9 Effective Ways To Add Value To Your Melbourne Apartment

Did you know Australians spent a record $12.3 billion on renovations in 2021? That was a 33% jump from the previous year! It shows just how much people are investing in their homes.

But here’s the thing: boosting your home’s value doesn’t always mean massive renovations. While big projects can pay off, minor updates like a fresh coat of paint, new fixtures, or a well-maintained garden can increase property value. These upgrades make your home feel fresh and inviting and attract buyers without a hefty budget.

Here are 9 ways to add value to an apartment, from major renovations to budget-friendly updates.

Invest in Outdoor Projects

Did you know that adding a patio can offer a return on investment of around 65–75%? Projects similar to these can also increase your home’s curb appeal and sequentially attract buyers.

Here are a few ideas to inspire you, from budget-friendly to more splurge-worthy options:

• Add a patio or deck: Use quality paving supplies to create a space that’s both durable and stylish.
• Install outdoor lighting: It’s a simple way to highlight pathways and create a cosy atmosphere for evening gatherings.
• Plant a garden or add some landscaping: Even adding a few potted plants or a flower bed can add a touch of charm.
• Build a pergola or gazebo: This might be a bigger investment, but it adds shade and style.
• Set up an outdoor kitchen or BBQ area: Perfect for those who love to entertain.
• Lay down stepping stones or a paved walkway: It’s an affordable touch that enhances curb appeal and makes your outdoor space more functional.

These updates can make your outdoor space more inviting and maximise street appeal for your home.

Invest in a Full Renovation

If your house is seriously outdated, sometimes you’ve got to bite the bullet and commit to a full renovation. It’s a significant investment, but it can completely transform your home’s appeal and value. Understanding personal finance is crucial when budgeting for such extensive projects.

True full renovation ideas include:

• Complete kitchen gut and redesign: Replace everything from floors to cabinets, add high-end appliances, and change the layout for better flow.
• Full bathroom rebuild: Redo plumbing, expand the space, install luxury features like soaking tubs, walk-in showers, and custom vanities.
• Structural changes for an open floor plan: Take down load-bearing walls and reinforce with beams to create a seamless, open space.
• Whole-house energy retrofit: Add double-glazed windows, solar panels, new insulation, and upgrade to an energy-efficient HVAC system.

These extensive projects can modernise your home and make it far more appealing to buyers, often delivering a significant return on investment.

Increase Storage Space

Adding more storage is one of the easiest ways to make a home feel bigger and boost its perceived value, something any local real estate agent will tell you prospective buyers love. A well-organised home feels more functional and welcoming.

Here are a few simple ways to add storage to your living space:

• Install built-in wardrobes: They’re a game-changer for keeping bedrooms neat and spacious.
• Add wall-mounted shelves: Perfect for living rooms or home offices, and they don’t eat up floor space.
• Utilise under-stair storage: Turn that empty space into drawers or cabinets.
• Put in a garden shed or garage cabinets: Great for tools and seasonal items.

These small updates, along with good decluttering, can make your home feel more spacious and appealing, boosting its perceived value. Remember, your local real estate agent is essentially selling square footage, so making your space look as functional and open as possible can make all the difference.

Install Smart Home Technology

In Australia, the smart home market is booming, projected to grow by 8.35% annually and hit US$5.5 billion by 2029. This shows just how much homeowners and buyers are interested in tech that makes life easier.

Here are a few smart upgrades worth considering:

• Smart thermostats: Control your home’s temperature remotely and save on energy.
• Smart lighting: Adjust your lights with an app for the perfect mood and energy efficiency.
• Smart security systems: Keep your home safe with motion detection and real-time alerts.
• Smart appliances: Fridges and washing machines that you can monitor and control from your phone.

These changes make your home more convenient and tech-friendly, aswell as cut down on your energy bills. Most importantly, they're sure to catch the eye of modern buyers.

Replace Your Front and Garage Door for Better Curb Appeal

Replacing your front and garage doors might seem like a simple update, but it packs a serious punch when it comes to boosting property value. This home improvement can make your home look more modern and welcoming, attracting more potential buyers while helping you save money.

Research has shown that replacing your front door can offer a cost recovery of 100.9%, and upgrading your garage door can reach an impressive 102.7% cost recovery. This means you’re likely to recoup what you spent—and possibly more—when it’s time to sell.

Investing in high-quality, stylish doors not only enhances security and energy efficiency but also sets your home apart, increase your home's curb appeal.

Declutter and Organise

Decluttering and organising your home is perhaps the easiest and most immediate way to boost its value. A clutter-free home appears larger and, thus, more attractive to prospective buyers.

Start by reviewing each room and removing any unnecessary items, donating or recycling them as needed. Consider hiring a professional organiser to help you maximise your space and create a sense of flow.

Some tips to keep in mind:

• Remove any personal items that may make it difficult for potential buyers to imagine themselves living in the space.
• Use storage containers and labels to keep clutter at bay.
• Consider investing in a storage unit or renting a temporary storage space to keep items that you don’t need immediate access to.
• Keep surfaces clean and clear, including countertops, tables, and floors.

By decluttering and organising your home, you can create a sense of calm and relaxation that will appeal to potential buyers and increase the value of your home.

