Well, there is no clear answer to this one. Every property is different, and apart from your property’s condition, the condition of your local real estate market will play a significant role in answering your query.
The main point of renovating before selling is to ensure a better return on investment. Thus, your focus should be on the buyer. Think what a potential buyer would like to have in the house. For example, a neat and clean, fenced lawn or play area would appeal to families with children while the baby boomers would prefer an extra office space and easy to maintain exteriors.
As a starting point, take a look at the houses in your neighbourhood. Is there something your house is missing? For example, if most houses in the neighbourhood have an open kitchen or two en-suite bathrooms, you may want to consider breaking or building some walls. However, before you make any decision, it is best to consult a real estate agent, who could give you a better idea of what’s on trend and not. Very often, minor upgrades can boost your property’s value significantly.
In case you are looking for some quick budget friendly renovations instead of going all out, here are our top recommendations:
Improve the exteriors – More often than not, a book is, indeed, judged by its cover, as a house is judged by its exterior. So, as a prudent first step, trim your lawn, add some plants (you could ask your neighbours for cuttings instead of buying plants), put up a fence and paint the walls and trims to make your house look much more appealing and welcoming. According to Zillow’s 2017 Paint Colour Analysis, greige could be a great choice for the exteriors, and changing your main door for a dark navy one could boost your property’s worth.
Paint it up – Painting is one of the least expensive ways to enliven your home and make it much more appealing to the buyers. Opt for lighter shades of beige, blue and periwinkle for the living room, apart from getting rid of any distracting wallpaper in any of the rooms. This is also the right time to trade the pink walls in little Susie’s room for a universal colour palette.
Declutter your house – It makes great sense to declutter your home by moving any bulky furniture to storage, in order to create more space in the house. Potential buyers would like to imagine themselves in the living space before paying for it, and a cluttered room will only hamper their imagination. While you are at it, shell out a little more and hire a professional to thoroughly clean your house and windows. Additionally, do put away Fido’s belongings and cover any scratches on the floor or the furniture made by your pet (pet parents, read here on how to prepare your house for sale).
Work on the kitchen – In case you have decided to shell out a little extra, renovating your kitchen could lead the way to buyers’ hearts (as well as pockets). A standard kitchen renovation could cost you between $25,000-$40,000, while a premium renovation could cost you up to $70,000.
Work on the bathrooms – In property sales, bathrooms can often turn out to be the deal clinchers, and for good reason, too. A well-maintained plush bathroom gives an impression of a well-maintained house, overall. So, if you can’t spend on a second bathroom, opt for a double sink in the master bathroom, which is almost a necessity these days. When it comes to the works, go for what you can afford but steer clear of cheap taps and spouts that are a sure turn-off. A big window, an aesthetic bathroom shelf, some indoor plants…these are all budget friendly ideas that are buyer friendly as well.
Renovating a house doesn’t necessarily have to cost a bomb. An experienced interior designer or a real estate agent could guide you in choosing renovation projects that will add value to your house before putting it up for sale. Choosing energy efficient utility systems, adding a dash of paint, replacing your old rug for a new one – these are small changes that could lead to big results. However, if you feel the need for massive improvement, especially if you intend to occupy the house for long, you could always dip into your equity to fund your well-thought-out renovations. Get in touch with an experienced mortgage broker to know more about equity loans.
HashChing is an online mortgage marketplace offering broker pre-negotiated home loan deals from over 60 lenders across Australia that you can compare online. We also have a panel of expert mortgage brokers who will be glad to assist you with your home loan queries online, free of cost.
By Vidhu Bajaj
HashChing Content Writer