Should I renovate before selling my property ?
Should I renovate before selling my property?
Renovating before selling is a major consideration for many vendor’s. Of course, everyone wants to make money when selling their property, and sometimes that involves renovating to maximise your return. But which renovations are worth it when it comes to delivering a return?
We have summarised a few key upgrades you might want to consider when selling, and those that you should potentially avoid.
Consider the price point
When it comes to renovating before selling, it’s important to understand what return on investment you can get for your efforts. If the renovations are not going to increase the value of your property, you need to weigh up if it’s worth the time and money. Most buyers are going to want to put their own personal touch on the property, so it might be worthwhile doing maintenance repairs or a small freshen up.
Freshen up with a coat of paint
A fresh coat of paint to the walls can bring life and light to the property and make a huge difference. Choosing neutral colours is recommended. For the sake of spending $2000 and repainting, it is definitely worthwhile.
Check the flooring
If you have worn-out carpet or damaged floors, repairing the flooring can make a huge difference to a buyer’s perception of the property and what they could be willing to offer.
Consider ducted air conditioning
Air-conditioning is becoming a non-negotiable for most Australian properties. Whilst having ducted air-conditioning might not add immediate value to your home, it may significantly increase the number of interested buyers and create competition-driven price inflation.
Upgrade your kitchen and bathrooms
There are times when a new paint colour and new flooring are not enough to convince the buyers that they have found their dream home. When your kitchen and bathroom are outdated and uninviting, consider renovating them. Today’s buyers pay a lot of attention to the bathroom and kitchen mainly because these two areas are the most expensive to fix.
The key is to not overcapitalise here. These two rooms are the most expensive to renovate and spending $30,000 on each of them might not necessarily give you the return that you’re after. If in doubt, seek an agent’s advice as to whether the improvements will really deliver the price you’re after.
Completing your House Sale with Universal Property
Whether you are preparing to sell or looking for more information, Universal Property is here to assist you in your sales journey. We offer you a superior and personalised service that helps make the selling process as smooth as possible.
Contact Jesse on +61 431 761 644 or email us at info@universalproperty.com.au
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