Want to add value to your property? Here are some home improvements that pay in returns.
When it comes to splurging on home upgrades, some investments are worth their weight in gold. For those who have bought our new house to upgrade it and move on, these home upgrades are the most important ones to make. Even if you intend to live in your home for the remainder of your years, you can still make some of these upgrades and increase your quality of life.
The 5 Home Upgrades with Great Return
Here are five home upgrades that appeal in terms of return on your investment.
1 – The Car Port
Installing a carport on your property has a minimal cost and maximum return. According to the experts at carport Sydney, a carport can quadruple in value when you come to sell your house. So you could set one up for less than $1000 and have the bonus of protecting your car from the elements until you come to move out.
2 – Exterior painting
Having the outside of your building painted can seriously boost the curb appeal of any property you wish to sell. Whether you are trying to sell your own home or an investment property, having a bright, fresh coat of paint on the outside looks appealing and draws in the buyer. It makes them enthusiastic about seeing the rest of the house.
3 – Interior painting
Just like having the outside of your house painted can draw in a buyer, the interior painting of your home has an ROI above 100%. This is because interior painting leaves the walls bright, clean and fresh. There are no remnants of the former tenants on the wall. The buyer feels like they can move straight in with their furniture without doing anything. Moving house is stressful, so putting off decorating is a priority for most new homeowners. Think back to when you were buying your property. Did the state of the walls and decoration make a difference?
4 – Room addition
Adding a double room to your property will add more value than adding a single room. Depending on whether it is a ground floor or a second-story addition, the cost of building the room will vary. However, in Australia, it is estimated that a new double room can add as much as $80,000 to your property value. With a median property price over $500k, that could equate to as much as 15% of your property’s overall value. Not bad for something that might cost you $10.000.
5 – Add a Pool
Adding a pool in any Australian home can increase the property price by anything from $100,000 to $200,000. They do have an initial outset that's relatively high, but when you consider your return for that outset, you are better off building a pool than you are without one. There is a high demand for homes with a collection among new home buyers in Australia. You can thank the weather for that.