While it’s easy to justify any home improvement as adding value to your home, in a few cases this is not necessarily the case. Let’s take a look at four of the features that rarely add value to a property’s final sale price in Australia.
- Overly landscaped gardens
There’s no doubt that a beautiful garden enhances the perception of a property, but if that garden requires 50 hours of care per week it may not add value to your home. In the same vein, a garden that’s a bare patch of dirt will probably scare off buyers and drive the price down. Aim to create a relaxed, easy-care garden (without the fancy topiary) to appeal to more buyers and increase demand for your property.
- Swimming pools
You may not want to hear it if you’ve sunk a lot of money into your backyard, but for potential buyers a swimming pool can be somewhat of an intimidating factor. They may not know how old the pool is, how well maintained it is or what wear and tear it has seen in the past. Some buyers will never have looked after a pool before. If you do have one on your property and it’s in good condition, make sure that this is explained in the listing.
- Unseen work
You may spend thousands on new updated wiring, air conditioning or plumbing but this is just one consideration that factors in for potential buyers. Any savvy property buyer will indeed ask about the quality of these connections, but as long as they are functioning effectively you shouldn’t expect any big upgrades to add significantly to your sales price. If it’s working, it’s probably not worth updating it prior to your home sale.
- Quick extensions or renovations
It can be tempting to undertake a rapid renovation to convert a study into a bedroom or to add a back patio area, but this may only be worth your while if it’s completed to a high standard. Shoddy workmanship or DIY fixes can stand out to potential buyers and actually bring down their opinion of the rest of the home too, which is the opposite of what you want. Make sure any work is properly completed or don’t do it at all.
Features that can add value
Visual improvements are the most likely to add value to your home. Door and window updates that bring in more light can be worth every cent. Paying a little more for exceptional build quality in new extensions should bring you financial returns down the track. Of course, property staging in Sydney and other competitive property markets also has a profound effect on sale prices – in some cases, up to 15% higher for the initial valuation. For rental furniture for home staging as well as professional styling services, contact the Furnish & Finish team.