7 Low Cost Options to Update Your Existing Property
You may be looking at selling or updating your home but where to start. In this age of digital marketing and with the thousands of options available, choosing to spend your money on can be a minefield. As we all know, when it comes to houses, the costs can add up very quickly.
“We all have different factors which influence our decisions.”
Are you selling your home?
If you are selling your home, presentation is the key. We are all drawn to attractive things, and we like to buy quality products. Many of us choose to do this because it means we don’t have to spend unnecessary money on theses item other than the required maintenance items. So what do you do when you sell your car? “Detail, Detail, Detail”. A well-presented home will appeal to the most buyers and for you, it means that it won’t be sitting on the market costing you money and potentially losing you money.
Every real estate agent will tell you that you want to reduce any buyers’ opposition to buying a home. So if you have a light fitting dangling from the ceiling or a unique coloured wall that isn’t that appealing to the majority of buyers, this could be the one single thing that stops your house selling – it can be that ruthless!.
What is your property worth and how much should I spend without overcapitalising?
So, what is your property worth? AIs adding an additional room going to pay off when selling your home? Do you need a lick of paint and some hire furniture, or, do you need a small or large renovation?
Is this home your forever home or a stepping stone to where you want to be?
Naturally, it is unlikely to want to spend a lot of money on your property if it is a stepping stone to where you are going unless of course that investment pays off in spades when you come to sell. Similarly, you may be prepared to spend a little more if you are staying in a property long term.
In some cases, it is worth spending the money updating the property if it is going to increase the value of your home. It is well worth speaking with your local real estate agents for good advice. Don’t take what the first agent says to you as gospel. Speak to a few agents and ask specifically for what homes are selling for (not what they are listed at).
7 Low-Cost Options to Update Your Existing Property
1. De-Clutter and Paint
Never underestimate the value of ‘de-cluttering and painting’ your home. De-cluttering opens the space up and gives a sense of organisation, peace and relaxation. In most homes that I advise on, I end up getting the owner to hire a storage shed (or similar) and remove all unnecessary items from the house including those items that clog up storage spaces. Painting a home a consistent colour throughout provides the same appeal and freshens up the home. Using a small contrast (ie a change in depth or tint) between walls and ceilings adds some class.
2. Architectural Fittings
Fittings such as door handles, light fittings, bathroom accessories and light switches update a home, especially if what you have is from the ’70s. Even a moderate spend on these items can give a home a completely updated feel.
3. Kitchens and Bathrooms
Ok so you’re going to say kitchens and bathrooms are expensive to update, and to completely renovate can cost you in excess of 15K. Once again, the decision on whether to renovate depends on whether it will add value to do the whole shebang! But there are simple ways to update these areas – and having a professional eye look over the area you can get advice on which would be best to improve. You may just change the benchtop and tapware. It may be advisable to re-grout and change the mirror (PS – selling a house when the backing of the mirrors are showing through makes the house look old and tired!)
Covering updated looking brickwork to the interior of a home, not only looks good but opens an area up to visually give the impression of more space. Externally, a modern render or architectural coating can provide a visually updated home. As we know ‘first impressions count’ and the first impression a buyer sees is when they first look at the outside of the house.
5. Window treatments
Updating old and daggy window treatments refresh an area There are many companies that provide great products for a decent price.
6. Decoration – Cushions and Artwork
Providing a new cushion, throw or piece of artwork is a very simple and very cost effective way to update a room in a current style. Make sure you tie your cushions in with your artwork.
Tidying up your garden not only looks good but will give the impression of being an easy to maintain space. A lot of buyers balk at gardens and yards that look difficult to maintain or give the impression of being overgrown. Trim your trees and bushes, water your grass and mulch your gardens!
So remember, look at your budget, what your home is worth in relation to other properties in the area, and consider some of the above options to update your home.