You’ve managed to find the right loan from your mortgage broker and have just bought your new home – now how do you add value to it?
After considering fixed and variable home loans, you’ve managed to find the right loan and have just bought your new home; now you want to add value to it.
Should you build a deck, install a spa pool or perhaps even a swimming pool?
There are a plethora of ways – some more expensive than others – but here are just a few of the most effective things you can do.
The majority of Australians regard solar panels highly, according to a survey undertaken by electricity supplier Origin Energy and realestate.com.au. The figures show that 85 per cent of respondents believe solar panels would increase a property’s worth – ahead of other value-adding measures like energy-efficient appliances and water-saving fixtures.
“If you’re looking to sell or lease your property, it’s a really simple measure you can take to gain a competitive edge in the market,” said Real Estate Australia Group Chief Product Officer Henry Ruiz.
Don’t let your roof space go to waste, fill it with a solar panel.
Parking spaces are becoming a premium with more motorists vying for their stopping spot. According to Roy Morgan Research, the number of cars on the road in Australia increased by 2.6 million over the last decade.
Therefore it’s clear that having exclusive parking for your home will increase the value and reduce the fierce competition. The Real Estate Institute of Victoria found that one-bedroom apartments in Melbourne that came with a parking space were valued more than $100,000 than those without.
In an attempt to make renting more affordable, the NSW government has relaxed the constraints on second dwellings. This means anyone can build a granny flat onto their section, provided it meets with the Building Code of Australia and complies with council regulations. Whether you rent it out for a secondary source of income, to house a stubborn child who refuses to move out or for the elderly as the name suggests, is completely up to you.
Provided your home loan allows it, having a granny flat on your section can increase the flexibility and consequently the value of your property.