When it comes to renovating your home for sale, it can be hard to know where to start. One question we get asked a lot is the difference between ‘renovating’ and ‘renovating for sale’ or ‘renovating to maximise profit’.
“Generally speaking,” explains Sophie McLean, founder of Your Property Profits, “renovating a home usually takes into account your family and their needs. You might ask, do we need more space, a bigger living room or a swimming pool? You’ll be thinking about how best to increase the livability of your home for your family.”
Sophie says that these renovations won’t always take into account things like the resale value of the home.
“For example, doing landscaping around your swimming pool and pulling down walls may not actually add any value to your particular property,” says Sophie. “But you might not care as it will bring value to your family’s every day lives.”
Renovations tend to be personal, Sophie says, with a possibly larger budget and a set list of requirements from the owners of the home. However, when you’re renovating your home for resale you will have a totally different outlook.
Instead of your personal likes and dislikes, you’ll need to think like a potential buyer.
“Renovating to maximise profits is all about what potential buyers look for,” explains Sophie. “What would they want included and what would make your home appeal to them best? Every decision made needs to be framed in terms of the buyer.”
The key, says Sophie, is to remember that you are renovating to appeal to the majority of buyers in your area, with the goal of increasing the number of possible purchasers. So, essentially, it’s about what makes a property valuable and what makes it sell.
And more important still, what will make it sell for more.
“If you’re not familiar with renovating for sale, dealing with stylists and agents and the real-estate situation in your area, it’s best to seek the help of professionals,” says Sophie. “Otherwise you could end up spending money on things that don’t matter to a buyer and therefore not make as much profit as you potentially could.”
So, if you are planning to renovate your home before putting it on the market, you will need to consider where you will get the biggest ‘bang for your buck’. And if you’re not sure about that, the best thing to do is speak to Sophie and the team at Your Property Profits for a free consultation and evaluation of your home. Call her on 0411 648 908 or visit yourpropertyprofits.com.au.