Considering Resale Value When Designing Your New Melbourne Home
Unless you are planning to hold onto your new home for less than five years, you probably will not design it with resale in mind. This is particularly true if you are building your dream home, as the plan is likely to stay there for the foreseeable future. However, you never know what the future holds, and it pays to be prepared for all possible outcomes.
This is not to say that you should design your home based on saleability alone. One of the greatest joys of building your own home is creating a space that is tailored to how you want to live. Altering your plans too greatly could take this away.
However, there are a few simple things you should consider when designing your new home to maximise its resale value. Many of these things will have minimal impact on your other design decisions and should be easy to incorporate. Others are more significant but worth bearing in mind as you finalise your plans.
The importance of resale value
Before we get into designing with resale in mind, we thought it worth looking at why this is so important.
Obviously, your home’s resale value matters most when you are trying to sell it. It reflects what the market believes your property is worth and can influence everything from your asking price to your marketing approach. It could even impact your decision to sell, which is why many homeowners like knowing what their resale value could be.
As your home is usually your most valuable asset, its value can impact many financial decisions. For example, once it is complete, a well-designed home should be worth much more than it cost to build. This creates equity that you can leverage to invest in another property or to fund luxuries like a long-overdue holiday.
With this in mind, maximising the resale value of your new home can have a real impact on your financial security. You can also start benefiting from a higher value almost straight away.
Do your research
In many ways, the resale value is all about buyer expectations. When you sell, your home’s market value is determined by the buyer interest it attracts. As such, it pays to understand what buyers in your area are looking for.
Buyer expectations will vary from location to location. We see this very clearly here in Melbourne, with different architectural styles and property features more popular in certain areas. Understanding what is in demand where you are building will give you a better idea of what drives market value in your area.
It is also worth looking into what buyers in your area expect when it comes to space and layout. Houses with certain numbers of bedrooms and bathrooms, or an additional living area, may attract a premium. Being aware of such preferences allows you to decide whether it is worth adjusting your plans to suit the local market.
Choose high-quality materials
One of the biggest determinants of resale value is the quality of materials used in a property.
Generally speaking, higher quality finishes will attract more buyers and drive up the price. This is particularly true if the materials used are considered hardwearing and known to age well. As such, choosing to use high-quality materials in your new home is an investment that could pay significant dividends.
For example, choosing double-glazed windows might add to your build budget, but the cost is usually well worth it. Most buyers notice the quality of windows and understand the many benefits of double glazing. This will also make the property more comfortable to live in, reducing noise and improving the overall insulation.
Similarly, the flooring material you choose can have a significant impact on your home’s saleability. As one of the highest traffic surfaces, inferior flooring will wear and age extremely quickly. As such, hardwearing materials, like wood, are a great choice. In addition to enduring the rigours of daily life, they look timeless and create a sense of warmth and luxury.
Go green and be forward-thinking
Buyers are increasingly looking for homes with green credentials. From rooftop solar and battery storage systems to rainwater collection and greywater treatment, eco-friendly features are in high demand. These not only minimise a home’s environmental footprint, they can also have a major impact on ongoing running costs.
Home automation is also becoming increasingly commonplace. Whether it is voice-controlled lighting or connected appliances, buyers appreciate the convenience of smart technology.
However, many of these features can be quite difficult (and expensive!) to retrofit. As such, it is best to incorporate them into your build. Even if this is not the functionality you want yourself, setting up the base infrastructure will help future-proof the property.
Optimising your layout
If you are flexible with your design, there are some layout choices that are more appealing to buyers.
For example, the kitchen really is the heart of the home and can be one of the biggest selling features. These days, this space is as much about entertaining as it is about food preparation. As such, an open plan design with a large island bench is the best for resale.
The master suite is also an important inclusion, with many buyers expecting a lavish retreat – particularly in large custom homes. Nowadays, the most sought-after master suites are like a home within a home. Think spa-style ensuites with freestanding baths and double vanities, and generous walk-in-robes with plenty of storage.
At the highest end of the market, buyers are also increasingly considering the home’s first impression. This has made a dedicated entrance space a must-have. Preferably, this area should also make a statement via impressive architectural features (e.g. extra high ceilings or a grand staircase).
Include ample storage
For most buyers, you truly cannot have too much storage. This is particularly true for larger family homes, where having places to put everything away is critical.
Once again, the kitchen is a focus here, with large pantries now very popular. If space allows, a butler’s pantry is also a great addition, particularly if it includes some services (e.g. a sink or extra oven). In addition to providing extra storage, this allows dirty dishes to be easily cleaned away, out of sight of the main living area.
Many buyers are also looking for homes with a generous garage. More than merely a place to park the car(s), this is prime storage space. It can also be used as everything from a workshop, to a gym, to a home office.
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Do not forget the outdoor spaces
When designing a new home, so much attention is given to the interiors that the external space can be forgotten. However, landscaping can make a huge difference in how a home looks and feels – and ultimately, its resale value.
Good landscaping should ground a home, making it fit into its environment. It should also be functional and create areas for relaxing and entertaining.
Increasingly, homeowners are looking to minimise the barriers between internal and external spaces, creating a flow throughout. This has made having a protected outdoor space – like a covered deck or pergola – even more desirable. It has also increased the interest in tidy, well-presented gardens, which help frame and define your outdoor areas.
Once again, minimising maintenance and increasing automation will always be well received. Features like built-in irrigation systems and adjustable sun and wind protection are highly sought after. As are landscaping designs that are low-maintenance and drought-tolerant.
Want more information on designing with resale in mind?
Here at Carmel Homes, we understand how difficult it can be to balance buyer interest with your own design desires. As one of Melbourne’s leading custom builders, we are experts in bringing dream homes to life while keeping one eye on saleability. To hear more about this, and to arrange your free design consultation, give us a call.