There are many success stories about sellers making huge returns from renovating their properties. But for every success story, there’s also one where a seller who’s renovated has lost money in the process. So why are some people successful in making a profit from renovations while others are not?
Many people approach their renovations from the heart, and this is where the asking price can fall over. Renovating a house you are living in is very different to renovating for profit – the latter requires focus on areas which have the biggest impact for potential buyers.
In this week’s blog, we share three renovation tips and tricks to maximise the sale price of your property.
The property will struggle to sell, especially for a higher price, if you don’t get buyers through the door. Thus you need to create street appeal to pull them in, and it doesn’t have to cost a fortune. Cleaning up the garden, trimming hedges and bushes, and cleaning paths all make the house look tidier and more welcoming which can have a big impact. If you don’t have any gardens at all, often the front of the house can look a bit harsh, so with the small additions of some garden beds the look can be softened.
2. Kitchen – the heart of the home
This is an area where emotional buying can often come into play. A clean, appealing kitchen can often help the buyer spend extra. Depending on the condition of the kitchen, this doesn’t have to mean ripping out cupboards and benches, which can often cost in excess of $20,000. Some kitchens can have a simple cosmetic renovation, where benchtops are replaced or resurfaced, doors painted, and handles replaced. All this freshens up the kitchen at a relatively low cost.
3. Bathroom – make it modern and fresh
Picture yourself walking into an old, tired bathroom with damp, peeling surfaces, rusted detailing and rickety taps. It can quickly turn a buyer away, but like the kitchen, creating a fresher bathroom doesn’t have to mean stripping everything bare and starting from scratch. There are some fantastic products available to resurface baths, vanities and tiles at a minimal cost to make them more modern and uplift the whole look.
4. Open space up
Choose a look and feel that opens the house up and makes it appear bigger, rather than closing space in. This can be as simple as removing and repositioning furniture, decluttering, and replacing worn fitouts newer versions that retract or hideaway.
5. Consider the sale price
One area which you also need to consider with your renovation, and whether you can use these cheaper renovation options, is the price that your property will sell at. If it’s over $1M then using these resurfacing products is not advisable as buyers are looking for brand new fitouts – in this case we recommend higher end products and finishes. These cheaper cosmetic renovation products, however, are perfect for refreshing and modernising properties in more conservatively priced areas.
Did you know that Bartercard’s Property site contains millions of dollars in listings each with a trade component? Sound property investment could provide an ideal way of using trade dollars to achieve long-term financial prosperity. Visit bartercardproperty.com.
Alternatively, of you need renovating advice or help prior to putting your house on the market, contact Kate at Renovate Style Profit to discuss report and project management options for your property. Phone: 040 4686 164 or visit firstname.lastname@example.org
Renovate Style Profit