5 Easy Projects That Add Instant Value To Your Property
Bali Property Report
5 Projects to Increase Your Villa’s Resale Value
Small improvements can make a big impression on potential buyers.
Whether you are a villa owner looking to sell, or you simply want to be a little more strategic about your next project, it is worth considering which home improvement projects will not only look good but offer the best return for your time and effort.
A few well-chosen updates could improve your home’s appeal and value. According to some research that we pulled from a few sites on line, homeowners who make at least one improvement are more likely to sell their home more quickly than they anticipated and/or at a higher price than they had expected.
Many projects on this list are doable even for beginners to home renovations. We did some digging to determine the average costs of a few common improvements sellers make so that you can decide whether it’s worthwhile to call in a pro or do it yourself.
Here are five do-it-yourself projects that could help increase your villa’s value.
Upgrade your lights
Good lighting can bring out the best in your home. Updating old fixtures and adding dimmer switches are fairly simple upgrades. Homes mentioning smart lights in their listing description always sold faster than expected.
The average cost is to convert an entire villa – inside and out – is around IDR 7 million.
Replace your faucets
Whether your look is modern or traditional, a new faucet can enhance the style of your bathroom or kitchen. You can expect to pay around IDR 6 million to replace bathroom fixtures.
What’s more, upgrading other bathroom amenities, such as installing a rain shower head, can go a long way in 2021 as homeowners look for creative ways to turn their villas into retreats. Our research shows listings featuring the keyword “spa-inspired” contributed to an increase in clicks, visit duration and conversion rates.
It is no longer a surprise that the exodus from the cities out to the suburbs is well and truly underway. A desire for more outdoor space is one of the top reasons people say they would consider moving to Bali, regardless of where they are coming from. There’s no better time to spruce up your yard and create the functional, beautiful outdoor space buyers want.
As we have so many small gangs and tiny roads down which one must drive to find some of our listings, for reasons out of our control the pathway and villa exterior may not be up to the standards maintained inside the gates and walls. Once you have acclimated yourself to our environment here, you may soon learn that behind some of the most ordinary gates lie some of the most extraordinary villas. As the next potential buyer comes through the door, the property enjoys a rare second “first impression” opportunity. As your party moves from the exterior to the interior – whether your property lies on 300 m2 or 3000 – this is where some creative landscaping can inspire a renewed WOW factor and influence the buyers’ perspective for the next hour or so as they scrutinize your property from top to bottom. When they buyer walks through the door and gives a little “Oooh, that’s nice”, your investment is paying off as they expect more ‘ooohing’ and ‘aaahing’ as they proceed.
If you don’t like getting your hands dirty (literally), expect to pay IDR 20 – 30 million on average for a professional landscaping business to clean up your trees and garden. Our research found homes mentioning landscaping in their listing description can sell for more than expected, so depending on the value of your home, it could be a worthwhile investment.
If you want to take your outdoor upgrades a step further, listings mentioning an outdoor kitchen/BBQ sold for more similar homes without the feature. Try these additional ideas for improving that outdoor space.
Add a Fire Pit
Now that you have a nicely landscaped yard, go one step further and install a fire pit to create an outstanding evening chill out space for friends and family alike..
Paint Your Front Door (and more)
A freshly painted front door can boost your curb appeal, and if you’re thinking about selling, you may be surprised by the winning color when it comes to ROI: Homes with black front doors can sell for up to $6,000 more than similar homes, according to Zillow research.
If it’s in your budget, consider painting the whole exterior (probably not black, though!) to create a great first impression. The average cost of exterior painting a villa in Bali with the highest quality paint and good crew is around IDR 35 million. An interior paint job can cost about the same. In a market in which your property MUST stand out in order to get the offers that you want, painting is likely the most effective measure you can take.
To the extent that you can, decluttering is always recommended. We realize that in a market such as ours in which our villas are nearly always in use either by ourselves or by paying guests, simplifying by minimizing may not always be as easy as it sounds, but with a bit of heads up you and your staff can declutter in a matter of minutes as you await the inspecting buyers party.
Now just might be the time to tighten up those loose edges on your property as our market prepares for a rebound. It may just happen sooner rather than later and it’d be best to be ready, rather than scurrying from behind in the world of ‘we should have’s’.
In closing, the following numbers come straight out of the New York Times Real Estate Section. We include them here to inform our market what is happening in the real estate market in other parts of the world. Interesting stuff indeed.
Real Estate in a Pandemic:
By the Numbers
Percentage of buyers who made an offer on a house they hadn’t seen in person in November and December.
Percentage of recent home buyers who said they were outbid on a home in the past year.
Percentage of recent first-time home buyers who said they were outbid more than once in the past year.
Percentage of millennial home buyers who are now working remotely because of the Covid-19 pandemic.
Percentage of millennial home buyers, now the largest U.S. population segment, who say their home search is motivated by the fact that they are now working remotely.
Contact Patrick on +628179733031/[email protected] to learn more about any of the topics above.