If you own a property, chances are you're hoping it will one day be worth more than you paid for it. And while much about a property's value relies on things like location, population growth, infrastructure and the mercy of a fluctuating market, there are some things within your control that you can alter to increase your home's value.
It's often the smallest changes that have the biggest impact, so don't feel as though you have to undertake a full-scale renovation to make a return. In fact, when renovating for profit it's very important to avoid overcapitalising.
Here, we run through 8 affordable things you can do to make your home more appealing to buyers as well as increase its value.
1. A NEW PAINT JOB
A new coat of paint is the easiest and most cost-effective way to refresh the look of your home while boosting value. Decide whether you want to redo the whole house or focus a couple of rooms, or perhaps a feature wall?
As for the colour, it's been said that ivory is the one colour that will add value to your home.
Warm whites and neutrals will appeal to the broadest possible market.
Photo: Eve Wilson / Styling: Beck Simon
2. INCREASE STORAGE SPACE
Unless you're converting to hardcore minimalism, zero storage space is going to be a massive shortfall for potential buyers.
Think open shelves in the kitchen, bathroom and laundry. Additionally, installing hooks on the back of doors is another simple convenience that's often overlooked.
The entrance of this Mosman home features plenty of storage. Custom joinery is painted in Dulux Waltzing and topped with a marble bench seat.
Photo: Simon Whitbread
3. IMPROVE THE OUTDOOR AREA
An outdoor space perfect for entertaining will increase the desirability of your home.
While shade and shelter are essential, fire pits have also become a popular addition to many backyards.
When it came to renovating this Sydney home, the owners focussed just as much energy outdoors as they did indoors. The outdoor dining is now considered the "heart of the home," and takes design cues from trips to southern Italy.
Photo: Brigid Arnott / Styling: Lisa Hilton
4. INSTALL GAS HEATING AND APPLIANCES
Gas appliances are a favourite home feature for a couple of reasons plus they're efficient. Gas heaters and in particular, flame-effect fires, give all the warmth and comfort of a wood heater without the hassle or damage to the environment.
Installing gas cooktops and ovens add value in the kitchen and is often preferred to electric ovens and cooktops due to its ability to provide instant heat and even temperature compared to electric. As for the environment, gas may produce less greenhouse gas emissions than electricity.
A kitchen equipped with quality appliances will appeal to buyers.
Photo: Sue Stubbs
5. SIMPLE SWAPS
It's possible to create a whole new bathroom look without renovating. Small, but modern updates, such as replacing handles and taps is a simple way to elevate the appearance of this room.
Consider painting tiles if they look old, or grubby. If your vanity is outdated, replacing it will make a remarkable difference to the feel of the room.
Even the smallest bathroom updates can make a big difference.
Photo: Armelle Habib / Styling: Julia Green
6. STREET APPEAL
How your home looks from the street influences desirability. Adding a fence can be expensive but won't necessarily increase the value of your home. However, it would be worth fixing and painting any existing fences around the property.
Additionally, replacing or painting your front door a different colour will boost your curb aesthetic for little cost.
Painting the front door will make the right first impression, and it won't cost a fortune.
Photo: Dave Wheeler / Styling: Lisa Burden
7. DECOR AND INTERIOR DESIGN
Adding things like cushions, rugs and throws can make a big difference to the look and feel of your home. Update lampshades and consider some artwork.
If you are selling your home, it's essential for potential buyers to be able to see the space as somewhere they could potentially live.
Throw rugs and cushions will create a welcoming atmosphere.
Photo: Simon Whitbread / Styling: Lisa Hilton
8. BUILD A GRANNY FLAT
It's becoming more common for generations of families to live together and split the cost of living.
If you have space, adding a granny flat to your property can increase the overall value as long as it's done right. They're also a great way to generate an income to help pay off that mortgage.