Published at: 6/21/2016 3:29:07 PM
Smart renovations will give your property an extra punch. Just be sure a renovation will deliver a decent return with our 4 proven tips.
You’ve seen the TV shows that make renovating look easy, and it seems like no-brainer that some home improvements could see you laughing all the way to the bank on the sale of your property.
Time for a reality check.
If you’re thinking of selling your home it’s perfectly natural that you’re unsure whether to complete renovations now or sell the place as it.
Here are four factors to weigh up.
Smart renovations don’t need to cost a packet
The last thing you need is to spend a fortune on renovations only to find your home languishes on the market because it’s overpriced, or worse, the final sale value doesn’t let you recoup the cost of the improvements.
That’s why it pays to be strategic about renovations.
Ideally, you’re looking for renovations that add value. We’re talking garden makeovers, cosmetic improvements like having the floorboards re-polished; a lick of fresh paint inside and out; or replacing old, worn taps or cabinetry handles with new ones.
This sort of cost-effective detailing can make your home look shiny and new without the cost of a full-blown revocation.
Are you leaving room for buyers to add their own touch?
Renovating your home to within an inch of its life may not leave the new owners much scope to add personal touches. If your home is truly rundown it may be better to leave it as is. This will make the property appeal to bargain hunters who want to renovate to their own tastes.
Or, if your home is almost there, look at the areas most likely to appeal to buyers. A finished bathroom is always a strong selling point. Incomplete landscaping is less of a turn off for prospective buyers.
The key is to put yourself in a buyer’s position to consider what really matters.
Spend money where it will be noticed
It’s sad but true that ‘hidden’ renovations like rewiring are unlikely to be appreciated by home buyers. So if you’re going to invest hard-earned cash on a renovation prior to sale your efforts should be obvious to buyers.
Installing bi-fold doors to open a kitchen onto an outdoors deck for example, will give your home far more ‘wow’ factor than having the place re-stumped.
Focus on quality
Today’s home prices mean buyers expect quality workmanship. So be prepared to spend a bit extra and call in the experts.
A colour consultant can take the guesswork out of paint shades. And for building work, call in a licensed tradesperson rather than trying to save with a do-it-yourself approach. When it comes to fittings and fixtures, head for the best quality you can afford.
The end result should be a quicker sale at a higher price – and that’s the whole point of renovating ahead of a sale.
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