can attract more potential buyers to your property when the time comes to sell.
If you have lots of time on your hands now, but are normally busy, it is a good idea to opt for plants that are low maintenance and garden beds that prevent weed growth.
Tip: Plant your gardens in advance to ensure that they are well established before you list your home for sale.
Level 3 – Kitchens & Bathrooms
Upgrading a bathroom or a kitchen is a significant commitment. It requires a bigger budget and causes more disruption to your current living situation but in return offer the largest opportunity to add value to your property. If you plan these projects out in advance and budget accordingly, they are well worth the investment.
If replacing an entire bathroom or kitchen is not a feasible option, even replacing old tiles, tap wear and appliances can increase the appeal of your property when taken to market, so make sure you also consider the potential value add that this type of home improvement can bring.
Tip: Talk to your local agent about what features are most highly sought after in kitchens and bathrooms so that your investment really pays off.
Level 4 – Extensions & Rebuilds
For those wanting to take their home improvements to a new level and add a significant amount of value, perhaps an extension or rebuild may be an option for you. Whilst the construction sector has not been impacted by lockdown measures, these types of works are probably best to be planned out well in advance!
Tip: Speak to a professional, or your local real estate agent about planning your works to understand what people in the current market are wanting in their property. There are also companies such as Build Her Collective that can also offer online courses, podcasts and other information to help you along the way.
Regardless of how big or small your project is, this period presents a great opportunity to do something that will benefit you in the long-term by adding value to your property and giving you the added satisfaction of completing the improvements on your own!