Are you looking to put your property on the market, but it’s looking a little worse for wear?
Many sellers ask themselves whether they should invest the time and money in their property to make some improvements before putting it up for sale.
Most of the time spending a bit on improvements can lead to a much higher sale price, but there are occasions where it’s not worth the bother.
So how do you know if renovating is the right thing to do?
Research the local market
The first thing you should do is look up properties that have recently sold in your local area.
Compare the price differences between properties that have been renovated to those that are un-renovated. If there is a large price discrepancy then you are likely to do well by making some improvements.
Figure out what buyers are looking for
There’s no need to go overboard when it comes to renovating before selling, often only a few simple changes are needed.
Figure out what type of features are popular in your area – for example local buyers might be on the lookout for a home office or entertainment areas in the backyard.
Talking to a local real estate agent can be helpful as they have first-hand knowledge of what buyers in your area are on the hunt for.
What if there is too much to do?
If a property looks like it’s about to fall down then a fresh coat of paint probably isn’t going to add too much value, but in most cases a few little cosmetic touches will be well worth the effort.
It does depend on who your targeted buyers are, but in general a well-presented property is going to sell for more. So even if you’re selling a fixer-upper it might be worth tidying up the yard and cleaning inside to help potential buyers imagine what they might be able to turn the property into.
If a property looks like too much work it can scare buyers away.
A few basic tasks to consider before selling (but always ask your agent for specific advice):
• Clean, clean, clean
• Repair obvious issues, such as a leaning front fence or broken windows
• Tidy up gardens
• Paint
• Declutter
• Consider staging with furniture
