Tag home renovations

If you plan on putting your home in the market, there are several ways you can add value without breaking the bank. The key is focusing your home improvement efforts on the areas with the highest potential to generate returns on your investment.

Most property experts list the kitchen and bathroom as among the vital renovation areas that can easily increase your home’s value. The property’s façade – which is the first thing potential buyers see when they check out your home – is another location that can stir buyer interest.

However, if you are looking to renovate your home to raise its value, it is advisable that you consult your real estate agent beforehand to make sure you do not overcapitalize. Going overboard with your upgrades may increase the value of your property well beyond what buyers are willing to pay to live in your area.

Before investing time and money into a project, experts recommend starting small – especially if you are uncertain if the renovation will reap the expected reward. Here are eight simple home improvement tips you can do to instantly add value when selling your property.

1. Apply a fresh coat of paint

Painting is one of the quickest and most affordable ways to give your home a facelift. Freshly painted rooms can make your home look newer, which is often a big plus for potential buyers.

2. Update the window coverings

Window treatments are often excellent insulators that prevent warm or cool air inside the house from seeping outdoors – but you can also use these window coverings to elevate your home’s style. You have a variety of options, including blinds, curtains, drapes, shades, and shutters.

3. Focus on flooring

The flooring is another feature that can greatly influence the perceived value of your home. If you have floors that are outdated or damaged, by replacing them it is a simple way to make this part of your house look brand new.

4. Revamp the entrance

When selling a property, creating a positive first impression is one of the most crucial keys to success. A well-cared for home that emanates warmth and freshness is attractive to potential buyers, especially for those looking for a place to call their own.

5. Spruce up the garden

Good gardening and landscaping tell a lot about a property. These are among the first things a buyer sees when they visit your home and are a great indicator of how well the property is cared for. Sprucing up a garden is also among the areas of home improvement that can instantly add value to your home.

6. Invest in outdoor areas

The Australian climate is so inviting for spending time outside, As a result, people are now investing in the backyard as if it’s one of the most important rooms in the home due to size, scalability, and lifestyle benefits.

7. Kitchen and bathroom renos

In terms of home renovations, kitchen and bathroom upgrades have the most impact in home value as these are high-use and high-traffic rooms, according to experts. The kitchen is one of the most important communal areas of any home, Buyers want a functional workspace that includes modern appliances, attractive taps, and good cupboards and bench-tops.

f you have been thinking about a renovation then give the team at All Safe WA a call for an obligation free chat.

Redraw your extra home loan repayments

If you make mortgage repayments over and above the minimum required, this money builds up in surplus. If your home loan allows, you could take this money back out – also known as redraw.

Depending on the redraw facility, you could access surplus funds completely online or by applying (minimum redraw amount may apply). It’s also good to keep in mind that once surplus funds are taken out of a home loan, you’ll be paying more in interest.

Increase your home loan

You may be able to increase your home loan limit if there’s equity available. You can estimate your equity by working out the difference between your home’s market value and what you owe on your home loan.

By increasing your home loan, you can take advantage of keeping everything in the one place. Make sure you’re comfortable with any changes to your loan repayments before you decide to increase your home loan amount, as well as any potential fees and charges.

Refinance your home loan

If you’re in the planning phase and not ready to start your project just yet, then it might be better to review your current home loan and see if you could save instead. It might be a good time to check if you’re getting the most out of your home loan and if there’s an opportunity to refinance.

Consider a construction loan

Making any structural changes to your home? Before you knock out that wall, you might want to consider applying for a construction loan for your home renovation.

Construction loans work a little differently to regular home loans, as payments from the bank are progressively released to the builder as they complete various stages of the renovation. This helps to monitor the progress of the renovation and means you don’t have to worry about paying the builder directly. You make interest only repayments on your loan until the renovation is finished, which means you could have some extra cash handy during the construction period.

Once the renovation is complete, you can start making repayments on both the principal (loan amount) and interest, or you can continue to pay interest only for a period of up to five years.

Consider a personal home improvement loan

Depending on the size of your renovation and your savings account, you might not need to borrow a lot of money. With a personal home renovation loan, the minimum loan amount is usually lower than the minimum required to apply for a home loan increase or construction loan. There are generally two standard options when it comes to personal loans – secured and unsecured.

A secured loan lets you use an asset (like a car or motorcycle) as security for the loan. It often has a lower interest rate than an unsecured loan.

With no security needed, an unsecured personal loan can be a bit quicker and easier to set up. The minimum loan amount is often lower than secured personal loans and home loans, so if your renovations are only small this could be an option for you.

Earn points with a credit card

If you’re only planning to do minor updates to your home (like getting an alarm system or adding a fresh coat of paint) a credit card could be a convenient option for those smaller purchases. It allows you to pay purchases off over time and you could even repay in Easy Instalments.

If you plan to pay the balance of the credit card gradually, then a low rate credit card might suit your situation as it means you pay less interest. If you think you’ll pay the balance off straight away, you might want to consider a card with no annual fee or one that lets you earn points.

Thinking about renovating or adding to your home? Give All Safe a call to discuss your project and get an estimate on how much it is going to cost you so that you can make an informed decision on how you are going to pay for it.

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