5 renovating-for-profit mistakes to avoid

While renovated houses in Canberra tend to sell faster and for more What home buyers are looking in Canberra this year, knowing what areas of your home renovate before selling is key. There are plenty of ways owners can waste their money, overcapitalise, and simply miss the mark when it comes to renovations, explains Sophie Mclean, director of Your Property Profits.

Here are Sophie’s top five mistakes to avoid when renovating for profit:

1. Planning intricate garden landscaping “What buyers are generally looking for are easy to care for, clean and well-manicured gardens. Not elaborate landscaping, fishponds, or flowerbed designs! While a reasonable patch of grass is always welcome, in drier areas a drought-resistant garden makes much more sense. Think clear pathways, no clutter or junk and a pleasant curb appeal. That’s what buyers really appreciate.”

2. Changing the floorplan detrimentally

“At Your Property Profits we change floor plans where we can value add; to add a bedroom room or ensuite, or open up living areas to create space and connections to outdoor living. These are welcome additions to your home and result in a higher selling price. However, I have seen some people remove a bedroom to add in a walk-in wardrobe or to create very personalised space unique to their needs and tastes. That’s a big mistake, because not only are you lowering your price bracket by reducing the number of bedrooms in the house, but you’ll be also excluding potential buyers who look at your home’s ‘niche room’ and see it as additional work to remove and walk on to another house that doesn’t need that work, no matter how nice it is.”

3. Buying expensive technology

“There are lots of fun technologies that homeowners are adding to their houses right now, such as smart locks, smart home audio visual, and extensive security systems. However, adding these expensive items won’t necessarily help your home sell for more, unless you’re at the very top end of the market, when these things are somewhat expected. Most home buyers are more concerned with how modern and functional the kitchen and bathroom are, fresh paintwork and new flooring.”

4. Investing in costly décor

“We find that in the homes we renovate for profit, a neutral colour scheme works best. Buyers can imagine putting their footprint on the home and nothing stands out too much to alienate them. So, while the current interior design trends might be pops of colour, maximalist wallpaper designs and an overabundance of vintage thrift shop finds, that’s simply not what buyers want to see. So don’t waste your time, money, and energy on making your house look ‘cool’, make it look buyable instead.”

5. Using untrustworthy tradies and ‘mate’s rates’

“Unfortunately, in the current climate, tradies are booked out for months and the supply of materials is slowing down renovation jobs. That’s why we use a team of trusted tradespeople, who we know will turn up on time and deliver on budget. We work with the same team from one job to another, so we know the kind of renovation we can offer you. Don’t waste your time on tradies you don’t know, and mates of mates. In my experience, you’ll lose out on time and potential profit when you don’t use professionals. Plus, with YPP, we can finance your whole renovation upfront, and you’ll only need to settle your bill when you sell your home!”

If you’re looking to renovate, make more money from your house sale, or your facing repossession Facing Foreclosure Or Repossession? Here Are Your Options and need financial help straight away, find out how Your Property Profits can help. Contact us today for a free chat about your home.