Blog: Just add equity: improving your asset’s value
When it comes to selling or refinancing your property, your aim is to enhance the value of your asset to its maximum. Improving your home in simple ways can help attract more interest from the market, allowing you to command a higher price or stronger valuation.
The zones that benefit most from cosmetic renovation are the ‘wet areas’: a well-appointed, modern and clean kitchen is a drawcard when it comes to inspections, as are fresh bathrooms – with old, tatty bathrooms devaluing a residence substantially. Maximising natural light throughout the home and installing appropriate lighting can also improve the atmosphere of the property – with dark, dingy properties putting off buyers quickly. Knocking down non-weight bearing walls can often give a feel of spaciousness and abundance, too. Opt for large, open-plan living and dining spaces to attract the most interest. Ducted heating and cooling systems can also add value, allowing your property to compete against others with less attractive features.
Making changes to your property can be costly, so be sure to weigh up the potential increase in equity, sale value or rental yield before beginning any project.