Owning a home is a huge responsibility and involves a great deal of ongoing upkeep. It may feel frustrating to be constantly working on repairs and upgrades but this is the best approach to maintain your Mosman property.
Here are some areas to be mindful of when looking to improve the value of your home, both while you live in it and when you are preparing to sell.
Regular maintenance
A small problem, when left alone, will turn into a big one, whether you live in a terrace house, a family home or a palatial estate.
To keep your home worth the price you paid for it and ensure its value grows, a regular upkeep schedule is essential. This includes pest inspections, roof repairs, outdoor deck repairs and filter cleanouts.
Staying on top of these jobs will help you identify areas which are in need of urgent attention. You don’t want to discover a roof leak that is about to cause your bedroom ceiling to cave in as you prepare for an urgent sale.
As part of regular maintenance, organising an annual or biannual deep clean of your property means you and your cleaners won’t be faced with an insurmountable task every few years.
Value adding factors
All homes need upgrading and it is best to make continual changes as you own your property.
Of course, a new kitchen and bathroom are the key areas where an upgrade can make a difference to the value of your property. Almost every buyer is looking for modern layouts, fittings and appliances. Right now, a butler’s pantry is a sought-after kitchen feature. If you have the space, this is definitely worth considering.
Fresh carpet and paint are another cost-effective way to add value to your home without spending a fortune. This helps create a good first impression for those who walk through the door.
Beyond these value-adding must-haves, improving your home can be a matter of thinking creatively. One suggestion is to see if you can include an additional car space on your property. Street parking in Mosman can be a nightmare and having an extra private spot will make your home instantly more desirable.
A functional, useful outdoor space is another way to improve your home’s value. Bring a flat backyard to life by adding some decking, a dining area, seating space and somewhere to cook. A retractable awning (remote controlled) and outdoor lighting will make the space more attractive for year-round use.
While it may require some financial outlay, ducted air-conditioning is also worth looking into, especially if you have an older home that heats up in summer and is an icebox in winter. You’ll never regret adding this convenience to your home and it is a feature buyers will appreciate.
Another possibility is smart home capabilities. Being able to tell your Apple watch to turn the lights off or schedule the oven to come on is well on its way to becoming part of everyday life. Upgrading the connectivity around your home and adding power outlets to cope with extra appliances can also add value.
The risk with installing technology is that it will soon be obsolete so if you’re creating a smart home, make sure things can be removed or replaced without requiring extensive intervention.
Finally, a granny flat or micro-home is an excellent option to consider if you have flat backyard space that isn’t fully utilised at present. With property being harder to come by, adding functional one or two-bedroom living quarters can solve the problem of wondering where the kids will go when they move out.
Add value to your home: what to avoid
If you plan to live in your home for the next twenty years, choose upgrades and changes that you love. If you feel you may need to sell or rent it out within the next decade, avoid lavish additions that only reflect your individual tastes. This includes bespoke flooring, ornate light fittings and cinema rooms, which are quickly going out of fashion.
A swimming pool can also be a risk if your home does not suit family living. Running a pool can be expensive and if putting one in means you lose valuable garden space it may not be a good idea.
These days, you’re also not likely to improve your property’s value with a tennis court. In fact, covering over an old one and repurposing it as an outdoor entertainment area may be the right plan of attack.
When looking to add value to your home, speak to a real estate agent. They’ll be able to let you know what trends are on the rise and what buyers are looking for.
