With Adelaide home prices having skyrocketed in the last few years, increasing your home value in any way you can is a smart idea. Whether you’re looking to sell in the near future, have distant plans of upsizing or downsizing, or simply want to add value to your biggest financial asset, home upgrades are an excellent choice.
But we’re not looking for any random home upgrade; we want renovations that will add value back to our home, so that we can actually make money rather than lose it.
Here, The Garage Door Guys talk about some of the best home upgrades you can make for adding value to your property.
The cost-to-value ratio
When upgrading the home to add value to your property, we need to look at one simple calculation: the cost-to-value ratio, or return of interest (ROI). When assessing whether or not a home upgrade will be lucrative, we want its value to be higher than its cost. In other words, we need it to give back more value to the home than what it cost to carry out.
High ROI home upgrades for property value improvement
Here are some high ROI home upgrades which many homeowners carry out before putting their homes on the market:
- Home office renovation
Got a small, dark room in your house that you’ve always used for storage? What about a basement that never gets used? Well, with a little renovation, you’ve got a home office.
With so many people now working from home, offices have never been more desirable. Most of us don’t need a lot of space to get work done, so even a small space in your home can be converted into an office to add loads of value back to your property. Consider installing windows or a skylight to let more natural light in.
- Replace the garage door
Garage door replacements have been a well-kept secret of home-flippers for a long time. US real estate website HomeLight conducted research which shows that while the average garage door in the US costs $1200, it adds an average of almost $2800 worth of value back to your property, making it a 133% ROI home upgrade.
- Update your letterbox
Sounds crazy, right? Wrong. Adding curb appeal is all about the details, and this includes your mailbox – possibly the very first thing that’s visible from the street, and therefore the very first thing that creates an impression in a potential buyer’s mind. An old, dented or rusted letterbox is a very cheap thing to replace, adding curb appeal to your property.
Get in touch with The Garage Door Guys to upgrade your garage door and add value to the home. We’re Adelaide’s industry leaders in everything garage doors and gates. We have a stunning range of doors, whether you’re looking at roller doors, sectional doors or something completely custom-designed. We also specialise in maintenance and repair, offering full-scale garage door services. Get in touch with the team for the best garage doors in SA!