The housing market in Australia may be on the decline, but that doesn’t mean the value of your home can’t rise above it.

This is unlikely to be an issue if you own your “permanent home.” If you are a short-term investor or trying to refinance, though, you may face issues.

When you don’t have any equity in your home or the value of your home has dropped, refinancing might be difficult, but it’s not impossible.

Your refinancing possibilities are expanded if you have more equity in your house. Increasing the value of your home is an excellent method to increase equity, and it may be easier than you think. Here are five strategies to raise the value of your home without having to increase your monthly mortgage payments.

1. Landscaping: enhancing the aesthetics of your front and backyards can increase the value of your home. Simple landscaping and low-maintenance plants are ideal for keeping it low-maintenance.

2. Renovate your kitchen and bathroom(s) if necessary: remodeling your kitchen and bathroom(s) is a terrific way to give your home a new lease on life. If a complete remodel isn’t an option (or isn’t in the budget), you can make some small but impactful improvements. Consider changing the faucets, updating the appliances, repainting the cabinets, adding a new backsplash to the kitchen, or putting water-saving showerheads in the bathroom.

No one wants to live in a home with inadequate or unattractive lighting.

3. Lighting. Re-doing your lighting may bring out the beauty of your home, and you can save money in the long run by replacing existing light bulbs with energy-efficient LEDs.

Kerb appeal is what attracts passers-by and gets potential purchasers in the door. You can increase your kerb appeal by adding vegetation to your front garden, replacing or repainting your front door, or installing front fencing.

4. Increase the number of bedrooms in your home: Having additional bedrooms can increase the value of your home. Extend your home and add a bedroom, office, or more living space if your financial condition allows it.

5. Build a granny flat: While a granny flat is a large upfront expenditure, it can raise the value of your home and provide a possible revenue source. You may rent out the granny flat to supplement your income and put extra money toward your mortgage or other investments.

Attempting to build equity and property worth through renovations and home improvements can be challenging because it might demand a substantial amount of money. Furthermore, if your equity is low, you may not be able to use it to support your projects.

It’s important to remember that property improvements shouldn’t cost more than the value they’re supposed to add.  It’s also a good idea to think of some of the above suggestions as an investment rather than a cost.

Please don’t hesitate to contact us if you’re unclear where to begin or would need some further advice. We know exactly what purchasers are looking for in a house and an investment property, and we’d be delighted to assist.