Top Three Ways To Add Value
After renovating properties for the past 13 years, Caleb and Alice Pearson, of Pearson + Projects, have found three key areas to focus on.
29 December 2023
When it comes to spending money on your property, most homeowners want confidence that what they invest is adding value to their property.
Whether you have a rental portfolio, just moved into your own first home, or are using your current property as a stepping stone, investing in the right locations can result in your property being worth more than you invested.
If you are after the magic formula for making a lot of money on your property – sorry, it’s not that simple. However, after renovating our own properties for the past 13 years we have refined the projects we take on to add value. Here are three key areas we focus on to guide our decisions on which projects we prioritise.
Improving the layout of this kitchen opened up the space. It’s now more user-friendly with a peaceful colour palette.
Improve The Layout
The default response to changing the layout of a house is to make it open plan. There is sound logic to this as the way we live has shifted, and more people enjoy living in connected environments and better flow between rooms. But there is more to layout than removing walls in a house. Layout is about the flow of the house, how each space connects and how you want to live.
When reviewing the layout of your house we focus on two key factors. How we think the space will be best lived in, and the likely placement of furniture. While you can’t predict how tenants will furnish a space, having a vision for spaces means you are getting the best outcome.
Take our renovation across as an example. We removed the wall between the kitchen and the living area. As we planned the layout of the dining, kitchen and lounge we thought about where people would gravitate to, the walkways through to the kitchen and deck, making sure each space could still serve its purpose within a shared setting.
The dining space design focused on maximising the space in a functional layout. The bench seat and shelving gave the room a feature (and storage) but pushed the dining table to be closer to the wall, creating more room.
In another project we intentionally didn’t remove the wall between the kitchen and the lounge. In this smaller two-bedroom unit (where the kitchen also includes the laundry) the wall was important. It created wall space in the kitchen for storage and the stove, as well as a wall for the TV within the lounge.
Open plan is a popular choice for layout improvements. Consider the flow and likely furniture placement.
A quick update can be as simple as replacing handles and a repaint.
A refreshed look on the surfaces of your home can really transform a property. This could be a large-scale project, cost effective or cosmetic, or a range of many shades between.
There are several simple, cost-effective projects you can do to update the design of your house and make it more appealing. We have been big users of painting and wallpaper as they are affordable projects that you can DIY and have a big impact.
Other easy and cosmetic ideas include changing light fittingor door handles, adding open shelves in your laundry or finding a new mirror for your bathroom. In the kitchen above we gave it a mini makeover on a small budget by simply modernising the colour scheme with paint, adding extra storage/bench space, replacing the handles and installing new feature lighting.
But a new coat of paint doesn’t always result in adding value. It’s about sourcing the right products, selecting the right colour scheme, and enhancing the room’s features.
A pendant light, added shelving, a feature wall and replacement fireplace gave this room a designer feel.
In the above renovation we transformed our space by adding new drapes, a new pendant, restoring the wooden floors, giving it a new colour scheme, adding shelving and giving the fireplace a designer look. If interior design isn’t something you are confident in, it is well worth getting a professional’s advice.
This entrance hallway creates the perfect welcome with its lighter and brighter upgrade. If interior design’s not for you a professional can help.
Don’t forget your first impressions: ensure your roof’s in good condition, your gutters are clean and maintained and the lawn and garden are tidy.
First impressions last and this is true when it comes to a house. The exterior of your property plays a significant part in the value of the house and can cause headaches if not looked after. There are many factors to consider here, but maintenance is important for the integrity of your home as well as making it look appealing.
It’s important to ensure your roof is in good condition, to clean or repair your gutters and maintain your lawn or gardens. Giving your house a water blast is a great way of checking up on the condition of the paint and getting rid of moss or mould.
And we rarely miss an opportunity to create an outdoor living space and add landscaping elements. We find this to be a great return on investment and adds to a property and its appeal.
If you are planning to spend money on your property, take time to make a plan, think about these elements in relation to your property, and where you can make the biggest difference for your investment.