To Renovate or Not to Renovate When Selling

/ / Home Buying and Selling, Latest, Property Investment, Sophisticated investor

When you’re planning to sell, boosting the value of your home is the ultimate goal, and renovations can help you get there.

The trouble is that any significant renovation project can also set you back thousands of dollars, so it’s important to measure the predicted value-added against the cost before going ahead with your plans.

With that in mind, here are a few signs that a pre-sale renovation is in order.

The House Is Too Particular to You

After some time living in your home, it’s only natural that you might have rearranged things to suit your preferences.

The problem is that your style may not appeal to potential buyers.

Repainting an artistic home with neutral colours and adding tasteful furniture will give visitors an idea of what’s possible, and also leave room for the imagination to conjure up potential updates of their own.

The Exterior Is Looking Shabby

First impressions count for plenty, especially since there are so many houses on the market at any given time.

A less-than-impressive exterior is unlikely to warrant a proper inspection, and your goal is to get as many prospective buyers coming through your house as possible.

This might mean giving the walls a fresh lick of paint, fixing up that broken fence paling, or getting to work in the garden.

Any unsightly detritus should be cleaned up and attention should be paid to the landscaping around the house.

Trim your lawns and make sure that any floral beds you might have are neat and presentable.

If there are any weeding problems, you’ll need to correctly identify the variety and remove all traces of it.

Your Bathroom or Kitchen Needs Some Work

The bathroom and kitchen are amongst the most expensive rooms in the house to renovate, but they’re often also the key to seriously boosting your property valuation.

The updates don’t necessarily need to be expensive, either – it could be as simple as updating a kitchen splash-back, hanging a new mirror, or buying a new cabinet for your bathroom.

The Hardware or Appliances Are Outdated

An ancient furnace or rusty roof may not seem like an important consideration when you’re busy making all the significant features of your home stand out, but potential buyers might disagree.

The time and financial expense involved in organising a replacement could potentially turn away once-eager prospects, so put yourself in the buyers’ shoes and finish as many of these updates as you can.

Just remember to consider the cost of some of the more significant jobs – a roof replacement typically costs upwards of $5000, so you may want to seek professional advice and predictive property valuations before going through with your plan.

Extra Space Is Needed

Nothing changes the look and feel of a home quite as much as a bit of extra open space, but this may not be a quick-fix solution.

Beyond keeping things tidy and using light colours around the home, creating a sense of space typically requires plenty of time and planning.

Your options include knocking out a few unnecessary walls, or building an outside balcony, both of which are significant undertakings, but the results will entice potential buyers who are looking for nice views, fresh air, and of course, extra space.

The Flooring Is Outdated

Shiny new floors can add a great deal of value to your home, but just like the bathroom or kitchen, this is not a renovation project to be undertaken lightly.

Depending on the materials you decide to use, flooring can cost a pretty penny, with some of the most expensive options including hardwood timber and stone, but it can also add plenty of value at the point of sale.

Then again, it might be that all you need to do is treat your hardwood floors with the right kind of floor cleaner and polish, so make sure to give your floors a thorough clean before investing in an upgrade.

The House Is Made for the Young

Buying a house is a huge commitment and expense, especially when the costs of moving and selling are taken into account, so it makes sense that buyers might look for a place they can see themselves living in until old age.

It’s worth thinking about enhancing the accessibility options around the home without detracting from the style, such as grab rails in the bathroom and shower, or seating space in the garden.

Thoughtfulness goes a long way, and buyers may even be willing to pay more to secure their ideal forever-home.

Renovating a home can be a difficult process, requiring plenty of time and money, which is why it’s important to keep the end goal in mind.

The more thoughtful your updates, the more likely they are to appeal to a wider range of potential buyers, and ultimately net you the price you want.

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