How Do I... Improve the Value of My Property?
Your home is your investment – a property expert reveals the simple things you can do to maximise your return
In this practical series, we ask experts to answer your burning home and design questions. Here, property expert and buyer’s agent Greville Pabst at PropertyDuo reveals the top features that attract buyers to a house, and how you can use these insights to get the best sale price possible.
A property inspection
The process commences with a physical inspection of the property, where the valuer takes note of measurements, the number and layout of rooms, fixtures and fittings, and any improvements made to the property. The valuer then employs three methods to further analyse the property in order to come up with a value range: direct comparison, summation and capitalisation of net income methods.
Find a design or construction professional on Houzz to bring your dream home to life
The process commences with a physical inspection of the property, where the valuer takes note of measurements, the number and layout of rooms, fixtures and fittings, and any improvements made to the property. The valuer then employs three methods to further analyse the property in order to come up with a value range: direct comparison, summation and capitalisation of net income methods.
Find a design or construction professional on Houzz to bring your dream home to life
Calculating a home’s value
- Direct comparison method: This method provides the market value of the property by comparing it to the values of similar properties obtained in the open market.
- Summation method: This is the land value plus the depreciated value of improvements, which comprises the dwelling plus any additional features, such as a garage or swimming pool.
- Capitalisation of net income: This involves converting the property’s income stream into a capital-value estimate through a capitalisation process. The calculation is based on a single year’s income.
When buying, look for features that future buyers will want
There are certain features that will always be valuable to future buyers, and these are the ones you should look for in a property that you hope to one day sell.
Suburb, street, schools, public transport, garage, floor plan and orientation are some of the ingredients that will play a key role on auction day. If you seek these out in a property, you are more likely to set yourself up for future success.
Browse more images of beautifully styled white bedrooms
There are certain features that will always be valuable to future buyers, and these are the ones you should look for in a property that you hope to one day sell.
Suburb, street, schools, public transport, garage, floor plan and orientation are some of the ingredients that will play a key role on auction day. If you seek these out in a property, you are more likely to set yourself up for future success.
Browse more images of beautifully styled white bedrooms
When selling, show your home in the best light
To maximise your return on a property, you’ll need to show it off in its best light. This might mean making a few updates.
Here are the main features to focus on to improve your home without over-capitalising.
To maximise your return on a property, you’ll need to show it off in its best light. This might mean making a few updates.
Here are the main features to focus on to improve your home without over-capitalising.
1. Outdoors: The front facade and entrance of your home is where first impressions are made, so make sure yours are well-presented. Oiling the deck, re-soiling and mulching the front garden, trimming trees and hedges, and planting some new greenery will instantly make your home look neater and more inviting.
2. Freshen it up: Spruce up anything that is worn out and outdated around your property. For example, give tired kitchen or bathroom cabinetry a fresh coat of paint, lay new carpet and replace faded curtains or blinds.
Best of the Week: 33 Homes That Make a Great First Impression
2. Freshen it up: Spruce up anything that is worn out and outdated around your property. For example, give tired kitchen or bathroom cabinetry a fresh coat of paint, lay new carpet and replace faded curtains or blinds.
Best of the Week: 33 Homes That Make a Great First Impression
3. Declutter: Remove unnecessary clutter and personal belongings before an open-home inspection; potential buyers want to see themselves living in the space.
4. Style it appropriately: Give your home some personality with a consistent theme that runs throughout the space and style each room. Engaging a property stylist to help give your home that extra boost can be a worthwhile investment.
A Property Stager Reveals: 3 Things I Wish My Clients Knew
4. Style it appropriately: Give your home some personality with a consistent theme that runs throughout the space and style each room. Engaging a property stylist to help give your home that extra boost can be a worthwhile investment.
A Property Stager Reveals: 3 Things I Wish My Clients Knew
5. Maximise light: The brighter a space is, the bigger it will look and feel. If you’re planning on renovating, consider an open-plan living area as it will provide a nice flow throughout the home. Adding in skylights and enlarging windows will also draw in more natural light.
6. Pay attention to the kitchen: Plenty of bench space for food preparation and lots of kitchen storage are things you can’t have enough of in a kitchen. A pantry, or even a butler’s pantry if space allows, will add extra value to your property.
6. Pay attention to the kitchen: Plenty of bench space for food preparation and lots of kitchen storage are things you can’t have enough of in a kitchen. A pantry, or even a butler’s pantry if space allows, will add extra value to your property.
Your turn
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Want more property advice? Read up on How Do I… Find the Right Home to Buy?
Did you find this story useful? Tell us in the Comments, like this story, save the images and join the conversation.
More
Want more property advice? Read up on How Do I… Find the Right Home to Buy?
Here’s how the valuation process works.