How to increase the value of your home

Whether you are considering selling your property, or trying to maximise your return on investment through lifting your rental income, increasing the value of your home is a worthwhile endeavour. 

And you don’t always have to break the bank to boost the value of your home. Sometimes even the simplest of changes can make a world of difference. Let’s explore some of the ways that you may be able to boost your home value.

Tips to boost the value of your home

Focus on curb appeal

Curb appeal refers to how your home’s exterior looks as viewed from the street, and it plays a significant role in influencing potential buyers, as well as renters. In the competitive Australian housing market, a strong first impression could make a world of difference in getting your property noticed and influencing a higher price.

If space allows, focus on making your front yard more visually appealing. Consider planting native Australian plants and shrubs, which are not only low-maintenance but also tend to be drought-resistant. You could even create a garden with walkways and flower beds. These elements can add a touch of serenity to your property. 

Additionally, a fresh coat of paint on your home's exterior and/or front door can go a long way. Consider using durable and UV-resistant paints that can withstand our summer sun.  

Energy efficiency

Domain research shows that the premium paid for a median-priced energy-efficient house in 2022 is 17% more than non-efficient houses, equating to around $125,000. Rising energy costs are concerns for all Australians, and choosing a home that is energy efficient is a priority for many buyers and renters. 

Making your home more energy efficient can include bigger-ticket upgrades such as solar panels, double or triple glazed windows, insulation, energy-efficient appliances and installing rainwater tanks, as well as awnings and blinds to cool your home without relying on air conditioning. You may also consider more affordable upgrades, such as switching to LED lighting.

Storage space

Another option homeowners have to potentially boost the value of their home is to consider storage. Adding or upgrading storage solutions, such as wardrobes and cabinets, can make a home more appealing to renters and buyers.

For homes that are older, having ample storage is not commonplace. If your property was built in say, the 1920s, it may be worthwhile considering as it prevents homeowners from needing to buy their own furniture to store belongings, and helps a space to feel neat and tidy.  

Renovations and upgrades

Arguably one of the most impactful ways to increase the value of your home is to renovate. When you consider making changes to your property, think about improvements that may both  the functionality and aesthetics of a room.

For example, the kitchen and bathroom are two major areas for buyers and renters. Experts will recommend focusing on these areas as a priority. If your current kitchen and bathroom are still straight out of the 90s, it may be time to consider upgrading the spaces with stylish fixtures, new cabinetry and energy-efficient appliances if possible. Even small changes like swapping out old cabinet handles can make a space feel more modern.

Making regular improvements to your home and maintaining it in good condition may be able to help to add value over the long term. 

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