Your home is probably the most important investment you’ll ever have, so it makes sense that you want to preserve its value while increasing its value. But there’s a fine line between doing your place up and over-capitalising (spending beyond your home’s market valuation).
With a few low-cost home improvements you can do yourself, you can maintain, or even grow, your home’s value. If you’re planning to put your place on the market soon, a carefully executed improvement plan could attract more buyers and a higher price.
Firstly, take the time to work out what potential improvements you can make. Next, set a budget, price the tasks, and work out how much value your proposed changes are going to add to your property. You can always drop a couple of ideas if they aren’t going to add to your home’s value.
Quite a few odd jobs can easily be DIYed and don’t cost a lot, while others will need professional expertise. Always strive for a well-executed project and don’t leave things half-finished or poorly completed - they can detract from the value and put off potential buyers.
Here are a few helpful pointers to get you on the right track with home improvements, from minor inexpensive jobs to extensive renovations.
Dripping taps, loose floorboards and broken latches on windows or kitchen cupboards are all tasks that are economical and straightforward to get sorted. A splash of paint can also work wonders as it’s a relatively low-cost solution that not only freshens up a room, but also covers any marks on the walls.
You may feel these niggly little jobs are not worth your time, but often these are the things that are noticed by potential buyers. If there are quite a few, it could deter buyers completely.
Of course, the best approach is to take care of small tasks as they pop up. This prevents them from getting worse and costing you more money down the track. Plus, you’ll be saving yourself a lengthy ‘to do’ list when it eventually comes to selling.
Make a potential buyer’s first impression of your home a good one. Start off on the right foot with a tidy lawn and garden, swept paths and driveway and, if needed, a freshly painted front door. Delight them again with an equally well-maintained back lawn and garden. And don’t forget to tidy up the garage!
Some say the kitchen is the ‘heart of the home’ as so much time is spent there. A well-presented kitchen can make all the difference to a potential buyer as it’s a place people can easily visualise themselves being in.
If your property is older, try to modernise the kitchen to appeal to a broad range of buyers. Many people are looking for functionality and something suitable for entertaining guests with ease. Painting the walls and cupboards and changing the cupboard handles is a fast and cost-effective way to create a more up to date, inviting kitchen.
If you have the budget, replacing the benchtop can refresh the overall look of the space. Updating whiteware that’s over 10 years old is another way to instantly lift the appeal of your kitchen.
A more dramatic enhancement to your home would be to add a whole new room. Converting an unused space, such as an attic or basement, into an extra room is a clever way to bump up the value of a house.
Depending on its size, an attic or basement space can be used as a rumpus room, gym, office or self-contained unit for a tenant or relative. You could also extend your outdoor living space by building a deck or patio to create an indoor-outdoor flow that’s a highly attractive selling feature. If the additional space you’re creating requires structural work, check with your local council for any consents you might need, and contact your insurer to check if you need extra cover.
Homes with more than one bathroom are more desirable to buyers. If you have a suitable space that could be repurposed as a bathroom, call a renovation company for a quote. At the same time, ask a real estate agent how an additional bathroom would affect the selling price of your home.
It can’t be overstated the importance of insulation to keep a home warm, dry and healthy. It’s often a must-have on a buyer’s checklist while house hunting, particularly for those looking for an investment property to rent out. Plus, it’s now a legal requirement to have the approved standard of insulation in rental properties.
By adding insulation, you can make your home more comfortable and valuable. This is a no-brainer, especially if you qualify for a Warmer Kiwi Homes grant that subsidises the cost of insulation for some homeowners.
AMI Home Insurance covers your home against the unexpected. From flood damage after a storm, to temporary accommodation costs if your home becomes unliveable after an event, to the repair or rebuild costs if your home’s destroyed by fire, we're on your side.
For the full details about how your home is covered with us, read the policy wording. You can get a quote online, call us on 0800 100 200, or chat to us on Facebook - we’re here to help.
