Renovations for resale When you are faced with the decision of whether to renovate in order to sell a property or to sell it ‘as is’, what should you consider? What’s popular in your marketplace? Are buyers not able to get their hands on the ‘fixer-uppers’ quickly enough? Talk with the people in the know – the local real estate agents. When you have a wellpriced property in a desirable neighbourhood and the majority of buyers want to move in to a ‘finished product’, the effort you put into renovations is likely to be worth it. You only get one chance to make a first impression. Firstly, a word of caution. Don’t create a false impression. The buyer will have an expectation born of the photos they’ve seen, the address and the price. Don’t shatter it through the cracks in the walls, the broken windows or the shabby paint job because it’s likely they’ll walk away… fast.
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Focus on increasing the feeling of space.
If renovation is the plan, it’s not going to happen overnight. Tap into the experience of local real estate experts and find out the renovation projects that are likely to yield best resale value. Best renovation efforts will increase the feeling of space in a home, which could mean an open floor plan, great storage and improved lighting. Updating or replacing the kitchen is widely considered one of the top renovations for profit. Buyers like modern bathrooms with clean and stylish fixtures and fittings; and while the bathroom reno is almost as popular as the kitchen overhaul, don’t discount the value of adding a new bathroom. It is widely accepted that a wellexecuted paint job in one consistent neutral colour or slight shade variations of the one neutral colour is the safest approach. Everything in the home should be new or in good working condition, which includes every light, fan, door hinge, doorknob, window, screen and tap as well as every appliance that’s a fixture. The entire home should function as new. Buyers look at floors… including what’s under your rug! A newly
polished timber floor or new carpet can be a selling point. The front door and the garage door are important elements in the home’s street appeal and replacing or modernising them can add a lot of wow. While you are out there, repair and paint the front fence and add a new letterbox. Feature the house number. These days the outdoor area is an extra room, an all-weather extension of the house, and money spent on a well-designed all-weather area is generally worth it when it comes to sale time. And if you are concerned the simplicity you’ve created through white walls, simple countertops, neutral drapes and furnishings, and neutral art might seem cold and uninviting, counter it with soft lighting. House plants too are so on trend right now and can make the home come alive. Quality renovations attract more buyers than obvious handyman repairs ever will. If you decide not to make repairs and improvements, do what you can to enhance the property’s best features and price it appropriately.
