Preserve value in a downturn

By staying on top of maintenance you can ensure your home remains in tip-top condition

- TRACIE ELLIS

The value of your property is determined by many factors, including the size, condition and location, to name a few. Obviously property valuations fluctuate and reflect economic conditions.

Some property investors across Australia have been left feeling a little bruised due to the recent market downturn. So, it is important to remember that being proactive ensures your property remains in tip-top shape. You will prevent your investment from deteriorating, and instead retain and perhaps improve its value.

As a homeowner always living in the space, it can be difficult to recognise immediate concerns, and a fresh pair of eyes may be needed to assist in identifying areas in need of improvement, maintenance or even potential additions. All of these contribute to your property value staying on track.

A home valuation may be worthwhile in helping to identify any significant concerns or areas where you can plan to invest your resources and improve your home's overall value now and into the future.

Maintaining the value of your home is crucial in ensuring you can sell or rent it at a price that is in line with your goals. So how do you keep it in good condition? Let's explore some points on how to maintain and improve the value of your home.

The first step is to create a maintenance plan. This will assist in keeping track of all tasks to be completed. By setting goals for the year, at specific times of the year, you will ensure tasks don't spiral out of control.

Projects that require a significant spend (a new kitchen or bathroom) can be carefully planned. All of these can have dedicated dollars set aside in your household budget. Let's face it, with the rising cost of living we all want to know where we need to allocate funds for at least the next 12 months.

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