A home is not just a place to live but could be a lucrative business for people with an entrepreneurial spirit. With the real estate projection for Sydney properties, you can easily earn from your home investment. Domain House Price reports said large parts of Sydney recorded double-digit property price growth last year due to buyer competition causing prices to soar.
Sydney is Australia’s most popular and naturally most populous city, with 70% of its population coming from overseas migration. This city has long evolved from its former reputation as a settlement city to prime waterfront government housing to upscale hotel-branded residences.
Sydney’s property market was on the rise until the pandemic happened. With the coronavirus period in 2019, Sydney experienced a decline in home value but quickly recovered by the end of 2020 with a reported increase of +3.73% change in value index over 2019.
Waterfront properties command a premium, understandably so with harbour views, and the spacious feeling water views give people. Another factor affecting a buyer’s perception of space is the layout of the street. What if your property is way out of ocean views but in the islands? How do you increase the value of your home? Builders in Sydney have a lot of say on how to improve the value of your home. Here are some things to follow:
1. Stage Your Home
Home staging is decorating your entire home, from the floors to the furniture. This is to create the best impression of your home. Potential buyers need to see their future in your home, so do away with personal decors and wall painting, specially in bold colours. Let your potential buyer decide that for themselves. Neutral colours are best. Research shows staged homes sold 79% faster than non-staged homes.
Here are key information from the :
- 47% of buyers find staging the living room as most important, followed by the master’s bedroom at 42% and the kitchen at 35%.
- 83% made it easier for buyers to visualize the property as their future home.
2. Build More Space
Aside from storage space, according to a study for the National Association of Realtors, every 1,000 square feet added to a home increases sale price by 30%. The easiest to renovate for added floor space is the bathroom and bedroom. Bathroom renovations offer 86% return on investment while other rooms at 70-80%.
3. Repair, Renovate and Upgrade
Discuss this project with a reputable builder because you need professional advice. Remember, you will not be able to recoup 100% of your investment, but it will upgrade your home value, accomplish a quick sale or enjoy the comforts and beauty of your new home while you wait for that great sale. You can find many builders in Sydney.
Popular upgrades are bathroom, bedroom and kitchen. Renovations are not limited indoors. Outdoor space can also bring in buyers. Landscaping and decks are solid investments. Talk with your builder what outdoor space renovation can add value to your home and give you the biggest returns.
4. Promote Energy Efficiency in Your Home
Upgrading your plumbing, electricals, cooling and heating system will yield higher returns, improve your home’s safety features and consequently lower utility costs. Highlight this when talking with a potential buyer. They will appreciate that all that were taken cared of and will enjoy the benefits as soon as they transfer.
5. Install Technology
More and more people are into smart home products. Buyers will definitely be impressed if your home has smart home products installed like a smart camera, smart locks, lighting system, etc.
It is important to work with a reputable and trusted builder for these renovations. They should have the necessary permits and license to accomplish the job. After the “dirty job” is finished, go for home staging. You can enjoy the end product until the new residents move in.