If you’re thinking of selling, you might want to consider doing a renovation first. Not only can it add value to your home, it can also be a great way to fix any problems that potential buyers might find.
However, renovating can be stressful and time consuming, especially if you haven’t done one before, so here’s five questions to ask yourself before planning your next big trip to Bunnings.
1. HOW MUCH IS MY PROPERTY WORTH IN THE CURRENT MARKET?
Property prices constantly go up and down, so unless you have done your research it’ll be impossible to know what your home is actually worth. Avoid relying on what you think the property might be worth and, instead, do your research to find out what it is actually worth in the current market. What do similar houses go for in your neighbourhood? Have they been renovated? It can be helpful to do some inspections to see what houses on the market are like, and you can also ask a real estate agent to visit and assess your property. They know what houses in the area are going for and have a good read on the market.
2. WHAT ARE THE PROBLEM AREAS IN MY HOME?
Evaluating what areas in your home are in need of desperate renovations and what can be saved with just a lick of paint or a polish can be challenging. Try to imagine yourself as a buyer – what stands out to you? Are there any rooms that feel outdated? What can be salvaged and what needs to be repaired? In general, the two areas that buyers gravitate towards at inspections are the kitchen and bathrooms so make sure you consider what condition they are in.
3. WHEN WOULD I LIKE TO SELL?
DIY Renovations take time. You need to plan what you’re going to do, find contractors, order the products and paint, and then find time to actually pull it all together. Having a clear picture of how long you have to do the renovation will help you decide what is feasible to do within that time period.
4. DO I HAVE ENOUGH MONEY FOR A RENOVATION?
The challenge is to renovate your property enough so you can sell for more, while avoiding overcapitalising. In other words, you don’t want to spend $50, 000 on a renovation if it only adds $10,000 to your asking price. The key is budgeting and planning! Don’t forget to budget for mistakes and blowouts, which will inevitably happen.
5. SHOULD I ASK A PROFESSIONAL?
Renovating for sale can be painless if you hire professionals, such as Your Property Profits, to take charge of the whole process. They will not only evaluate how to make the most profit from your home, they will also employ their team of professional contractors to do a fast and efficient renovation without the hassle. The best part is that you don’t need to pay anything up front; they will renovate your home for free, and you can pay when you sell. It’s the perfect solution.