Adding value to your property
The possibilities are endless for improving your property before you sell or rent it out — it’s only the budget that’s capped. Let’s look at the renovations that stand to give you the best returns on your investment.
Spice up the kitchen
The home is defined by its functional rooms — places where people spend most of their time, engaged by their surroundings. This is why a top-notch kitchen is widely acknowledged as the primary improvement for boosting the value of a property.
Kitchen upgrades for adding value:
A layout that maximises space and social interaction
Modern finishes on surfaces and cabinets
Large, bright windows that let in plenty of light
Trendy or classic styles on plumbing, taps and light fittings
A new stove and spacious, easy-access oven
Brand new appliances (especially in furnished rentals)
Freshen up the bathroom
No matter how beautiful the home, a withering bathroom can still turn away potential buyers and tenants. Cosmetic refurbishments (like tile paint and a new shower head) may help but fixed features like tiles, pipes and the bathtub, can be a dead giveaway of age and condition.
Bathroom renovations that make a difference:
Professionally installed on-trend tiles
Matching sink and bathtub (if applicable) in a modern design
New vanity with a large mirror
Spacious shower recess
Bright windows or a skylight
Plumbing that’s either concealed or stylishly featured
Coordinated look and feel, with matching taps and fittings
Create entertaining outdoor spaces
Well-defined spaces for entertaining makes the prospect of a new home, and a new lifestyle, all the more real — especially when buyers and tenants can ride the high, and host a fully featured housewarming as soon as they’ve unpacked.
Elements of a ‘move in’-ready entertainment area:
- Decking and a pergola to designate a ‘sitting zone’
Attractive fencing, or fence coverings
A landscaped or freshly planted garden
Social food preparation areas (eg. a fixed barbecue or outdoor kitchen)
Spaces for play (eg. a new lawn, spa or backyard pool)
Improve the environment
Ambience can have a noticeable impact on our moods and general well-being over time. Although a homebuyer can easily remedy dark and chilly rooms with lamps and furnishings, starting out with bright and comfortable surrounds can help reinforce your original asking price.
Creature comforts worth considering:
- Reverse cycle air-conditioning — suitable year-round, regardless of climate
- In-floor heating in areas with colder winters
- Paint, flooring and window-coverings selected to maximise room brightness
- Sealed windows to maintain indoor temperature
- Garden plants chosen for minimise or maximise shade
- Heated lamps and towel rack in the bathroom
Financing home improvements is easier than it used to be. SocietyOne home improvement loans allow you to borrow up to $50,000 on flexible 2, 3 or 5 year loan terms. The 7.90% p.a. (9.92% comparison rate*) already beats many available personal loan rates — and goes down even further if you have a good credit history.
In some cases, this means your value-adds work out cheaper than borrowing against your mortgage.
*The comparison rate is based on a SocietyOne Tier 1 unsecured personal loan of $10,000 over 3 years. Tier 1 borrowers will receive an interest rate between 7.75% - 10.55% (comparison rate 9.77% - 13.28% p.a.) depending on investor demand. WARNING: The comparison rates are true only for the examples provided and may not include all fees and charges. Different loan grades, terms, fees or loan amounts might result in a different comparison rate.