- The average Australian home size is 230 – 250 square meters, smaller than U.S. homes due to population density.
- Home space impacts value through the property’s size, functional space, storage space, natural light, and furnishing.
- A home with more space, functional design, adequate storage, natural light, and quality furnishings generally has a higher value.
- Improving home space through additions like carports, outdoor patios, garden sheds, and garden decking can increase property value.
- Not all home improvements contribute to value increase; consulting a real estate professional before making changes is advised.
The real estate industry is one of the most rapidly-growing industries in the world. The value of a property is one of the essential things that every property owner desires to increase. Homeowners have access to many ways of increasing their home value, such as improving the structure, upgrading the interior design, and adding extra features. However, did you know that the available space in your home could also impact your property value? Here’s a look into the property sizes of homes in Australia, ways your home space can affect home value and ways you can maximize your home space to improve the value of your home.
Size of Australian Homes
It’s estimated that the average size of Australian homes is around 230 to 250 square meters. It’s decently sized but ranks lower than homes in countries like the U.S.
U.S. homes right now are around 1,600 square meters. This difference in size is due to the population density in both countries. Australia’s population density is much lower than that of the U.S., so it makes sense why Australian homes aren’t as large.
How Home Space Impacts Value
The size of a property can have a direct impact on its value. Here are some ways home space can impact your home value.
1. Size of Property
One of the significant ways home space can affect your property value is through property size. Properties with more interior and exterior space often have a higher value than smaller ones. A property with more space provides more room for personalization.
2. Functional Space
Apart from the property’s size, the available space’s functionality is also critical. An essential in-home evaluation is a well-designed property with a proper flow of living space that includes entertainment and relaxation space, a functional kitchen, and enough bedrooms with enough privacy. A functional home provides enough space for families to entertain friends and extended family.
3. Storage Space
Most homeowners often overlook storage space as a significant factor in-home evaluation. When potential buyers inspect a property, they often pay attention to storage space. Therefore, a home with adequate and well-distributed storage space will have a higher property value. When creating storage space, homeowners should avoid cluttering storage space and should instead ensure clean storage so that every buyer sees the potential in the space.
4. Natural Light
Natural light has a significant effect on your property value. A well-lit home is usually more inviting to potential buyers than a dull or poorly lit one. Increasing natural light in your home space by installing large windows or creating more openings will improve your quality of life and increase your home’s value.
Finally, furnishing is another crucial factor when it comes to evaluating the value of your property. Furnishing provides potential buyers with a proper understanding of the available space. When considering the right quality of furnishings, a homeowner’s primary focus should be durability and comfort. Durable and premium furnishings will not only improve your everyday living quality, but they will also provide the best return on investment by increasing property value.
Ways to Improve Your Home Space
Thankfully, there are ways you can improve your home space to increase property value. Here are four ways:
It’s to have a place to store the homeowner’s vehicles. This drastically reduces the need to park a car in front of the house. A robust carport can add value and provide an aesthetically pleasing look to the property. It can also be used in different ways, such as a venue for dinner parties if you need it.
Having an outdoor patio is a great way to improve and add value to your home space. This open area can be used to gather with friends or family, have barbeques, or relax in the sunlight. It allows homeowners to enjoy their outdoor space without worry.
Garden sheds provide homeowners extra storage space to store items such as gardening tools, garden furniture, and more. It is also an excellent way to keep these items away from the elements if you do not have a garage for them. A garden shed can increase your home’s value by adding a storage room.
Garden decking is an excellent way to improve the aesthetic of your outdoor space and add value to your property. It adds a point of difference that could be beneficial when it comes time to resell the property. The size and design can be tailored to suit any taste or budget, making it highly customizable and allowing you to create a unique yet practical outdoor area.
These are some ways you can upgrade your home space to increase the value of your property. Small changes and improvements can maximize your home’s potential while creating a comfortable living space for yourself and any guests. However, it is essential to remember that not all changes will lead to a higher value; some changes may not be worth the investment. Consult a professional real estate agent for expert advice on improving your home space.