Everybody wants to maximise how much money they can make when they sell their home and a key way to do this is through renovating.
It’s very easy to overcapitalise when renovating a property to sell however, so it’s important that homeowners focus their funds and attention where it’s going to count the most.
- Consider the buyer
Before you do anything to the property, think about who the end buyer is going to be. Is it likely to be a first-home buyer for example, or an investor or established family? They will all be looking for different things in a property.
A first-home buyer or an investor may be more willing to take on a property that needs a bit of renovating, as long as it’s in the area and budget that they’re looking for.
Buyers looking for a comfortable family home on the other hand may be less forgiving of any property defects and happy to pay a bit more for something that is completely modern and move-in ready. That means that you might want to spend a little bit more on ensuring that flooring is up-to-date and there is nothing that will deter the buyer, like peeling paint or cracked walls.
How much you spend on a property comes down to the price point too though. For a lot of cheaper houses and units it’s simply not worth spending a lot of money on updating the property, as it’s unlikely to shift the overall value too much.
- Focus on what’s letting the property down
Every property is different, but all have their good points and their not so good points. What you want to do is highlight the positives of a property while trying to improve the areas that look a bit dated or don’t function well.
In some properties it may be the kitchen or the bathroom that is letting the property down, in which case it’s worth sprucing these up a little. You don’t necessarily need to go out and get brand new cabinets installed, but a fresh coat or paint or some new appliances could do wonders.
You may also want to do some minor cosmetic changes to the property, such as painting, refreshing carpets or updating windows treatments. Simple things like this don’t normally cost a lot, but they can make a huge difference to the presentation of a home.
- Research the area
You really should check out what your property is up against before you decide to do any renovations.
Look up the recently sold properties in your neighbourhood and ask yourself if there is a dramatic difference between the prices of renovated and non-renovated homes.
In areas that are popular with developers you might find that the property itself matters less than the size or position of the block.
Renovated homes normally do sell for a significant amount more however, especially when it comes to older properties. See what kinds of renovations other properties similar to yours have done, to help give you some ideas.
It’s also well worth seeking advice from local agents to see what they think will help the property sell. They should have a good idea of what types of buyers your property will most appeal to, and can give you some direction on what renovations will give your property the best bang for buck.
For advice about selling property in Outer Western Sydney contact Professionals Outer Western Sydney.