Don’t bother: home reno that’s a waste of time

Homeowners looking to spruce up their own joint could be blowing a whole lot of cash for potentially no return if they make this crucial mistake.

Property insider Andrew Winter reveals savvy tricks of the trade.

Property guru Andrew Winter has revealed how he has “never lost a cent,” on any of his own properties by sticking fast to one simple rule.

The Selling Houses Australia presenter has also opened up on what potential home renovators need to be wary of, and where they can blow plenty of money for potentially no return.

While preparing homes to sell on the latest season of Selling Houses Australia proved to be more challenging than other seasons, amid the cost of living crisis, Mr Winter claimed in his own personal property journey, he had always made a profit.

“If the market takes a downturn you have to hold on and sit and wait, and that is the golden rule, it’s all about entry and exit,” he said.

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Andrew Winter, host of Foxtel's Selling Houses Australia.

There have been times where he wanted to sell, he added, but holding on longer paid off in the long run.

Mr Winter said he applied his personal experience to the new season of Selling Houses Australia.

“The previous season, everything was booming after Covid, this season was a great unknown and very clearly back to normal … that was the never ending surprise,” he said.

BENCHMARK THE MARKET

One of the biggest challenges was homeowners not wanting to “meet the market” on what their property was worth now that prices had moved since the pandemic.

“Pricing is key and when properties are unpriced, it drives me insane and should be stopped,” Mr Winter said.

“I follow the same theory each time, not just benchmarks for sale but very recent sales.

“If it's a low turnover area like in regional Australia, unfortunately you have to spread back over two or three years to get some vision over the market.”

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Andrew Winter with episode one’s homeowners in Hastings.

Researching recent sales would give buyers a good idea of the high and low ends of the market, he added, and warned not to just look at the median in the area.

Other important factors included what type of property and the traits of the suburb it lived in.

“If we are in an established area with 20-30 year old homes, we don’t need to rip out the kitchen and can make do with an older kitchen,” he said.

“If we are in a newer area and you’re competing with new builds, sometimes you have to lower the price or upgrade to match the market.”

There was a lot of debating in the latest season, with many homeowners and even the hosts not seeing eye-to-eye.

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(Left to right) Dennis Scott, Andrew Winter, Wendy Moore, experts on Selling Houses Australia.

“Sometimes we can’t justify a renovation, even if the homeowner has the money, it might cost $30,000 but then not add that to the value of the house in the short term,” he said.

“There’s also a fear of renovating and the spiralling costs, so what we try to do is present it in a more comfortable way. And that might involve moving things around.

“But if something (unrenovated) looks too big of a task, it turns buyers away.”

Mr Winter bragged that Selling Houses Australia was the only housing show in the country that actually stuck to the budgets and time frames dictated in the show.

“We do it as quickly as we say, and it has to try and sell on the real market … and not everything always does,” he said.

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The new season of Selling Houses Australia can be seen on was set to air on Foxtel and is available to stream on BINGE.

Originally published as Don’t bother: home reno that’s a waste of time