When it comes to selling your home, you’ve probably been thinking about whether you should invest in some renovations before putting it on the market. The fact is, buyers prefer homes that require minimal work.
But not all renovations will guarantee a more sizeable return. In fact, some are a waste of time altogether. So, what sort of renovations will actually add value to your property and see you get the best return?
“The best place to start is to look around the local neighbourhood and see where your property stands in terms of value,” Adrian Kelly, president of Real Estate Institute of Australia said. “You want to add value, but not overcapitalise on renovations.”
Finding that balance between investing in updating your home to make it stand out on the market, without spending too much that you won’t get a return is tricky, but there are a few key areas of the home that may contribute to a better return come auction day.
“Kitchens and bathrooms are big sellers of houses, and while landscaping would be more applicable to higher-end properties, a modest expenditure on making sure the garden is tidy, brings good returns,” Kelly said.
If you’re looking to sell, pay some attention to these areas and give your property the facelift it deserves to help get it across the line.
The kitchen is the heart of the home, so it makes sense that it’s one of the top renovations for increasing profit. If a buyer doesn’t have to do any work when they move in, they’ll be more likely to buy a property. While a professional renovation will make the kitchen more appealing to buyers, simply updating worn cupboards or replacing handles is a good place to start. If you’ve had the same benchtop since you moved in, chances are it could benefit from a modern replacement.
The same goes for bathrooms. While it can be an expensive investment, bathroom renovations usually pay off as buyers pay close attention to the kitchen and bathroom in particular. Replace the toilet, taps and shower fittings for more modern versions and consider installing dual sinks in the main bathroom. At the very least, getting rid of unsightly mould and re-grouting tiles will make the room more appealing.
A fresh lick of paint can make your home look brand new, and may add up to $20,000 to the value. Whether you call in the professional or do a DIY job, it’s best to stick to a neutral colour palette to appeal to a broad range of buyers.
Consider your homes street appeal when it comes time to sell. After all, it’s the first thing buyers will notice and has the potential to get them through the door. By the same token, if the exterior looks a little outdated and rundown, you run the risk of turning buyers away. A new, modern front door can add a little ‘wow’ factor, as will ensuring the garden looks neat and tidy. Keep your lawn mowed, make sure garden beds are free from weeds and trim the trees. If garden beds or fencing looks a little worse for wear, considering replacing or giving them a paint job.