With house price rising at a rate inconsistent with income, the Australian real estate market has been expanding rapidly and could be poised for a bubble-like decline. Protect your home’s value. To avoid bursting with the rest of the bubble, now may be the time to add to your home and bolster its true worth. From minimal improvements to major additions, an enhancement to your home can seriously save you from suddenly falling market prices.
Building Up from the Inside Out
Remodeling can greatly improve your home’s value while impacting your daily life until move-out date. A popular renovation is in the kitchen, which arguably receives the most frequent and most trying use, yet bedroom makeovers could have positive effects that relieve fatigue, decrease stress and help with relationships (in the case of the master bedroom or any shared rooms). Evaluate costs and need while keeping an open mind. If your children are outgrowing their space, it may be time to consider a home addition.
For some of us, the best thing to do in order to add to our home’s value is to build, build, build. Commissioning additions and separate structures will not only boost property worth, they’ll also add a great deal of everyday functionality. Consider a barn as an additional garage, workshop, stable or simply extra recreation space. American barns are fully-customizable and can be quite affordable, with invaluable benefits. Add glass sliding doors, fly screens, or an extra mezzanine floor for additional space. The numerous practical uses will be only equaled by the strong increase in your home’s value on the market.
With great land comes great responsibility. How do you use your outdoor space? If you’re like the 300,000 families in New South Wales, you can proudly take a swim in your backyard pool. If not, perhaps this is a good time to invest in a home improvement that will add thousands, possibly tens of thousands of dollars to your property value. However, there are many ancillary details and costs that you should be aware of. Cleaning supplies and upkeep are obvious, but pool safety knowledge and equipment are of utmost importance to pool owners. Simple human error and lack of CPR training have led to the new NSW laws that mandate backyard pool registration. Safety inspections and proper credentials will be imperative if you wish to make this valuable improvement upon your property.
A Time to Grow
In keeping with the importance of the outdoor space, many families opt to cultivate their space with a garden, some shrubbery or a flowerbed. Overall, the plant life increases the air quality, aesthetic value and in certain cases, provides fresh food for your family. The act of keeping a garden can be very time-consuming and frustrating in certain parts of NSW, yet studies show that it improves mental sharpness as we grow older and can help raise a home’s value for potential buyers. The pleasant aroma and colorful array of a flower or vegetable garden often leave a positive impression during an open house that a home is a healthy, vibrant place – and in a bubbling market, this is something that will keep its value.
The Brass Tacks
Although home prices are high, Australian market trends indicate a bubble effect, which means a steep decline sooner than later. It’s important to add actual worth to your home before the market drop-off. Simply updating furniture might be a wasted cost if it doesn’t end up adding to your home’s value after the decline, yet more substantial additions such as a pool or an American barn should help you hang on to your home’s value when other prices drop.
About the Author
Alex White is a professional blogger who enjoys sharing his insights on home improvement and DIY.