Renovating to sell: What to renovate to maximise your profit!
Selling your property is a big deal because there’s a lot of money at stake and you want to come out on top financially. But before you start knocking down walls to drive up the price come auction time, take heed of this advice from Steve Jovcevski, property expert at financial comparison site Mozo.com.au...
Let me tell you that during my years as a property investor, I’ve learned that you rarely have to completely restructure the home you’re trying to sell to secure a good sale price. All it takes to turn your property into someone else’s dream home (for an even higher price tag), is choosing the right renovations that will not only add value but won’t take a major hit to your wallet.
Check out these home improvement ideas to attract those higher bids...
Spruce up the exterior
As superficial as it sounds, first impressions count and one way to score points on auction day is to show off a lush garden and freshly painted exterior (assuming your property is weatherboard, otherwise windowsill touch ups may be enough). And it’s easy to see why, with bidding decisions being made on the front lawn or curb overlooking the entrance of your home.
So how exactly can you renovate your garden? Start with the perimeter by repainting the fence, or uproot it and install a new one entirely. The path to the front door shouldn’t be overlooked either, which could potentially make or break an otherwise welcoming vibe. And of course let’s not forget your front door, which might need a fresh coat of paint.
Improve your kitchen and dining area
When potential buyers walk into your kitchen, you want to trigger those sentimental feelings about eating and preparing meals. You might have heard people say that the smell of bread baking in the oven works a treat or a big vase of fresh flowers in the dining room. Well when it comes to renovating these living spaces, there are plenty of adjustments you can make to push the price up come auction day too.
For instance, you may want to upgrade the tapware in your kitchen and if the surfaces are looking a little dull it might be time to install new benchtops as well. I’m not suggesting anything too dramatic such as a big slab of granite, as even a brand new matt laminate can turn a drab kitchen around. Just ensure that the whole look is consistent, otherwise you’ll blow your cover and it will be obvious it was a quick touchup job. Is your dining room floor carpeted? Check if there are floorboards beneath so you can rip up the carpet. Then you’ll have the ability to buff and polish the existing timber underneath which will open up the entire room.
Refresh your bathroom
There’s nothing wrong with personalising your own home when it comes to finishing touches. However, if you want to sell it you’ll need to keep your bathroom as generic and clean as possible, provided it goes with the rest of the house of course. I can’t tell you the number of times I’ve inspected properties with rubber duckies by the bathtub and black mould bordering tiles. No one wants to know about your bathing habits so declutter and give that place a deep clean.
Get a professional handyman in to pick out all the grout (such as between tiles) and pipe the gaps with fresh white grout, which I promise you will make your bathroom appear newer. Alternatively you can save money by applying a lick of white, specialised paint to the wall tiles instead. To complete the look it’s a wise move that you eliminate visible mould and mildew, along with sealing up any cracks and crevices in the walls.
Steve Jovcevski is the property expert over at Mozo.com.au, a financial comparison site that helps everyday Aussies save money on products such as home loans. With years of experience in the industry as a successful property investor, Steve is well placed to share nifty tips and advice on topics such as improving the home for resale. For more information go to Mozo.com.au