We run into the question quite a lot in our travels. Over the years properties get well lived in and when it comes time to sell, there may be a few scuff marks here and there and it isn’t presenting like it used to. But what do you do? The option to renovate is there and you can update a few areas of your property, but where do you start and where do you end?
It’s simple, either commit to an entire renovation or don’t do it at all. The biggest waste of money I see in this industry are when people decide to only renovate a couple of rooms and leave the rest. They think by updating some of the main areas of a property that buyers will appreciate there’s only a little left. The only problem is there are only two different buyers, the buyers who are looking for a fully renovated property and those looking to do a renovation. The first won’t buy your property because it’s incomplete and the latter will not value your work as they will most likely want to put their own style through a property and redo the work you did.
If you’re thinking of only doing a quarter or half of the job, then look at other options. A cheaper option that will add value is repainting your property (white is the best colour when selling) and put new flooring in, carpet or boards. Fix or replace any minor damages and once you’re done get a stylist to stage your home. This will cost a fraction of a renovation and will minimise the risk in overcapitalising. In some cases, it can nearly out perform a newly renovated property when it comes to competition and you make a greater earning.
Each property is individual, so the best thing to do is interview agents for the sale and ask the ones you trust what you should do. Depending on your budgets and how far you will take the remodelling, will depend on how much you should invest into your property to renovate or just bringing it up to scratch.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.