Whilst there are many cases where renovating can help add value to your home, there are also cases where they can end up being more trouble than they’re worth.
You should always thoroughly research any renovations you plan on undertaking at your property, and stick to a strict budget if you decide to go ahead with them. Renovations can reinvent your property but if you’re selling you only want to spend money if you plan on getting some return on your investment.
When you need to sell quickly – Renovations can take time so it’s worth keeping this in mind if you want to sell as quickly as possible. If you don’t have time then it’s best to just concentrate on getting the property clean and tidy and in as good condition as you can.
When renovations won’t add significant value – There are many properties out there that simply don’t need renovating, this could be because they are already in good condition or because the land is much more valuable than the property itself. In the latter case an investor may be looking to redevelop the land, so it’s worth having a chat to your real estate agent and asking about the types of buyers that your property will likely attract.
When there are going to be too costly – In general, it’s recommended that you shouldn’t spend more than 10 per cent of a home’s value on renovations, however even this might be too much. You often don’t need to renovate the entire home; sometimes just renovating some key areas will provide a ROI. Kitchens and bathrooms help sell homes, as do updated walls and floors. If there is serious work that needs to be done at your property then it might be best left for the next owners.
If you need help deciding on whether or not to renovate before you sell then you should talk to one of the Arbee Real Estate team. We can let you know what buyers in the local area are looking for and whether or not your property will benefit from renovations. By having a chat before diving into renovations, you could end up saving yourself a lot of unnecessary hassles.