If I Renovate To Sell, Will I Make More Money?

If you’re weighing up the options about whether you should renovate to sell or just sell your place as is, then there are a few things to take into consideration. The major consideration, obviously, comes down to your bottom dollar. If you’re considering spending $100,000 on a major renovation, then are you confident that your property will sell for well beyond $100,000 more?

Helping us uncover whether or not your investment is worth renovating is one of Calibre’s Licensed Estate Agents, Simon Hughes. Simon’s background is in architecture with over 20 years experience. Simon has a long, glowing record of successfully guiding clients through the process of building & renovating their homes.

“Because every property is different, some homeowners will need to spend money on their property in order to maximise a sale, while others won’t. This will not only depend on the condition of the property, but also on the condition of your local real estate market as well.” Simon tells us that “Sellers should start any consideration of renovation with research. Seek the advice of a good real estate agent with knowledge in your local market. They will be able to offer advice on these different levels of investment to determine what will be cost effective in your particular situation. It helps to have an agent who is well versed with your local competition and the state of the local market.”  So here they are, Simon’s Top 7 things to consider when deciding…

 

Should I Renovate To Sell?

  1. 1. Return On Investment.

    Never spend more than you can recoup. This might seem obvious , but it can be a real trap when sellers are not aware of the market.

  2. 2. Look For Profit.

    Any renovation should be done for profit. Otherwise, why bother?!

  3. 3. Areas To Prioritise.

    If you decide to renovate, prioritise areas of the home that make the most emotional impact on buyers. Big expenses should go into kitchens, bathrooms and functional all weather outdoor areas. However, it is very important to stick to a budget. These areas have many components and it is very easy to over capitalise.

  4. 4. Minor Defects.

    Minor defects like cracks and dents should be repaired. If they are not, buyers wonder what potential problems lay beneath.

  5. 5. DIY

    If you are considering DIY- do it well. Bad painting or shoddy workmanship can be a major turnoff for buyers. A fresh coat of paint is a powerful renovation tool and can lift a home. Be careful to pick contemporary colour schemes that appeal to the widest opinion of the market.

  6. 6. The Clean Up.

    The cheapest renovation you can do is to clean your property. Clean your windows, walls and floors and de-clutter.

  7. 7. First impressions.

    Any improvements that add to street appeal are usually beneficial. After all you want to maximise the number of potential buyers walking through the door. So first impressions count. Paint the front door, tidy the gardens, mow the lawn and paint the fence to maximise street appeal.

While there are many things to consider, you should always start with some research before you decide to renovate to sell.  Compare your property with others in your area. What do they have that you don’t? Properties that sell, look and function better than comparable properties in the same market. They also meet the needs of the property target buyer and offer excellent value in the eyes of the buyer.

 

Simon Hughes Calibre Real Estate Brisbane
Quote provided by Licensed Estate Agent –
Simon Hughes
0402 038 082
simon.hughes@www.calibrerealestate.com.au

 

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