The question of whether to upgrade or renovate parts of your home before selling is one that’s a major consideration for many vendors.
It goes without saying, that when selling a property everyone wants to make money on the investment. Sometimes that involves renovating to maximise your return. But which renovations are worth it when it comes to delivering a return on auction or sale day?
Here are the upgrades you might want to consider when selling and those that you should potentially avoid.
1. Consider your price point
When you’re thinking about renovating to sell, it’s all about what return on investment you can get for your efforts. If it’s not going to increase the value enough, you need to weigh up if it’s worth the time and money.
2. Re-carpet the bedrooms
Laying some new carpet in the bedrooms is one of the cheapest ways to add extra value to your sale price and make a big impact for a small amount of effort.
If you have worn or daggy carpet, re-carpeting those rooms can make a huge difference to buyers’ perception of the property, and what they could be prepared to pay.
3. Consider ducted air conditioning
Air conditioning has long been a non-negotiable for most people when considering buying an Australian home.
For homes priced at $750,000 and above, a large number of buyers are taking it a step further and now consider ducted air conditioning a must-have.
While having ducted air con installed might not add obvious immediate value, it may significantly increase the number of interested buyers, which could deliver a big boost to your sale price.
4. Upgrade your kitchen and bathrooms
The two most obvious spaces that are ripe for upgrades to add value are the bathrooms and kitchens.
The key, however, is not to overcapitalise. Kitchens and bathrooms are the two most expensive rooms to renovate, and spending $30,000 on each of them might not necessarily give you the return you’re after.
If you do embark on a renovation, stick to neutral colours, tiling and fixtures that won’t polarise buyers, and if in doubt, seek an agent’s advice as to whether the improvements will really deliver the price hike you’re chasing.
