If you’re looking to maximise the value of your property, we’ll teach you all of the secrets we’ve learnt over the years whilst running Harcourts Caloundra and throughout our real estate careers.
Our insights today include direct quotes and advice from Luke Carter, Harcourts Caloundra’s esteemed principal agent.
With over 15 years of experience and more than $1 billion in Sunshine Coast real estate sales to date, Luke’s expertise offers invaluable advice for homeowners looking to increase their property’s market appeal and value.
Keep reading to uncover the secrets to successful property improvements with advice from one of the industry’s best.
How to strategically add to your property to increase value
When brainstorming ways to increase your property’s value, Luke believes that –
LC: There are really only two ways to add value to a property.
The first and easiest strategy is to let the market improve and the price increase naturally with the rising market.
As they say, ‘a rising tide lifts all boats’ however, in our experience, the can require time or luck and maybe a bit of both.
During my time as a real estate agent, If you’re patient and can hold your property long enough, the market will deliver an increase in value.
The only other way to add value is to improve the property by either adding to the property or improving what already exists.
With this in mind, let’s learn more about adding to the property vs improving what already exists.
By the end of this blog, you’ll know what works and what doesn’t for both strategies and be ready to implement some of these into your own property.
Strategy 1: Adding to the property
The first strategy property owners use to maximise the value of their property without any change in the market is through significant additions and improvements.
This involves adding infrastructure or volume to an existing dwelling with the hopes that buyers will be willing to pay more for these upgrades.
You should keep in mind, that this strategy is usually a much more drawn-out and costly process, often requiring approvals and work from major contractors.
If done incorrectly, you risk minimal return on your investment resulting in you breaking even or even losing money.
The rewards however can lead to a substantial increase in property value that exceeds the initial investment and significantly boosts the property’s appeal.
The most important question to ask yourself if you’re considering improving your property’s value in this manner is: “Is this change going to make the property more livable or improve the natural advantage of a position?”.
Let’s take a look at strategies that Luke has found to have worked for previous clients, and strategies he’s found that haven’t.
Strategies that work
In our experience, additions that create a bigger and better living space for larger families have the potential to add the most value.
LC: When looking at additions that yield a strong ROI, we’ve found historically that adding more bedrooms, another bathroom or vehicle storage can most definitely add more value.
Although this is a larger project, we’ve also found owners who take advantage of their strategic position and add another level that provides an ocean view have also seen a great ROI.
While not all properties are situated by the ocean, if you have any opportunity to improve the view from your home, this is an upgrade that could pay dividends when it comes time to sell your property.
With projects like this however, we always recommend that you speak to your local property valuer.
Other additions that have generated a strong increase in property value include:
- Adding a deck, patio or outdoor kitchen
- Building a granny flat to rent out (Be careful with budgeting)
Not all extensions are created equal, however. Keep reading to learn what strategies don’t add value.
Strategies that don’t work
LC: We’ve found that in the past, adding smaller improvements like a front fence, solar power or an EV charging station don’t necessarily increase a property’s value.
While these additions can definitely improve the salability of a home, in a lot of instances, the value added may only equal the money initially outlaid.
While “going big or going home” isn’t necessarily what we’re trying to say here, ask yourself the question we recommended you should consider earlier in the blog – ”is this change going to make the property more livable or improve the natural advantage of a position?”
Other additions we’ve found that haven’t added value for clients we’ve worked with include:
- Specialised rooms like home theatres or wine cellars
- Swimming pools
Again, if you’re unsure about whether or not an addition you want to build will maximise the value of your property, we recommend you speak to a real estate professional who has experience with property valuations.
Strategy 2: Improving what already exists
The second way to add value to your property is to work with and improve what is already in place.
This strategy generally costs less than additions and extensions, and can significantly improve your home’s value while often requiring no approval from council or building certifiers.
Let’s see Luke’s top 4 recommendations for improving what already exists.
Tip Number 1: Increase your properties street appeal
LC: Our number one recommendation for people who want to add value to their property is to improve what people see first.
Improving your street or curb appeal is where we see the biggest impact on sale price.
A home that is appealing from the street often achieves a much better outcome and is quite often the most cost-effective improvement.
Some examples of front yard improvements include:
- Freshly laid turf
- Re-landscaping the front yard
- Re-sealing the driveway
- Replacing an old roller door with a more modern design
For those on a budget, you don’t necessarily need to spend big to see an increase in home value.
LC: Something as small as adding a few nice established feature plants when landscaping the front yard can make a huge difference when compared to planting small cheaper plants it is a small cost addition but will make a big impact.
