When selling your house, you want to make a profit on what you originally paid for it. At the very least, you want to get your money back.
There are certain things that you need to focus on in regards to the design of your house that can add more profit than you may realize. While some require time and effort, others are little touches that can make all the difference. Here’s how to improve your home value.
5 Ways to Improve Your Home Value
- Make Your House Picture Perfect for a Real Estate Showing in 40 Minutes (Or Less!)
- Understanding Attorney’s Fees Clauses in Home Improvement Contracts
- Budget 2019: Major Benefits for Home Buyers and Real Estate Sector
- Kitchen and Bathroom Remodeling Tips to Make More Money at Resale
- 5 Reasons Why Home Staging is a Must in Today’s Market
- Remodel Your Bathroom Without Emptying Your Wallet
If you haven’t had a kitchen remodel or bathroom redesign since you moved into your house, you might want to consider getting one done.
Even if you won’t be benefiting from it personally, it could add thousands to the value of your home. Buyers are always looking for amenities within the house that meet their needs. If they were looking for a house to renovate, they’d get a run-down property where they could do the renovations themselves.
Even though it might cost a bit of money upfront to do a bathroom or kitchen remodel, it can increase your home value by thousands.
This is an obvious one, however, many people who are selling their home make the mistake of ignoring this tip. The cleaner your house is, the more likely it is to sell. Keeping things minimalistic and decluttering all of the possessions that you don’t actually need is a great way to keep on top of things.
Rearranging the Space
If you have a relatively small house, extending it could increase your home value by up to 30%. Adding a conservatory, making extra rooms by converting an unused garage or loft, or even adding a small porch are all great ways to increase your home’s appeal.
Make Sure that Everything is Working Properly
When people come to view your property, they are going to want proof that everything is in working order before putting in an offer. Tiny nicks are easy to cover, and holes and cracks in walls are simple to fill.
Everything else (such as electrical and plumbing problems) should be fixed by a professional before you have anybody coming into your house to look around. These things can be relatively cheap to fix in the grand scheme of things.
Change the Color
Many buyers won’t like, for example, bold colors lining your walls. Go for neutral colors such as white, beige and light grays in order to appeal to a wider audience. Put yourself in their shoes – if you walked into a house that couldn’t easily be molded into something that was your style, would you be more or less inclined to make an offer?
This is something that is relatively simple to fix before putting your house on the market. Not only does it give a blank canvas to potential home buyers, but lighter colors appear to make rooms look bigger (a definite selling point).
What is a Depreciation Schedule?
After doing what you can to improve the home value, it is time for you to familiarize with the depreciation report and depreciation schedule term.
In simple terms, a depreciation schedule is a document that contains relevant information about the depreciation you can claim on your investment property against your taxable income. Once a quantity surveyor does the schedule, your accountant can request a reduction, according to ATO guidelines.
If you’re wondering what a depreciation report is, and why everyone in the property investment industry is talking about it, now would be the perfect time for you to dive in the topic. Since Australia has entered the next phase of the property cycle, depreciation reports are now more relevant and vital than ever.
Another important point is that you can’t claim tax deductions for depreciation structural components of your property if you don’t have a depreciation schedule made from a qualified Quantity Surveyor.
As a matter of fact, Washington Brown is fully endorsed by the Australian Tax Practitioners Board to be registered tax agents. Furthermore, we’re also members of the Australian Institute of Quantity Surveyors.
Why are Depreciation Reports Important?
It is very important as it helps:
- To plan for the long term: It helps the strata company plan for long term expenses so that nothing takes them unawares.
- Lower costs of operation: Depreciation costs contains different strategies and preventive tips the owner can employ to reduce operating costs.
- To protect your assets: it helps to gain adequate capital to maintain your property, especially if there is a contingency fund for the building.
- To follow legal laws and requirements.
The main aim is to provide the owner with satisfactory work that will protect lives and the properties involved, so it is important that the report shows what building or asset needs to be repaired first.