7 Ways Under $1000 To Quickly Add Value
Property reality shows are great, but they have a distorting effect on reality. We know that they have 10 times the money, 20 times the support and probably 100 times the time that most people would, and yet, it still creates the impression that renovations are much easier undertakings than they actually are.
And for most, the goal isn’t to create an “opulent, luxurious dream space” but to create a more liveable property that will attract a higher rent and/or increase the value of your property, preferably without having to sell one of the kids or spend a year doing it.
Every home improvement article out there will preach that overhauling the kitchen and bathrooms is the best way to improve your home value. While that’s true, we’re looking at more achievable, shorter-term options here.
So if you’re looking for affordable, clever ways to improve the value of your property quickly, we’re confident you’ll find something on our list below that you can get started on soon.
Less than $250
- Get a professional set of eyes – unless you are a designer or builder (or have access to one) then getting a professional in early may be one of the best things you could do. Think of it this way – if you were to join a gym, you could wander around doing random classes and exercises. But to achieve your specific goals, you could decrease the time it takes and increase the effectiveness of your workouts by having a week worth of sessions with a personal trainer to design a specific program tailored to you. Spending time upfront with a builder or designer can do the exact same for your property: less time, less effort and a tailored plan.
- Paint – obvious, and self-explanatory. Even after you buy drop cloths, painters tape, brushes and paint, it’s still dollar for dollar the best investment you can make to improve the value of your home. And it doesn’t take much to learn how to do it well. You can also save thousands by investing some time by attended free courses at hardware shops learning the basics, rather than paying a professional painter.
- Utility savers – installing energy efficient lighting, and more effective shower fittings and tap heads improves your value two ways. First, you could ask for higher rent as your tenants save on their monthly energy bills at a time power prices are going through the roof. And second, buyers down the track will be willing to pay more for a home that has already had the small details like that looked after so that they can move in and start benefitting straight away.
Between $250 – $500
- Shelving solutions – whether it’s in an enclosed garage, the kitchen or the bathrooms, shelving matters. So many houses lack simple liveability factors like cupboards and storage spaces divided effectively by shelves. The best solution is adjustable shelving, especially in tall cupboards like pantries or garages. Slightly pricier, but so much more adaptable to tenants and buyers later on.
- Statement frontage – we know not to judge a book by its cover, but we do it anyway. The way your property appears from the kerb will affect its price substantially, even if the interior is brilliant. There are some simple tricks to observe – first, plant some trees. The younger they are, the cheaper they’ll be, and when you’re ready to sell, not only will they be larger, but they’ll have grown in value. Also, our eyes and brains appreciate symmetry and patterns. Keep that in mind when choosing pots, trees and shrubs and how you lay them out.
Between $500 – $1000
- Fans and air conditioning – it might be expensive, but whether we like it or not, people want to move into a home that is ready to live in comfortably from day one. Many renters will bypass a listing that doesn’t have either a ceiling fan or air conditioner in the bedrooms. Interest free options or package deals from retailers may be a good way to spread the cost of these big purchases and they’ll be worth it in the long run.
- Light it up – in Australia, we’re lucky: plenty of great natural light and long days for most of the year. But that didn’t stop many homes being built with narrow windows or dark closed off areas. Adding a skylight, trimming foliage in the line with the sunlight and removing external shades can all solve this problem. For many houses, adding physical space is impractical, and is also prohibitively expensive. But natural light makes it seem larger, which has definite impacts on the perceived value of a home.
There may not be many ways to add value to your property that are free. But as you can see from the list above, there are plenty of actionable, affordable ways to improve the value of your investment for less than $1000.
And in a property market like this one, relatively small investments of your time and money are likely to be handsomely rewarded when it comes time for sell, refinance or negotiate new rent.