Is it worth renovating a house before selling?

Q: Is it worth renovating a house before selling?

This is a question many sellers ask, particularly if they are selling a house that needs repairs.

A: Well, if you’ve been watching “The Block” and fancy yourself as a good “fixer-upper”, or if you’re a professional trades person with lots of like-minded tradie mates who can pitch in at mates rates, the answer could be “Yes, go for it.”

On the other hand, if you’re neither of the above, a renovation could turn out to be a stressful and costly exercise that does not give you a good return on your money when it comes to sell.

The key, as always, is to have balance!?Have a clear idea of what renovations you want to do and have good reasons to justify “WHY” you want to do those jobs and why you think they might add value to your sale price.?Finally, make a reasonable budget and make sure you stick to it!

To get you started, try answering the following questions to yourself to make sure you’re on the right track:

• What aspects of my property will I renovate? Why? (If you have a specific reason for each job, you’re more likely to achieve a better end result).
• Will I do all rooms or just target specific areas?
• Will I focus on the inside or do the outside of the property as well?
• What exactly am I trying to achieve in each of my proposed renovation jobs
• Do I have the skills to do all the work myself or will I get a professional in to do (some of) it for me?
• Do I realistically have the time to do the work myself or will I have to take time off work, which could cost me in lost wages??If I don’t take time off work, will I have to sacrifice the next ten weekends to get it all done and am I really prepared to make that sacrifice?
• What kind of buyer am I trying to attract and will my renovations suit their needs and make them want to pay more for my property?
• Break down a reasonable budget for each individual job and add up the total cost of all the jobs – can I actually afford it and, if not, what are my “must do” priorities?

The right home improvements don’t need to be expensive to make a huge difference to your sale price. Here are some of the best renovations to do before selling if you want to maximise your selling price.

How to sell a house that needs updating

1. Talk to an agent

The first thing to do is talk to a reputable real estate agent. They know the market, so they will have the best idea of what buyers are looking for. There’s no point adding features that simply won’t attract buyers, as the cost of these renovations will not end up being reflected in your final sale price.

An experienced agent will take a look at your home and advise you of cosmetic changes that will make the most difference and achieve maximum returns on your investment. They will also be able to put you in touch with quality trades people who have good rates and are reliable.?If required, they could also recommend a professional home stylist who can showcase your property in its very best light!

2. Find a team of reputable tradespeople

DIY is fine if you’re experienced, but remember all renovation work has to look professional to attract buyers. When buyers walk through your home, if they spot DIY jobs that look less than professional, they may assume there could be “problems down the track.”?Consequently, they may be put off buying the property altogether or offer a lower price to compensate for potential future repairs.?If you’re not confident doing a job yourself, even if it’s just painting, it’s far better to get an experienced tradesperson to do it.

You should always get at least two quotes for every job, but don’t always be tempted to go for the cheapest – their work might not be the best quality, so it could cost you more money in the long run as you might not achieve the sales price you’re hoping for. As mentioned above, it helps if you can get recommendations first from your agent as they usually have a team of trusted professionals they use on a regular basis.?You could also ask for recommendations from other residents in your area via your suburb social media pages, e.g. many areas have a Facebook page.

3. Don’t overspend, keep it simple!

Remember, the most important thing here is to add value to your home. You don’t want to overspend.

In addition, remember that the buyer is unlikely to share your exact same taste. If you spend thousands on a new kitchen or bathroom, they could easily want to replace it as soon as they move in, which means they may factor in that cost and deduct it from their offer.

The most important thing is to concentrate on essential repairs and small cosmetic changes. Selling a house in poor condition is extremely difficult, but you can easily fix the main problems without breaking the bank.

What are the most important improvements to make before selling a house?

1. Clean and tidy

Make sure your property is completely decluttered and give it a thorough deep clean before making any other improvements. This will give you the best sense of what other work needs to be done if any.

2. Freshen up

A coat of paint can make a huge difference to the look and feel of your home. Stick to neutral colours, as buyers want a blank canvas that they can imagine stamping their own personalities onto.

You should also replace any worn or damaged flooring, but this can be done cheaply – you don’t need to buy the most expensive.

It's amazing how much difference a few small cosmetic changes can make. For example:

• In the bathroom: You can retile a bathroom quite cheaply, particularly if it's relatively small. You can also replace the doors on a vanity, swap old tapware for new, paint the ceiling and you're done.
• In the kitchen: Regrouting tiled areas can make them look new, if your cabinetry looks shabby, simply replace the doors, wherever possible, rather than investing in brand-new cabinets, paint the walls, put down a new floor covering, replace old tapware and your kitchen will look like new.
• In the garage: Make sure the space is tidy and ordered, and check the door mechanism works.

3. Make any necessary small repairs

Creaking doors, dripping taps or broken tiles are instant turnoffs for buyers, as they suggest there might be other, larger problems with your home. Make sure all these minor issues are fixed. Don’t forget the exterior of the property, either – make sure the roof tiles and fence are in good condition, gutters are cleaned of leaves and gardens are neat and tidy.?When buyers arrive at your property they want to be instantly impressed, “kerb appeal” is paramount and you only have one chance to make a fantastic first impression!

Whatever changes you decide to make, you should choose budget-friendly, timeless options rather than following the latest trends, and ALWAYS TALK WITH YOUR AGENT FIRST!

If your property is within 30 min of Perth CBD, I’m always happy to pop out to see your property and share my thoughts with you before you go to market.?If you would like any advice on your sale, I am always here to help.

Selling and not sure where to start? Got a million questions?

Send me your questions and I’ll respond directly within 24 hrs.?It's a COMPLIMENTARY service to help you MAXIMISE YOUR PRICE.

Mob: 0450 408 651

Email: [email protected]

Facebook: briansellsproperty