What projects will add value before selling?
Clients who are planning to sell their property often ask me for advice about small renovation projects.
It is often a difficult one to answer, but there is one golden rule. You need to make sure that you don’t over-invest your time or money. From what I’ve seen over the years, expensive projects are
rarely worth it if your goal is simply to sell your home.
If you think about it, how many people do you know who have bought a house and within 12 months replaced the kitchen and bathroom, two of the most expensive renovation jobs? One of our customers spent thousands of dollars installing a new kitchen to help sell his home. Imagine his dismay when he drove post his old house four weeks later to see his new kitchen in a skip. A simple update would have done the trick for 10% or less of the cost of his new kitchen.
So here are a few low cost ideas that should give your home a fresh look and add a lot more to the value than they cost you.
Small projects, such as painting or refinishing cabinets, updating door furniture, installing a tile or glass splashback, replacing work surfaces and installing new light switches can make a world of difference to how your kitchen presents.
Bathroom renovations are expensive and usually involve the replacement of floors, walls and fixtures, plus all those potentially expensive plumbing complications. So think small if your bathroom is looking a bit tired.
Repainting, re-grouting tiles and changing taps and towel rails, even the basin, can give a fresh look and feel to a bathroom for a fraction of the cost of a full renovation.
Conservative is best
Prior to selling is not the time to be adding unique features to your home – funky tiles, vibrant colour schemes or a wall mural. Unless prospective buyers share exactly your taste, it may make it harder for them to picture themselves living in the house.
Choose neutral colours for any painting work. Neutral colours offer a wide appeal, and can make it easier for potential purchasers to envisage putting their own stamp on the property.
Repair or replace leaking gutters, clean and wash all walls and carry out any necessary repainting, stain or oil the deck and spend a few hundred dollars on making your garden as inviting and open looking as possible. Making the outside of your house look inviting will give prospective purchasers a good feeling about it before they have even walked in the door.
With a bit of thought and planning it is possible to give your home a pre-sale makeover that can add substantially more value than the outlay.
If you are thinking of selling in the next 12 months or so I hope there is some good advice here for you. We are starting on a presale update project next week, so I’ll revisit this topic again post-sale to let you know the result.
All the best, Martin.
Categories: Home Repairs and Maintenance