Considering renovating prior to sale?
A little TLC goes a long way prior to achieving a successful sale of your property, but how much is too much when it comes to renovating?
Well, really it depends on your ideal buyer market and the value of other properties in your area, because there can be too much of a good thing and if that happens you might run the risk of over-capitalising.
If you’re considering renovating prior to sale, here’s what you need to know.
Is it to increase your sale price?
If you’re considering renovating with a view to selling your property at a higher price, you need to carefully weight the costs of the renovation, exactly what you should alter, and factor in how much this will really add to the value of the property.
If there’s a feature that other properties have in your area, like a second bathroom, or off-street car accommodation, then the renovation might be worth considering, but only if it’s likely to result in a worthy return.
Consider your target market
It’s all very well to dream of the perfect kitchen with state-of-the art appliances, but if your likely buyer is a first home purchaser, this type of costly investment might not pay off.
If they’re a family, however, fencing your property to offer a secure backyard for pets and children could be worthwhile. Meanwhile a low maintenance garden might appeal to downsizers.
Deciding where to focus your attention comes down to understanding who is most likely to purchase your property, and your real estate agent is the best person to assist when it comes to working out who this is.
So where should you be looking when it comes to making alterations?
First impressions start with the exterior of a property, so if you’re considering spending a little to reap a greater return, this is probably an area to direct your attention to.
Depending on your target market, budget and other properties in your area, a garden makeover could be as simple as freshening up current garden beds, painting the front door and trimming trees, or as extensive as adding an outdoor entertaining area, and fencing.
Again, chat with your real estate agent about what features are likely to appeal and whether they believe it will be a worthwhile investment for sale.
In some markets, kitchens can be a real drawcard because they are notoriously expensive to renovate, especially if a reconfiguration is on the cards.
That said, a little investment can go a long way when it comes to updating a tired kitchen. For example, new cupboard doors, a paintjob and modern appliances might suffice.
This is where your real estate agent’s input can be invaluable, so use them as a trusted advisor when it comes to what really needs to be done for sale.
If your exterior looks tired and your kitchen’s worse for wear then a flash bathroom is unlikely to seal the selling deal, so keep this later on the list of areas to consider.
Again, a lot can be achieved with a little money, but key assets many buyers look for include storage, good lighting, and decent fixtures.
Top suggestions for a quick spruce up (that won’t break the bank)
If budget is a major consideration and a major renovation is unlikely to reap a big return, then turn your attention to the little things that can add up.
- A fresh coat of neutral paint inside the home to ensure it’s light, bright and there is no wear and tear
- Clean exteriors, including gutters and facias, garden paths etc
- Mulch on the garden and a good trim to have it looking its best
- Perhaps fresh curtains and blinds to allow in natural light and create a more modern feel
- Any repairs that need to be undertaken
Talk to your agent
If you’re considering selling but weighing up whether or not to renovate, bring in your agent early and seek their advice on what needs to be done to achieve the result you’re looking for.
Their valuable opinion can help you define who your property is likely to appeal to, what that buyer is looking for, and whether the effort will reap a return.
Ultimately this could save you time and money in the long run as you look to achieve a sale.
Looking to sell your property? Why not chat with one our friendly Eview Group proud members.