If you’re thinking of selling, doing a renovation first can add substantial value to your home. However it can also be stressful and time consuming. So before you plan your trip to Bunnings, here’s five questions to consider if you’re thinking of renovating for selling.
- How much is my property worth in the current market?
Property prices go up and down constantly, so avoid measuring what you think the property is worth, or comparing what you bought it for. Instead, do your research to work out what it would be worth if in the current market. What do similar houses go for in your neighbourhood. It can be helpful to go to some inspections to see what houses on the market look like as well, and you can also ask a real-estate agent to access your property as well. They know what houses in the area are going for and have a good read on the market.
- What are the problem areas in the house?
Taking the information from the agent and from what you saw at local inspections, evaluate what is in desperate need of renovations and what can be saved with a lick of paint or a polish. In general, the two areas that buyers gravitate towards are the kitchen and bathrooms. Are they tired looking and in need of replacing? What can be salvaged and what needs to be repaired? Don’t forget to look in the front garden as well.
- When would I like to sell the house?
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. Working out how long you have to do the renovation will help you work out what is feasible for you to do.
- Do I have the money for a renovation?
The challenge is renovate your property to enable you to sell it for more, without over capitalizing on it. 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 to avoiding that is budgeting and planning! Including budgeting for mistakes and blowouts, which will inevitably happen.
- Should I ask a professional?
Renovating for sale can be painless if you hire professionals to take charge of the whole process, such as Your Property Profits. They will not only evaluate how to make the most profit from your home, but they can also employ their team of contractors to do a fast and efficient renovation without the hassle. The best part is that you don’t need to pay anything upfront. They will renovate your home for free, and you don’t have to pay until you sell.
Not sure where to start or don’t have the time (or skills) to do your own renovation? It’s time to consider enlisting the help of professionals to get the job done. Here at Your Property Profits, we want to understand your expectations for your home, so we can help bring you the most value to your property. Not only is renovating for sale with us less stressful, but we’ve also partnered with the best contractors in the business. That way, you’ll be able to sell for more. Interested in finding out what Your Property Profits can do for you? Find out more or contact us for a chat about your home.