Just Patios
home
energy efficient
https www
make
potential buyers
increase
Just Patios
home
energy efficient
https www
make
potential buyers
increase
The new year is approaching, and the Australian housing market continues to grow. In 2023, the average home price in Australia stayed stagnant, according to Bill Evans, Westpac's chief economist. However, there is a potential for them to surge in 2024. As stated in the market update, they anticipate a 5% increase in house prices by the next year. So, for homeowners to take advantage of this potential surge, it is essential to stay ahead of the curve and make informed decisions. Improving the value of the home can be one way to get ahead. It allows homeowners to get a reasonable price when they decide to sell, refinance, or take out a home equity loan. There are many ways to increase the value of a home, and it's not always necessary to spend a fortune. Increasing Australian Home Value for the Year 2024 Just Patios Ways to Improve Home Value Start with Basic Maintenance Before diving into any major renovations or upgrades, addressing any basic maintenance issues is crucial. Some of the most common issues that require immediate fixing include leaking taps, broken wood rot, cracks in the walls, broken air conditioning units, blown light bulbs, etc. Ensuring that the home is in good condition will make it more attractive to potential buyers and prevent any major problems from arising in the future. Build Relaxation Space Outdoor areas are becoming increasingly important for potential buyers, especially after the pandemic. Creating a space where people can relax and unwind is an ideal way to boost the value of your home. For one, many people build custom patios and decks to add to the overall appeal of their home. It's a great addition, and it doesn't have to be expensive. Another way could be by adding a fire pit or an outdoor kitchen for entertaining guests. These additions will not only make the home more inviting but also add value to it. Update the Kitchen and Bathrooms Kitchens and bathrooms are often the first things that potential buyers look at when considering a home. Kitchens are often considered the heart of the home, and modernizing them can significantly increase the home's value by about 4- 6%. Simple upgrades such as replacing old countertops or cabinets, adding new appliances, and updating fixtures can go a long way in increasing the value of a kitchen. On the other hand, bathrooms should be clean, functional, and modern. Simple updates like replacing old tiles or re-grouting the shower can make a big difference. Also, adding energy-efficient fixtures such as low-flow toilets and LED lighting can save money in the long run and add value to the home. These small changes can add up to 10% more in home value. Make the Home Energy Efficient Of course, taking care of the home's appearance is essential, but energy efficiency is also a vital aspect that potential buyers consider. About 7 out of 10 buyers are willing to pay more for a home that is energy efficient and has lower utility bills. Ways to make the home more energy-efficient include adding insulation, sealing air leaks, upgrading windows and doors, installing solar panels, etc. These upgrades can save money on utility bills while also increasing the value of the home. The Bottom Line Increasing the value of a home does not have to be complicated or expensive. Simple maintenance, creating relaxation spaces, updating key areas such as kitchens and bathrooms, and making the home energy efficient can all contribute to boosting the value of a home in Australia for the year 2024. By staying ahead of the curve and making informed decisions, homeowners can take advantage of the potential surge in house prices and ensure a successful sale or refinance. References: https://www.novushomes.com.au/blog/will-property-prices-rise-or-fall-2024- australia https://auspost.com.au/home-contents-insurance/information-and-guides/top- 20-most-common-home-maintenance-problems https://www.justpatios.com.au/patio-builders-brisbane/ https://dreamdoorskitchens.com.au/how-much-value-does-a-new-kitchen-add- to-your-home/ https://www.propertynow.com.au/blog/how-much-value-does-a-renovated- bathroom-add/ https://www.commbank.com.au/articles/newsroom/2023/11/energy-efficiency- property-value.html