Add Usable Square Footage

Adding usable square footage to your home can significantly increase its value. This can be achieved through various means, such as:

• Converting an attic or basement into a living space.
• Adding a deck or patio to create an outdoor living area.
• Installing a skylight or larger windows to bring in more natural light.
• Removing walls to create an open-plan living space.

When adding square footage, consider the following:

• Ensure that the new space is functional and flows well with the rest of the home.
• Use materials and finishes that match the existing style of the home.
• Consider hiring a professional contractor to ensure that the work is done correctly and safely.

By adding usable square footage, you can increase the value of your home and make it more attractive to potential buyers.

Make Your Home More Energy-Efficient

Making your home more energy-efficient can save you money on energy bills and increase its value. Some ways to achieve this include:

• Installing energy-efficient appliances and lighting.
• Adding insulation to your attic, walls, and floors.
• Upgrading to a programmable thermostat.
• Installing solar panels or a solar water heater.

When making energy-efficient upgrades, consider the following:

• Look for products with the ENERGY STAR label, which indicates that they meet energy efficiency standards.
• Consider hiring a professional to assess your home’s energy efficiency and provide recommendations for improvement.
• Keep records of your energy-efficient upgrades, as they can be a selling point for potential buyers.

By making your home more energy-efficient, you can save money, reduce your environmental impact, and increase the value of your home.

Kitchen and Bathroom Renovations

Kitchen and bathroom renovations are two of the most effective ways to increase the value of your home. These rooms are often considered the heart of the home and can make or break a sale. Upgrading these spaces can offer a high return on investment and significantly boost your home’s appeal to potential buyers.

Consider the following upgrades:

• Kitchen: Update countertops, cabinets, and appliances. Consider adding a kitchen island for extra workspace and storage.
• Bathroom: Replace old fixtures, add a double vanity, and consider installing a walk-in shower or soaking tub.

These renovations not only modernise your home but also make it more functional and attractive, increasing its overall value.

Hire an Interior Designer

Hiring an interior designer can be a game-changer for your home's interior and overall home value. While some may see it as an extra expense, it’s often worth the investment because it takes the guesswork out of creating a cohesive and appealing space. Interior designers bring expertise in layout, colour schemes, and furnishings that can transform your home into a more functional and attractive space, appealing to potential buyers.

Here are some examples of what an interior designer might do:

• Create a harmonious colour palette: Designers can select colours that enhance natural light and space, making rooms feel more open and inviting.
• Optimise furniture placement: Strategically arranging furniture can improve flow and make rooms appear larger.
• Add custom elements: Built-in shelving, unique light fixtures, or statement pieces that boost home value.
• Update outdated features: They can recommend modern upgrades like new countertops, flooring, or fittings that elevate the look and feel of your home's interior.

These professional touches not only make your home more enjoyable to live in but can also significantly boost its appeal and value when it’s time to sell.

Clean Your Exterior Walls

Ever seen a home covered in dirt? It looks old, worn, and outdated—but often, it’s just dirt. A dirty exterior can make any house look neglected, so a good clean can make a big difference.

If you don’t want to spend money, or at least not a lot, it’s time to clean your walls. You can do this with a hose and some elbow grease, but for the best results, pressure washing is the way to go. It’s quick, effective, and can make your home look years younger. If you don’t own a pressure washer, renting one or hiring a pro is worth it.

This small investment boosts curb appeal instantly and makes your home more attractive to visitors and potential buyers.

Refresh Your Home with a New Coat of Paint

A fresh coat of paint is one of the most cost-effective ways to make your home look new again and boost its value. In Australia, investing in a paint job—whether interior or exterior—can make a huge difference in appeal without breaking the bank. It’s said that a quality paint job can deliver a solid return on investment when selling.

Why does it matter?

• Instant curb appeal: A freshly painted exterior makes your home look inviting and well-kept.
• Modern interiors: Updating colours can make rooms feel brighter and more contemporary.
• Protection: Paint adds a layer of protection against wear and the elements.

Choose neutral, timeless colours and make sure the job is done well. This small upgrade can make your home more attractive to buyers and increase its perceived value.

Get Expert Advice from Your Local Estate Agent

When looking for home renovation ideas that truly add value, your local estate agent can be a goldmine of information. They know the local market inside out and understand the trends and features that attract buyers in your specific region. This knowledge can help you make targeted updates that increase your home’s appeal and value.

Why is this important?

• Tailored advice: Your estate agent can point out what improvements will make the biggest impact based on what’s popular in your area.
• Budget-friendly guidance: They can suggest renovations that offer the best return without overspending.
• Marketing insights: Estate agents understand what buyers look for and can help you prioritise upgrades that align with their expectations.

Consulting with a local estate agent before making changes ensures that your home renovation ideas are strategic and add genuine value to your property.

Conclusion

Incorporating both major renovations and smaller updates can add substantial value to your home. Whether you’re tackling a full renovation or adding a few strategic touches, these improvements can attract buyers and boost your property’s worth. For instance, fully furnished apartments in Melbourne CBD are highly sought after by professionals and international visitors, making them a lucrative option for investors. Including high-quality furniture and modern decor can set your property apart in this competitive market. Remember, investing wisely in your home not only enhances your living space but can also pay off when it’s time to sell.