Selling Tips - Part 3
Renovate or not to renovate… that is the question!
Prior to selling one of the major questions is “should I renovate parts of my house to increase my sale price prior to selling?”
It goes without saying, that everyone wants to make money on their property investment. Sometimes that involves renovating to maximise your return. But which renovations are worth it when it comes to delivering a return at sale?
Below are some upgrades you might want to consider when selling and some that may be best to avoid.
Renovating to sell must be a considered decision. It may be worth contacting Karyn O’Dea at Ray White Robina to get an experienced appraisal of your home. Karyn will also be able to discuss with you what may be best to increase your sale price.
Consider your price point before you renovate
When you’re thinking about renovating to sell, it’s all about what return on your property investment you can get for your efforts. If it’s not going to increase the value enough, you need to consider if it’s worth the time and money.
For some properties renovations aren’t worth it particularly for cheaper units or apartments because the potential sale price won’t justify the expense, or because the buyers will want to renovate themselves. This is particularly true for first home buyers.
Stand out with a statement front door
A standout front door is a great way to make a first and lasting impression.
A distinctive colourful front door may be an option.
Beautifully potted plants near the door, a welcoming door mat and most of all, make sure it is neat and clean. It’s amazing what a pressure cleaner can do!
Re-carpet the bedrooms
Laying some new carpet in the bedrooms is one of the most cost effective ways to add extra value to your sale price and make a big impact for a small amount of effort.
Worn out carpet not only gives the home an unloved look and feel but also start adding $$$ in the buyers’ mind and what extra costs they will incur. This then affects what they could be prepared to pay. Putting down new carpet in the bedroom is a small cost for a significant return in value.
A fresh coat of paint
A fresh coat of paint can make a huge difference and is a very cost-effective way to brighten your home for sale.
Consider ducted air conditioning
Air conditioning has long been a non-negotiable for most people when considering buying an Australian home especially in Queensland and buyers now consider air conditioning as a must-have.
While having ducted air con installed might not add obvious immediate value, it may significantly increase the number of interested buyers, which could deliver a big boost to your sale price.
Upgrade your kitchen and bathrooms
Now here are the two big ones, the two spaces that are ripe for upgrades to add value are the bathrooms and kitchens.
However, it is key, not to overcapitalise. Kitchens and bathrooms are the two most expensive rooms to renovate and spending $20,000 to $30,000 on each of them might not necessarily give you the return you’re after.
If you do take on a renovation, remember that you are not renovating for yourself, stick to neutral colours, tiling and fixtures that won’t polarise buyers, and if in doubt, seek an agent’s advice as to whether the improvements will really deliver the price you’re chasing.