Cheap ways to add big value to your home before selling it
Rather than spending bucketloads on an expensive home renovation, these expert tips can help add value without breaking the bank.
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To renovate or not to renovate – that is the question.
While there are no hard and fast rules as to whether you should fix up your home before you sell it, there are plenty of questions you can ask to help you decide if it’s worth doing – and stop you from spending too much along the way.
WHO ARE THE BUYERS?
Brisbane-based selling agent Craig Lea of McGrath Wilston said in order to decide whether or not to renovate a home for sale, it’s important to consider your demographic.
“Who is going to buy your house?” He said.
“If it’s in an area where you have professional couples buying and it’s going to broaden your market by having it sharp and renovated, then you might consider doing it if it’s going to yield a higher price.”
If, on the other hand, the home is in an area where families tend to like renovating their own homes, it may not be worth doing.
DOES IT HAVE DEVELOPMENT POTENTIAL?
The same can be said for properties with development potential, Sydney agent Ben Horwood of Horwood Nolan said.
“The width of the block has got a lot to do with it,” he said.
“If it has a 15m plus frontage then it opens up duplex potential. Spending money on renovating may not be worth it.”
If the house is in a waterfront location where buyers will be willing to spend millions knocking it down in order to build their dream home, a renovation is not worth the hassle.
WHAT IS THE PROPERTY WORTH?
It’s important to get appraisals from a few reputable real estate agents before you decide, Ray White head of performance and recognition Bianca Denham said. An agent can give a good idea of how much similar homes are selling for in your local area as well as how much renovated homes are worth.
HOW MUCH WOULD IT COST TO RENOVATE?
Then it’s a matter of comparing it to the cost of renovating, Denham said.
Being realistic and looking at the cold hard numbers could stop you from overcapitalising.
When it comes to knocking down walls and making changes to the floorplan, the expense involved is probably not worth it, Horwood said.
WOULD A COST-EFFECTIVE TIDY UP ADD VALUE?
Often, a cosmetic renovation, such as a fresh coat of paint, new carpet or installing airconditioning, can breathe new life into a dated home and get more buyers interested, Lea said.
A tidy up makes an older home feel well cared for and turn key while giving buyers something they can personalise over time with their own renovations.
Horwood said with building costs high and tradies hard to come by, most buyers don’t have an appetite for doing their own renovations.
“It’s a much easier proposition to walk into something that someone else has put the effort into – and they’ll pay the premium for that convenience,” he said.
Rather than ripping out an old kitchen or bathroom, sellers can add value in a cost-effective way by changing tapware, painting cabinets and tiles or installing a new cooktop, Denham said
“It’s just about making the property feel bright, spacious and doing something neutral so that people can imagine their own life, their own furniture and personality in that space,” Denham said.
TOP TIPS FOR ADDING VALUE TO YOUR HOME
Ray White head of performance and recognition Bianca Denham said there are several cost-effective ways to add value to property before putting it on the market. Here are some of her top tips.
Get it styled – a professional stylist can do an amazing job at adding value by bringing out a home’s best features – and they come at a fraction of the cost of ripping out a kitchen or bathroom
Fix it up before listing – it’s better to replace worn carpet or dress up the kitchen before listing your home rather than waiting to see what the feedback is from buyers before deciding, otherwise you’ll find yourself paying extra for a second set of marketing materials
Be savvy with your reno – don’t go all out and buy the most expensive fittings and fixtures when fixing up a home for sale, buy cost effective ones that make the space pop without breaking the bank
Focus on presentation – good presentation through professional photographs and effective marketing materials is paramount as it can make all the difference between getting lots of inquiries or just a few.
Originally published as Cheap ways to add big value to your home before selling it
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