Cheapest ways to add value to your home

You don’t have to spend a lot to add considerable value to your home. This is what you should be focusing on right now.

Spring has long been considered one of the best times of the year to sell property – and experts say this year will be no exception.

While rising interest rates have restricted what many buyers can afford, PropTrack economist Anne Flaherty says this spring is shaping up to be a busy one following seven months of price growth.

“Rising interest rates have been a key factor holding both buyers and sellers back,” she says.

“Now, there is a strong possibility rates have hit or are very close to peak levels,” providing better certainty and a potential “uptick in selling activity this spring.”

But despite this better certainty, REIA president Hayden Groves says buyers are likely to be a bit more picky this spring.

Spring is a popular time to buy and sell property.

WHAT HOMEBUYERS WANT THIS SPRING

Rising interest rates have led many buyers to be more conservative with what they spend on a home, Groves says.

“Buyers are being a little more cautious and buying properties more within their means rather than extending themselves (financially),” he says.

At the same time, buyers are generally “time-poor” and looking for a well-presented home they can move straight into.

McGrath Wahroonga sales agent James Sutton says buyers are prioritising turnkey properties over those in need of major work.

“The rise in building costs and blowouts in DA applications have pushed buyers to want something largely completed,” he says.

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A tradie shortage means most buyers want something turnkey. Picture: Anna Rogers

BUILDING TROUBLES

Groves says a nationwide tradie shortage may have prevented many sellers from getting their homes on the market sooner. But while more properties are likely to come up for sale in spring, listings are still well below the five-year average.

“You’re probably going to have fewer bidders but the results will still be quite strong,” he says.

Ray White Group head of performance and recognition Bianca Denham says sellers should target homebuyers since fewer investors are looking to buy.

“We are seeing tenanted properties not selling as quickly as many people are looking for homes to move into,” she says.

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Buyers need to be able to imagine themselves living in the home.

SELLING YOUR HOME: HOW TO PREPARE

Groves says sellers should start preparing for a spring sale now in order to get ahead of the competition. He suggests investing in a general spruce up, including a fresh coat of paint and a garden tidy – relatively inexpensive fixes that “make a disproportionate difference to the selling outcome”.

“They should be making sure their homes are looking their absolute best,” he says.

Astrid Joarder from Ray White Surry Hills says a deep clean and cosmetic touch up plus professional styling could make a huge difference.

“You don’t need to do a full-scale update of the property,” she says.

Sutton says care should be taken to accentuate natural light through minor improvements.

“Investing in quality marketing will improve a property’s reach. This will boost competition and help to push up the sale price.”

Natural light and indoor/outdoor flow are often popular with buyers.

PRIORITISE PRESENTATION

Denham says presentation is key – both in person and, critically, through online marketing.

“Having a clean, tidy, uncluttered space is essential,” she says, adding that most buyers start on the internet.

“With most buyers discovering properties online first, it’s essential that the photographs look as good as possible.”

CHEAP WAYS TO BOOST YOUR SALES PRICE

Neaten the garden: A groomed garden coupled with a tidy home create the impression the property has been well-looked after. This is appealing to buyers because they understand there’s less likelihood of being faced with problems.

Now is the time to neaten your garden.

Declutter and deep clean: This gives a fresh finish to the property, giving the best impression of what it would be like to live in the home.

Enhance natural light: A fresh coat of paint, new light fixtures and the careful arrangement of furniture can give the effect of a brighter, more spacious home, which is what most buyers want.

Find the best selling agent: It’s important to get the campaign right from the get-go. Sellers should compare at least three agents with local knowledge.

Originally published as Cheapest ways to add value to your home