With the right vision you can find that upgrades with relatively minor costs have big impacts and are often overlooked.
Tip Number 2: Spend money where buyers will see it
Our second most important tip when adding value via a renovation is to make sure you spend the money where buyers will see it as it is these places that make the biggest impact.
LC: Completely rewiring a home is not going to have the same impact as a new state-of-the-art kitchen just as a new back fence won’t have the same impact as re-landscaping the front yard and laying fresh turf.
While the obvious choices for improvements with this tip in mind are your kitchen and bathroom, as you’ll see in tip 3, it’s not always the largest investments that generate the biggest increase in value.
Tip Number 3: Smaller investments can have the biggest impact
While larger-scale renovations can improve your property’s value as well as provide a positive ROI if done in the right way, there are a range of more affordable updates that can add value without breaking the bank.
LC: Internally, adding fresh paint and new floor coverings are relatively small outlays that can generate a big impact.
If you want to step it up, new kitchens and bathrooms always have appeal but be careful about blowing out your budget and the design you choose.
Loud designs that are too on-trend can actually hurt the overall value and saleability of your property as you’ll learn in tip number 4.
Tip Number 4: Leave your design flair for things that can be easily removed
Be careful when making design choices that might not appeal to those who will be eventually looking to buy your house.
LC: Designs that might be the “It-thing” can quickly be a defining feature that can instantly date a property even only a year down the track when a season changes and new on-trend designs appear.
Our advice is to stick to neutral colours and leave your design flair to things that can easily be removed like furniture and soft furnishings like rugs and décor.
This actually makes it a lot easier for those who are purely improving their property to sell and shows you don’t need to reinvent the wheel to make your property stand out.
By sticking to what works, your property will appeal to a wider range of buyers.
Tip Number 5: Make sure you have a clean house when going to market
Of all the things you can do to add value Luke’s number one tip is to ensure your property is clean and tidy.
LC: In our experience, cleanliness is the most cost-effective method of adding value to your home.
Everyone’s version of “clean” is different and it can sometimes be beneficial to engage the services of a professional house cleaning team to help you prepare for the sale.
They’ll know all the areas to focus on that are often overlooked.
While this is such a simple tip, you’d be amazed at how much value this simple step can add to your home when it comes time to sell.
Recent trends that could help improve property value
Outside of the strategies and tips we provided above, being switched on to new trends and adapting your property to meet these recent demands is another strategy you can implement to improve the value of your property.
Pet-friendly properties
If you have the opportunity to make your property more pet-friendly, you could find that buyers might be willing to pay more for a home that caters to this need.
LC: We are seeing a lot more emphasis on a property’s suitability for pets.
Pets have always been loving family members but we are seeing more than ever people looking for a property with an area for their fur baby or properties located within walking distance to dog-friendly parks or beaches.
we have also seen a big push for townhouses over apartments with downsizers still wanting to retain a small courtyard for their pet.
Properties that don’t have wall-to-wall carpet, have space for pets to play, and don’t have any easy escape hazards etc… will be more appealing to this sector of the market.
Resort-style outdoor areas
LC: When it comes to top-end houses we are definitely seeing a big trend of resort-style outdoor areas.
These generally contain complete outdoor kitchens and even outdoor bar areas where people can entertain at home in an environment that would rival a tropical holiday.
While this isn’t attainable for all properties, upgrading your current outdoor hosting area if your budget allows can still produce a positive ROI.
Creating privacy
While not so much a recent trend, creating privacy is a theme that isn’t discussed often enough when it comes to these topics.
One of the top things we see people looking for in any property is privacy.
People want privacy at all costs and it is the number one thing we see people looking for in all circumstances and property types.
Investments that help create privacy whether that’s through fencing, landscaping, privacy screens or curtains have the potential to increase the overall value of a property.
Again, if you want to know what option would work best in your local area, we recommend that you speak to your local property valuer.
Get started maximising your property value today
Maximising your property’s value involves strategic improvements and keeping up-to-date with current trends.
Whether through additions or refining what’s already there, the correct improvements can significantly impact your ROI.
If you’re on the Sunshine Coast and considering your property’s potential, don’t leave it to chance.
Reach out to Luke and Katherine Carter today on 0488 332 462 for a professional property valuation.
Unlock your home’s true value with expert advice from our team and take the first step towards boosting your investment today.
We’re real estate agents Caloundra locals trust, having sold over 1,000 properties in the local area.
If you live in Caloundra and are considering putting your property on the market, we’re here to help you achieve the best price possible. We’ve broken numerous street records in Moffat Beach, Dicky Beach, Golden Beach, Shelly Beach + more! Get a free appraisal today.
