Skyrocketing house prices across Australia over the last 10+ years have seen many homeowners try to capitalise on the upward surge and attempt to maximise the resale value of their property. But more recently there has been much discussion about whether those significant increases in property values might be easing – especially with the Reserve Bank of Australia’s first interest rate increase in ten years in early May 2022. As realestate.com indicates, house prices grew only by 0.13% in April; the lowest level of growth since May 2020.
For current homeowners looking to sell property and who might have been relying on house prices to continue their natural growth, they might therefore need to look to alternative methods of maximising that return.
As it happens, plumbing upgrades on a property can be one of the most effective ways to improve its resale value. Sure, it might require a bit of upfront expense, but the return on investment will almost always make that expense worthwhile. Here are four ways to boost your home’s resale value with the aid of effective plumbing upgrades.
Upgrading the Bathroom
Switching to Eco-friendly and Energy Efficient Plumbing Fixtures
Replacing outdated plumbing fixtures with more contemporary models that offer greater economic and environmental benefits is highly favourable among home buyers. Older fixtures like kitchen taps, shower heads and even the plumbing pipes can end up using much more water and energy than is necessary. Updating them to fixtures that allow greater regulation of water pressure and overall usage can have a positive impact on the homeowner’s water and energy bills, which is an obvious tick in the ‘pros’ column.
Installing a Dishwasher in the Kitchen
Modern kitchen dishwashers use far less water than their older counterparts, and as a German study referred to by Choice magazine suggests, can use significantly less water than hand washing (the study found a dishwasher filled with 144 items used 13 litres of water compared to an average of 100 litres to wash the same 144 items by hand). Installing a dishwasher, or replacing an outdated and inefficient dishwasher can have a noticeable impact on household water usage, which will be a strong selling point for water-conscious home buyers.
Replacing the Toilet
Did you know that the dual-flush toilet is an Australian invention? It was developed in the early 1980s and since then has become a staple of newly built homes. The key benefit of a dual flush toilet is the water saving benefits, with the half flush option only using half the water of a full flush. If your toilet is still running on full-flush only, upgrading to a dual flush system will not only help you to save on water but also improve the resale value of your home.
Other signs of an ageing toilet that indicate a need for an upgrade include
- a constant stream of water running from the cistern to the bowl
- the toilet base has leakage or condensation forming around it
- the base of the toilet has loosened over time and moves more than it should
- the toilet makes strange noises when you flush it
- its ability to flush effectively is erratic at best
Each of these plumbing upgrades will not only improve water efficiency, improve the aesthetic appeal of your home, and also minimise future repair costs, they will also help to maximise the resale value of your home. Of course to get the most benefit from the upgrades, and to ensure you’re going about them in a smart and cost effective manner, consulting with a licensed and experienced plumber is by far the best approach. They’ll be able to guide you on the best plumbing upgrades for your home, even point out the upgrades that might be a waste of your time and money, and how to do it all in a way that will benefit you most financially.