Thinking of sprucing up your property prior to sale? Real estate agent Melissah Douglas from Ray White explains how some well thought out improvements can add value to your property, and addresses some common misconceptions.
If you’re planning on putting your property on the market, chances are you’ve thought about performing a few renovations and alterations here and there to make your property more desirable to buyers and get the most out of your sale.
As a rule of thumb, for every dollar you plan to spend, you want to be confident of recouping at least that amount – and ideally more – when it comes to selling your home.
While it’s true that certain renovations can add value, bear in mind that others may not deliver the return you’re looking for. So before you go ahead, consider the following tips for getting the best value for money:
1. Spruce outside as well as inside
First impressions count, so the street appeal of your home is crucial. Consider investing time and money in making the exterior of your property attractive and welcoming to potential buyers prior to your first Open House.
Outdoor living space is often sought after by buyers so, if you have a balcony, garden or patio, show it off to its full potential. Some improvements are simply a matter of “housekeeping” and shouldn’t cost a lot of money – mow the lawn, lay new turf if your garden has seen better days, or choose a few plants for the balcony.
2. Appeal to a broad market
Sellers sometimes think the more luxurious the renovation, the greater the appeal. In fact, sometimes it’s the opposite. Adding a swimming pool, for example, might sound like a desirable addition, but it could end up costing you money in terms of the initial outlay as well as potentially alienating a huge group of potential buyers due to the ongoing maintenance and costs.
If you’re planning to make a major renovation, consider instead adding a garage, an extra room or an ensuite which may appeal to a wider demographic.
3. Think carefully before you DIY!
You might have painted a few kitchen cabinets or walls in your time, but how confident are you in laying floorboards or connecting a toilet to your home plumbing system? Although you may be tempted to save on labour costs, in some cases it could be better to employ the services of an experienced professional rather than exposing yourself to a dangerous task or performing it incorrectly. Potentially, you may end up in a situation where you need to spend more money than necessary on repairing your mistakes.
4. Spend your money wisely
Renovating can seem like a big and expensive project, but it’s possible to make improvements even when you’re on a budget.
A fresh coat of paint in a neutral colour can be a relatively inexpensive way to improve the overall look and feel of your home. If replacing carpets seems expensive, consider getting them professionally cleaned instead, and if your kitchen is looking a little tired, look at replacing the benchtops or cupboard doors rather than a full renovation.
Your home is a valuable asset, so before you go ahead, consider speaking to a real estate agent about the types of renovations you have in mind and how they might affect the sale price of your property.
The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.