Your home is likely your biggest asset, so it makes sense to try to maximise its value. The trouble is, this can be difficult, not to mention expensive. So how do you increase the value of your Melbourne home without breaking the bank in the process?
Think about the outdoor area
Melbourne’s climate gives us lots of time to enjoy being outside with friends and family. This means your home’s outdoor area is a key component of the property’s value. Consider how well your home’s current outdoor area supports this kind of sun-loving, barbecue-sharing, chilled-out lifestyle.
Invest in decking
Decking is a relatively cost-effective means to achieve a great outdoor area. Installing a deck means you have a clean, stable, safe area to bring the indoors outside. When potential buyers view your property, this addition will impress them and will likely push the value higher. A new deck can add extra value of up to $100,000 to a home. Moreover, experts say that a deck will offer a 100% return in value. Adding a deck to your home will set it apart from other houses in your area and is sure to sell for a higher price than a similar home without one.
Take care of existing decking
Being outside is great. But when the weather changes and you head inside, don’t forget that your decking is still out there, bearing the brunt of everything Mother Nature throws its way. This is why you need to take care of your decking to ensure it stays in peak condition for longer. Use decking treatments, seals, paints, and cleaning products to keep it in tip-top condition and to protect the value that the decking adds to your property.
Consider your financial options
If you are trying to increase the value of your property ahead of a sale, you need to make sure your investment pays off when you finally come to sell. Speak to a financial advisor and property valuer before you make any major refurbishments, or before you take actions such as refinancing your property to pay for renovations. Consider cheaper options with high-value potential, such as taking care of your outside area and adding low-cost but highly attractive features to your interior and exterior.