Should You Renovate To Sell A House? 5 Tips To Help Decide
ByIf your home is outdated or looking a little shabby, you may be thinking of – or have been given advice about – doing renovations to sell a house. This article gives you 5 things to take into account, when weighing up the advantages and disadvantages of renovating to sell a house.
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1. Time
Do you want to sell a house fast? If so, time clearly isn’t on your side which will limit your ability to repair or refresh the home.
If you’re not in such a hurry, then doing some renovations may be something to consider. You may decide that you end up selling more quickly, if you invest the time initially to freshen up the property. We know that the bathroom and kitchen are key rooms for buyers. Fixing up these areas, may work to your advantage and help you get a better price or sell more quickly.
2. Cost
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Ideally, you want to make money on the sale, so taking into how much the renovations will cost you, is an important factor. There’s no point renovating if you’re not going to lose money from it.
You want to avoid over-capitalisation, which is where you spend more on the property that it’s actually worth.
When you over-capitalise, not only do you risk losing money, but you risk making your home less appealing to the average buyer for your location who is looking for something typical of the area.
3. Personal Taste and Style
Every home buyer has their own personal preferences of how they would like their home to look and feel. This personal taste and style is so individual, that what may look great to you, may completely turn off your buyer.
You may see homes being advertised as “Renovator’s Delight”, “Renovator’s Dream Home” or “Original Kitchen/Bathroom”. These homes are usually in poor cosmetic (possibly structural) condition, but are advertised in this way to appeal to someone who has a keen interest in fixing the place up themselves. Therefore, your property may even be more valuable, if you leave it, as is.
Having said that, other buyers don’t want to lift a finger and just want to move straight in. It really depends on what people are looking for in your area and what the current Property Market Conditions are like.
4. Consider a Tidy Up
Perhaps all you need to do, to make the property more marketable and appealing, is some minor refreshing, such as a fresh coat of paint, professional cleaning services, or cutting the lawn. You’d be surprised what a difference these small actions can make, to better present the home to potential buyers.
5. Remember your objective
Your goal is to sell a house, so keep in mind what you need to do to achieve this outcome. When you’re selling a house, it generally is not the time to start renovating for personal satisfaction. If anything, it’s the time where you start to detach from the home and get used to the fact that it will soon be someone else’s.
We buy from people who are selling a house, no matter what condition it is, whether it needs renovating or not. Not only that, but we can buy your home fast, if time is not on your side.
If you would like to speak to me about selling a house fast, you are more than welcome to give me a call on 0466 300 722 for a confidential chat.
Marc Brasleret
Selling A House © 2011