When selling your home, it’s a good idea to have it looking its best before putting it on the market. Doing some work on the property can help attract serious buyers and possibly even increase your appraisal price.
What’s tricky, however, is deciding how far to go.
Will a lick of paint and some new light fittings be enough? Or should you be ripping out the kitchen and knocking down internal walls?
If this is a decision you are struggling with, we are here to help you figure out what to renovate.
Read on for advice on how to get the most bang for your renovation bucks, and what buyers are most interested in.
Should You Renovate Before Selling Your House?
Do The Math
Before you head to the hardware store for a sledgehammer and paintbrushes, you need to spend some time doing your sums. Renovations should be strategically planned and managed, so you need to put your business hat on for this one.
What you are looking for is a high return on your investment. Meaning you want to make sure you can recover most of the cost of what you spend.
You will need to look at the current marketability of your house, how much the renovations will cost you, and how much this could increase the value overall.
Generally, it’s going to be very difficult to recoup the expenses for significant upgrades. If you are not sure, chat with a real estate agent or a specialist renovations company like Market Ready. We can help you base your decision on the current market regardless of whether it is a buyer’s or seller’s market.
The first thing to do it to sit down and list everything that’s broken, worn out, or dated in your home, then prioritise the repairs and what you will renovate accordingly.
If It’s Broken – Fix It!
Before you even get around to making things pretty, you need to fix any major issues like leaking rooves, defective water cylinders, or even building code violations. Most buyers want their house to be move-in ready and would rather pay a little bit more for a place that’s ready to go rather than purchasing a home that needs major work.
Even though the repair work won’t add any value to your home, it will stop buyers from mentally subtracting the cost of repairs from what they are willing to pay! So it stops the price from reducing.
Focus On The Important Areas
The most important areas of a house to buyers are the kitchen and bathroom. Giving these areas a makeover can make a world of difference in securing a sale. It doesn’t have to be a major uphaul either. Simple things like painting the cabinets, installing a new appliance, or adding a backsplash, new countertop or tiling can do the trick without overcapitalising.
It’s All About The Looks
When it comes to making a good first impression, it is all about appearances. As long as there are no glaring problems with the property, buyers are going to be very interested in how it looks. The best investment for your renovation dollars lies in small to mid-range projects that make your property look smart and livable.
Think fresh paint, new carpet, a well-landscaped front yard, new bathroom tiles, modern light fittings, trimmed trees and a tidy garden – street appeal is essential to draw in the punters.
Don’t forget to keep colour schemes neutral and remove all your clutter. This makes it much easier for potential buyers to visualise themselves (and their things) in the space – an important psychological aspect of the sale.
Keep It Popular
Most importantly, remember that you are selling your house to a target customer who may have very different priorities and tastes. Try not to make decisions based on what YOU like. While a new spa pool might be a huge selling point for you, someone else would rather enjoy a new kitchen countertop and cabinets.
Also, when you are selecting things like carpet or paint colours, ask the experts about the most popular options right now. By picking things you know a lot of people love already, you increase your chances of appeal.
When you renovate for sale, the whole idea is to be smart, know your market, and choose the areas that will provide you with a good return on investment. But sometimes it can be hard to know what those should be at your particular property.
That is why it pays to seek advice from those that understand the current market. Here at Market Ready, we have helped hundreds of Auckland homes renovate for sale. Take our advice and you will be out the door and into a new home before you know it!