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What brings value to a house or unit

clock icon October 25, 2019
tag iconInvesting in Property Property Management Tips Buying Property

If you’re wondering what aspects bring value to a house or unit, then look no further. We’ll cover eleven features that contribute to the value of a property, so you know what to look out for, especially if you’re looking for an investment property.

Read on for eleven simple ways you can bring value to your home or unit.

Location, location, location

No real surprise here. The location of your house or unit will play a huge factor in determining the value of your property. Think about your location and how close you are to the city, beach or transport. What may suit your lifestyle may also provide some added value.

Land

Land is precious and how much you have of it can boost a property’s value. Besides the link between the size of the property and the land it sits on, land can bring value in several other ways.

Perhaps the physical house is not large, but you have a lot of space for additions like an outdoor living space. Looking after the outside can improve the quality and look of the property, and thus add to its value.

Wide frontage

When talking about wide frontage, we are talking street appeal. Remember, first impressions are always important. Psychologically, if the house or unit looks good from the outside, people are more likely to imagine the same is true for the inside.

The benefit of a house is you can often make external additions more easily than a unit. Simple additions like new plants, fencing or painting the exterior can be easy and effective ways to add value.

Another brick in the wall

For all those modern concrete blocks on the market, there remains a special spot for the traditional brick home. Homes built with brick have a warm and cosy feeling and this can bring value to a property.

Some people may say to render the brick (cover with cement) but this can be rather tacky. You are better off focusing on revitalising the brick by painting windows and trimmings with a fresh coat to match.

Corner block (for development purposes only)

A corner block is not everyone’s cup of tea, but it can be worth the investment if there is development potential. If large enough, the land can be subdivided.

Dual occupancies from subdividing can sometimes double property value. If there is no development potential, then it comes down to personal preference. A buyers agent is a helpful expert who can find a property based on your needs.

Landscaping and gardens

As mentioned, first impressions are important. A beautiful garden can boost the appeal of any home. Plus, you don’t have to be a passionate gardener to see how a little bit of landscaping can complement a home. You could go the professional route or head down to your local nursery and ask for some help.

Not everyone has a green thumb, so attractive but low maintenance plants are your best bet.

The high side of the street

It is usually better to buy on the high side of the street. There are a few reasons including better street appeal that comes with being higher up. You can also expect more privacy and better lighting. More importantly, being on the high side is better for stormwater runoff and drainage issues.

New kitchen

The kitchen plays an important role for many buyers and as Hitchcock once said, ‘happiness is a small house, with a big kitchen’. Considered the heart of any home, the kitchen receives the most attention from buyers.

Investing into an upgrade is a great way to impress buyers and you don’t need to spend a fortune. Sure, everyone loves a marble top or the open-plan feel of a kitchen island. But, you can also make smaller renovations like fresh paint, new cabinets or improved lighting.

Bathroom

New changes to a bathroom can be well worth the upgrade. A fresh-looking bathroom can give the impression of cleanliness and modernity. An easy way to do this is by upgrading the toilet, shower heads or other fixtures. But be careful of overspending. Perhaps all you need is a fresh coat of paint on existing tiles to spruce things up.

Cul-de-sac

Compared to your average street, a cul-de-sac can offer some peace and quiet. A dead-end street can be great for families as it means less cars and greater safety and privacy. Be aware, a cul-de-sac can sometimes be restrictive due to the nature of its design.

Room for granny

If you have extra land on your property, granny flats are a great way of adding value. Luckily, unlike renovations, the approval process for a granny flat is generally quick and easy.

Make sure local council regulations allow for it. On top of the extra space for visiting family, the granny flat can increase your income via rental return.

If you’re in the market for property and not sure where to start, Successful Ways runs property investment and first home buyer courses and has a complete team of experts covering every aspect of buying and investing in property. Click here to contact Successful Ways.


Find helpful hints for buying, selling, and renting Australia real estate and property, visit homely.com.au

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