Renovate To Sell: What Are Australian Home Buyers Looking For

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The news on the Australian real estate block seems to be pretty grim this year, as the number of first-home buyers who filed for bank loans hit a decade-long record low. What’s even worse, the prospects for the future don’t look any brighter either, and experts are warning that the housing market may crash altogether by the end of 2017 over high home loan interest rates. On the plus side, the demand for housing is still solid, but home hunters Down Under who have the cash to afford a place of their own are nowadays extremely picky when it comes to the features they’d like to see in their future nest. That’s why real estate sellers who want to get the biggest bang for their property need to be careful when choosing home upgrades to carry out in order to add value to their estates and increase their marketability. If you haven’t been following the housing market developments and demand trends of late, here are some basic tips to help you set home overhaul on the right and profitable foot.

1. State-of-the-Art Wet Areas

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Would you buy a home with a shabby kitchen or bathroom (or both)? Of course not, and neither will a house-hunter who saw the ad for your property in the local listing. Kitchen and shower room renovations are the safest way to increase the value and marketability of your house, so make sure you’ve updated the wet areas before you go on to advertize your property.

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Bathtub, sink, tiles, and other fittings should all look brand new and spotlessly clean, and kitchen cabinets can be updated with a fresh paint coat in a trending hue such as serenity blue, beige, or ivory.

2. Superior-Quality Flooring

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These days, homebuyers know that flooring types aren’t created equal, and they’ll rather pay a bit more for a home that has easy-cleanup floors crafted from natural materials such as wood or stone. To dial up the aesthetic and functional value of your property, replace worn flooring with hardwood or stone tiles: the upgrade may be costly, but it will help your house achieve a higher contract figure and possibly even trim total DOM time.

3. Second Living Areas Welcome

Young homebuyers these days seek all the comfort and style in a place they’re about to call their home, and a piece of property that has just one living room simply doesn’t cut it for them. Extra living areas such as sunrooms and porches are a huge plus in the eyes of a potential homebuyer, so if you can extend the living area out to the garden, do it. A home extension will increase your property’s appeal in the eyes of young couples and families who always seek additional square footage in their home-to-be.

4. A Leak-Free Roof Overhead

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Another way to pull off the additional habitable space trick is to convert the attic into a nursery or guest room. Loft conversion is an extremely popular renovation project among house flippers these days, as it can add up to 10-15% in value to the final property appraisal figure. Still, you’d better be extremely careful with attic makeovers and take roof update costs into account when devising the renovation budget. After all, the future owner will need a safe roof over their head and in case they detect signs of leaks or roofing defects, they’ll turn on their heel and walk out in a blink.

5. Lights That Make a Home

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Though lighting may not exactly be the first point on your list of property upgrades, it shouldn’t be the last one either. Natural lighting will bring out the best décor aspects in your home, which is why you may want to consider investing property upgrade cash in installation of additional windows or skylights. You can also throw in energy-efficient lighting to add an extra green touch to your home: LED and CFL lights promise long-term utility savings, and Australian homebuyers know this, and they also value such sustainable home features more than previous generations.

The Australian real estate market may not be at its peak these days, but there are still ways for a home seller to capitalize on their property and avoid sale delays. Carry out the right updates and invest a little in your home before you put it up for sale: a full or partial renovation can be a one-way ticket to a greater number of interested buyers, speedier sale, and higher profit. Good luck!