We’re about to launch into the new year. For property owners, 2022 has been a mixed bag across the Sunshine Coast. According to ABC News, our regions saw a downfall of around 6.3% but overall property has maintained a higher value at around 36% from pre-COVID prices. That’s a significant increase overall. With 2023 on the horizon some forecasters are predicting a fall of around 5% [Source: Moneyweek], but South East Queensland seems well insulated due to the ongoing migration powered by the tree and sea changes from eastern metropolitan areas.
So, what does this all have to do with renovating your property in 2023? Essentially, people are still going to be buying and selling property across the Sunshine Coast. Life happens, circumstances change, people downsize, others start families… Making a house a home that buyers immediately fall in love with might require some updating, that’s where renovating comes in.
If you’re looking to add value to your property on the Sunshine Coast, there are several ways to improve your property. Renovating will be the most impactful and if you’re renovating to sell then be sure to focus on practical outcomes. Here are a handful of renovation ideas that are easy to do and will add value to your property.
- Get painting – Paint has been dubbed ‘liquid – gold’ for renovators. Breathing new life and freshening up old spaces. Picking colours can be tricky but sticking to the basics can remove a lot of the headaches. If in doubt make sure to consult with an expert. Our advice is to stick to lighter colours, white is a solid choice as it also allows would-be buyers to imagine themselves in the home.
- Fix your facade and yard maintenance – Most would-be buyers do a drive-by before attending an open inspection. By ensuring your street aspect has an appeal you’re creating a lasting impression. Brighten your facade and get your garden to create an inviting and fresh look.
- Update your kitchen. The kitchen is the heart of any home, and a well-designed and functional kitchen can add significant value to your property. If you’re on a budget you can do wonders with a new benchtop, splashbacks, updated appliances and even painting old cabinets.
- Create an outdoor entertainment area. Outdoor living spaces are highly desirable, especially on the Sunshine Coast. Adding an outdoor patio or entertaining area can be a great way to extend the living space of the home and add value to your property.
- Renovate your bathroom. The bathroom is another key area of the home, and a well-designed and functional bathroom is super attractive to buyers. Consider updating your fixtures if your budget allows. Replacing all or some mixers and other tapware, updating shower screens and adding some lighting help to create a fresh look.
- Shop around – Depending on how big your renovation is it’s a great idea to shop around. The usual suspects are great places to start looking for ideas but don’t be afraid to look at services like Facebook marketplace, Gum Tree and even old sale yards. Thousands of renovators have come before you and have bought the wrong thing – you can pick up a bargain and find the right thing for a great price.
Updating your home and giving some TLC is an easy way to add significant value to your property. Renovating to sell can be affordable but it helps to measure it against a return on investment. If you’re unsure of what your house might get at the market, make sure you reach out to our team for a valuation. Our agents will gladly offer advice and can help guide you towards which potential renovations will add value to your home.
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Further reading and sources
https://moneyweek.com/investments/property/house-prices/605556/when-will-house-prices-fall