The do’s and don’ts of renovating a house to sell

The do’s and don’ts of renovating a house to sell

 

If you’re thinking about putting your property up for sale then you’re probably also wondering whether it could do with some touch-ups first to help you maximise your returns.

There’s no question that renovating a property can help add value to it, but if you go down the wrong path it can also end up costing you more money than you counted on.

Some renovations won’t add significant appeal to a property, and may be best leaving to the eventual buyer. With Riverstone’s continued, upward growth trend, older houses on bigger blocks are being renovated and some to sell.

So what are some things you do, or steer clear of, before you get out the hammer and the paintbrush?

 

DO research the market first

 

It’s well worth comparing the sold price differences between renovated and unrenovated properties in your neighbourhood.

Are renovated properties selling for significantly more? Or are buyers in the area more worried about the land content than the house that’s on top of it?

You may want to have a chat to local real estate agents to help get a clear idea of the potential buyers that are most likely to be interested in your property, and they can also help direct you as to whether major or minor renovations will be financially worthwhile.

 

DO set a clear budget

 

It’s easy to go overboard when it comes to renovating, so once you’ve decided you want to make some changes it’s important to decide how much you’re willing to spend.

The general rule of thumb is not to spend more than 5-10% of the total value of the property on renovations. But you may want to spend less than this depending on how much available funds you have, and the existing state the property is in.

 

DO minor cosmetic touch-ups

 

For most sellers, some simple cosmetic changes will be all that’s needed. This might include painting, or fixing any obvious issues such as leaking taps or broken light fittings.

A few other considerations may be minor updates in kitchens or bathrooms, or some landscaping to help make the property look neater from the street.

 

DON’T go overboard

 

When renovating to sell the main rule is not to go overboard. If the property is in need of extensive repairs then it’s probably not going to be worth your while to fix them all up, especially if potential buyers are likely to want to renovate and choose their own new fixtures and fittings anyway.

Unless you’re a professional property flipper, it’s best to keep renovations simple so you don’t end up biting off more than you can chew.

 

DON’T limit your potential buyers

You want to make your property as broadly appealing as possible so it attracts a wide range of buyers. For this reason you should steer clear of choosing colours or finishes that may be polarising.

Try to remember that any renovations you do will be for the eventual buyer and not for you. If you have a unique style then it may be worth getting some advice from an interior designer, or at least asking your real estate agent for another opinion.

 

If you’re thinking of renovating, call Glenn Hagan on 0434 984 374 or Stephen Trethowan on 0427 462 753 to arrange a free consultation.