10 Best Ways To Add Equity To Your Home

How do you boost the resale value of your home? Should you add another bedroom, build a pool or a granny flat, or would a garage be better?

While it seems tempting to just go all out and add any feature you can think of, it's important to remember that not every home renovation is going to actually benefit you when the time comes to sell. You need to focus on changes to your home that suit the lifestyle of the neighbourhood. Here are some ways you can do this and boost your home's sale prospects.

1. Get some expert advice
2. Highlight a standout feature
3. Invest in your garden early on
4. Revamp the kitchen
5. Enhance the bathroom
6. Go with the flow
7. Add a granny flat
8. Add a fresh coat of paint
9. Invest in additional storage
10. Create an outdoor entertaining space

1. Get some expert advice

Before you start knocking down walls, it’s a good idea to get a professional such as a real estate agent or an interior designer to give you some advice as to what they believe would add value to your property.

The benefit of asking a real estate agent is, they live and breathe property in your local area and are very familiar with what buyers are looking for in a new home. You could also use the opportunity to get a free property appraisal.

2. Highlight a standout feature to add value

Does your home have a feature that other properties don't? For instance, does it have a beautiful view - can you make enhancements such as enlarge the windows, or change the window treatment so it is easier to see out and enjoy the expanse? If you don't have a view, can you create one with smart landscaping?

If you have a swimming pool, ensure the lighting is good to help make this a feature. If you have an ugly side fence, you could transform this using an evergreen wall or vertical planter boxes. If your living area is separate from your garden, bring a bit of nature inside using indoor planter boxes, potted or hanging plants.

3. Invest in your garden early on 

A manicured mature garden with established shade trees is very popular with buyers. Growing an established garden takes years to grow – so it’s a good idea to get this underway early. Plus, you’ll get to enjoy the use of the garden long before you sell. Check with your local council about planning laws around trees that could extend beyond your property boundary too.

4. Revamp the kitchen to add equity

The kitchen is the one room that can make or break a sale. It’s usually the most expensive room in any house, so prospective buyers don’t want to see a kitchen that needs a total upgrade.  This doesn’t mean a total re-fit, but there are some small things you can splurge on that will help make your kitchen more appealing.

• Add appliances
• Fresh coat of paint
• Do up your doors & door handles
• Lift the lighting with fluorescents or spotlights above benchtops and potentially a pendant light for some visual interest.
• Replace old benchtops
• Re-tile or fix the floorboards
• Ensure you have good storage and have maximised your bench space
• Ideally having a kitchen that flows outside to an alfresco eating area gives cooks the option to cook in the kitchen if at the outside BBQ

5. Enhance the bathroom

Buyers today like beautiful bathrooms - they want a room they can relax and pamper themselves in, no matter what size or condition your bathroom is in. It is Ok to spend some money on the bathroom to make the most of what you have.

• Replace any cracked basins, toilets, or tubs.
• Replace your vanity or mirror and add new lighting fixtures to make a really good impression on your buyers.
• If you have a small bathroom – consider wall-mounted sinks and toilets and towel rails behind the door and use big mirrors to make the room appear twice the size.
• Repaint stained or chipped bathtubs and basins.
• Add to this a fresh coat of paint on the walls, and you have a whole new bathroom.

6. Go with the flow of the property

A property that flows smoothly from space to space is important to buyers, as it directly affects how easily and comfortably people can move through the home. Spending time getting this right can add significant dollars to your property's value. Consider:

• Where the kitchen is located, does it flow easily into the eating/living area?
• Do you have an outside eating  / sitting area where you can entertain friends in summer or simply relax with a good book? This is an extra room in the eyes of a buyer.
• Is there a smooth indoor/outdoor flow? 
• If you are looking at improving the 'flow' of your property don't forget to think about ventilation.  Cross breezes in summer can be life-saving when it's hot. Consider adding shutters, or louvers, larger windows or add large doors to the outside to help bring the fresh air in. 

7. Add a granny flat

If you have space, a granny flat can be a big drawcard for buyers for a multitude of reasons. Family buyers love a granny flat as the space can double up as a rumpus room for the kids, a place for the in-laws to stay, or a home office.

In addition, astute buyers see the opportunity of being able to lease out the external flat and help with their mortgage.

8. A fresh coat of paint increases value

Paint can totally transform your property and help catapult it from the 70’s or 80’s into the 21st century. Consider re-painting the façade of your property if it is looking a bit tired, or if you have exposed brick you could render the façade and paint it. This will help create a good first impression and set the tone for the rest of the property.

Don’t stop there, re-painting the walls inside also has a positive effect on buyers as it instantly refreshes the entire home. You can’t go wrong with fresh, crisp paint job in modern neutral colours.

9. Invest in additional storage

Another great investment is to add built-in cupboards throughout the property – in bedrooms, family rooms, hallways, garages…anywhere you have the space. Buyers love great storage so this can make your home much more appealing.

10. Create an outdoor entertaining space

An outdoor entertaining area adds a whole new room to your home, and buyers love this. When planning your outdoor space, consider how you envisage it to be used. If you have the space, perhaps one that is ideal for a large family, a large dining area may be the best option with a BBQ and cooking area.

If space is tight, a deck or patio with comfy seating and shade may be the best option. If you have a balcony, adding a table setting, even small, is very appealing to buyers. They will be able to project themselves, enjoying their morning coffee in the sun.

Ready to sell your home? Request a free appraisal from your local LJ Hooker real estate agent to get a better understanding of where your house stands in the current market today. It will give you a detailed breakdown of your property's size, location, how it compares to similar local properties, potential areas of improvement, and much more.



DISCLAIMER - The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. LJ Hooker will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency, or completeness of any information or links.

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