Seven steps for renovating your house ready for sale
Have you made the big decision to sell your house this year? Not sure where the best areas are to spend money in order to increase the sale price? Here are tips on where to spend to ensure you get the biggest return for your investment.
1. Do your research
Before investing in renovations it is worth speaking to a reputable real estate agent. Find out the value of your property in its current state and what similar properties have sold for locally, both before and after renovation. This will give you a rough guide to work with.
2. Bathroom and kitchen renovations to impress
Bathrooms and kitchens can be a deal breaker for prospective buyers. If someone is looking for a home to move straight into, without the hassle of renovations, they may completely discard a house with a tired kitchen and/or bathroom. For other buyers, there may be more appeal in buying a place they can put their own stamp of style on.
A bathroom renovation can cost from $10,000 to $25,000, and a new kitchen from $10,000 to $30,000. The cost will depend on the size, quality of finishings and level of work required. However, spending $30,000 on a new kitchen could increase the value of the property by as much as $50,000.
Always remember to keep any renovations you make in line with the period of your home, buyers looking for heritage charm may not be attracted by an ultra-modern kitchen. For more information on renovating Melbourne’s heritage architecture, read my article here.
3. To extend or not to extend
Building an extension could add real appeal to your property for potential buyers looking for extra space and functionality. You may look at extending the kitchen/dining area or even adding a second storey. Consider the return on investment on home extension costs. Adding an extra room such as an additional bedroom if you only have two, or a second bathroom, may make a significant difference in the value of your property.
Don’t forget to look into planning permits with your local council before starting work on an extension, your builder will be able to help you with this. You can find more information on extending versus moving home in my article here.
4. Lighting up
Replacing tired blinds and curtains can make a real difference to the look and feel of a house. Updating dated light fittings can also make a vast improvement for a relatively small outlay.
5. Take care of the basics
There are a few cost effective essentials that potential buyers will notice immediately and expect to be in good condition. For example, you should repair rotten timbers such as weatherboards or timber windows. Ensure tiled roofs are restored and painted and that the external paint condition of the house is well maintained. Consider replacing floor coverings such as carpets or floating floorboards, or sand, polish and level up existing timber floors. Upgrading or installing air conditioners or ducted heaters can also make a difference to the appeal of your property.
6. Great impressions
A makeover can be just as important as an extension or renovation. A golden rule for selling your house is to create a great impression from the minute buyers approach your property. A well-presented garden and fresh lick of paint will ensure buyers are seeing the property at its best. Paying attention to the finer details such as letter boxes, door handles and tap furnishings, will also appeal to buyers.
Always keep paint colours and other details neutral, not everyone has a love of lime green feature walls. And always ensure your house is clean and clutter free before showing it.
7. Work with professional builders
When it comes to big renovations such as bathrooms and kitchens, the level of quality is imperative. Make sure you work with an experienced and professional Melbourne builder, cutting corners on big ticket renovations will lose you money in the long run.
If you are prepared to put some time and effort into improving your property, you could achieve a great result at sale. However, it is wise to remember that by spending money on renovations you are not guaranteed a drastically increased profit, always do your homework and be realistic with your expectations. Happy renovating!
Are you thinking of renovating or extending your property this year Contact Mastercraft Construction to arrange a consultation and quote today.
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