Where do you place your property in terms of value? Emotionally, you might consider its role as a home, or that it affords you the lifestyle that you want. Perhaps you have a sentimental attachment, in which case it is irreplaceable—especially if it has intergenerational history. Value, in these examples, is therefore hard to define.
Hard values are those that come from a number of authoritative sources, including:
- Municipal value: Used for calculating your property rates. If you renovate, it won’t be impacted until the next four-year revision cycle.
- Market value: Determined by the current market cycle, usually presented by estate agents, and the principle of willing buyer, willing seller. Renovations must be carefully considered to avoid overcapitalising and being unable to recover what you’ve spent when selling.
- Replacement value: Used for insurance purposes in the event of severe damage or loss. Renovations will increase your premiums.
- Bank valuations: Conducted by banks to assess if the loan amount is justified. Renovations are factored in.
- Professional valuations: Provided by qualified experts who examine every aspect of the property. Renovations are included.
What all of these have in common is that renovations are considered part of your property's overall value. But if you want to increase value without costly renovations, there’s plenty you can do yourself.
Paint
Exterior: This is an excellent starting point. High-quality exterior paint can last up to 15 years and increase your home’s value by an estimated 5–10%.
Interior: There’s no fixed percentage increase, but a freshly painted interior signals a well-maintained, clean home. Choose colours based on market trends for added value.
Kitchen and Bathroom
- Cabinets: Replace cabinet doors for a fresh look without a full renovation.
- Wall tiles: Paint over tiles using specialised tile paint for a modern effect.
- Floor tiles: Use stick-on tiles or sheet linoleum to update old flooring affordably.
- Toilet seat: Replace quickly and affordably with various colour and style options.
- Backsplash: Installing one adds personality to kitchens and bathrooms.
House Interior
- Ceilings: Fresh white paint can dramatically improve overall appearance.
- Crown moulding: Adds elegance and is easy to install—paint before fixing.
- Doors: Paint, add bump guards, or upgrade to solid wood for a premium touch.
- Door knobs: A simple change that makes a big visual impact.
- Carpets: Rent a carpet cleaner and consider adding stylish loose mats.
- Lighting: Switch to LED bulbs, use hidden lights, and match brightness to each room.
- Walls: Create accent walls with wallpaper or bold paint, especially effective in bedrooms.
House Exterior
- Drive- and pathways: Power wash for an instant, noticeable improvement.
- Garden: Declutter, trim trees, and allow garden beds more sunlight.
- Garage: Organise, add shelving, paint walls, and mount items like bikes.
- Front door: Repaint in a bold colour or replace with a quality option. Add pot plants for a welcoming look.
Note
If you’re not a fan of DIY, consider hiring a local handyman for specific tasks. Many offer daily rates or project-based pricing.
While it’s difficult to quantify exactly how much these DIY projects increase your property value, your home will feel refreshed, modern, and well-maintained. With good planning and research, there’s no reason why your home's value shouldn’t improve—and you’ll gain a sense of accomplishment in the process.
