A common question amongst homeowners is whether they should renovate their home before selling or leave it as is. From simple paint jobs to full on make overs, the feedback is mixed seeing there are both advantages and disadvantages to renovating.
Your decision should boil down to your return on investment – it should be less than the value you are adding to the property so make sure to do the math! When figuring out your projected spend, Builderscrack has a useful renovation cost calculator where you can get a cost estimate for the areas of your property you are wanting to fix up. You may be able to reduce these costs even more if you are handy with a brush and hammer, but if you go the DIY route then it’s still important to factor in your hourly rate and opportunity costs as you do this work.
There are also other factors to consider such as, timing and who you are selling for. If you plan to sell your house in 3 years as opposed to 1 year, there is more value in renovating since you will be able to enjoy the new upgrade/s. If you need to sell your home quickly, sometimes it is best to just get it out there as quick as possible to see how much interest you get with the home as it is. With Here’s a House, we offer a great feature for you to list your home as just ‘testing the waters’ to generate interest and get a feel for what your property would sell for in its current state.
Who you expect to buy your home is an important factor when deciding what should be upgraded. For example, if your neighbourhood consists of young families you may want to do upgrades that will make the house safe and child friendly such as fencing the section, installing insulation and heating, or having a separate bath or additional bathroom. Or if you expect to sell to an investor, they will most likely have their own plan to renovate.
If you don’t see much value in the bigger projects, we can recommend these medium upgrades that do not require too much hassle and a medium investment:
- Painting. Both internal and external paint jobs will make your home more visually appealing.
- Replace windows. Windows can be quite pricey and almost all buyers prefer to have double glazed windows for insulation. This will definitely add value and interest in your home.
- Upgrade electrical system. We own so many devices nowadays that the more power outlets we have at home, the better. Any outdated electrical should be upgraded as well.
- Repair concrete. Ensure your driveway & walkway are in great condition. These are the first things that a buyer will see so give them a good impression before they even walk inside.
- Maintain landscape. Along with the driveway & walkway, a clean landscape shows that you have maintained your property well and sets the tone as soon as potential buyers arrive.
Other easy house renovations when readying a house for sale can be found in our sellers guide.
Before making your decision, do the math and weigh your options. Otherwise, you’re welcome to test the waters with us for free before deciding!