To Renovate or not to Renovate
There are generally several things that vendors consider when thinking about selling their property. However, one of the most common questions I am asked when valuing a home for putting on the For Sale market, is, “should I undertake any work on the house before I sell, or will this be a waste of time and money, the purchaser will probably change everything to their own style anyway”?
This is often a difficult question to answer, as it can mean anything from a spruce up with re-decoration and a lick of paint or it could mean more major works such as the installation of a new kitchen and/or new bathroom.
I thought it might be useful to our readers if I put together a few things to think about regarding renovations when deciding to sell your home.
Does Your Home Need Repairs?
If your home is in need of repair it really should be a top priority to get any repairs done before marketing in order to achieve the best possible price for your property. Most potential buyers don’t want the cost or the hassle associated with repairs and will often use this as a bargaining tool in order to get a lower price. Therefore if you notice that your home has features that are cracked, damaged, or broken it is probably best to address these before putting your property on the market for sale.
Will The Renovations Add Value?
You may think that any touchups done to your home will be value added, but this isn’t necessarily the case. There are certain changes that buyers will notice and appreciate and that will therefore add the ‘saleability’ factor, but not necessarily add to the value. What does generally add value are things like kitchen remodels/renovations, and bathroom remodels/renovations. Installing a new kitchen or bathroom should allow you to ask for a higher price for your home. Prospective buyers generally like kitchens and bathrooms to be up to date in style and on trend even in traditional style properties.
What Kind Of Market Is It?
The state of the property market is possibly the main influence on whether you should renovate your property or not ie Is it a market in favour of buyers or sellers? A seller’s market might mean that you carry out a few minor renovations, but if it’s a buyer’s market and there are several similar properties to yours up for sale in your area then you will need to make your property stand out from the crowd as I have discussed in previous articles. This is key to helping make sure your property is the one that buyers want to view. Of course, if there aren’t many properties for sale and you don’t have much competition in the market, you may just want to sell your home as it is.
As you can see, home renovations aren’t necessary for every seller, but, it is always an important question to consider. It is also a good idea to review and compare your property with others on the market, if you property hasn’t yet sold.
If you would like some advice on how to present your property for sale please don’t hesitate to contact us.