How to renovate to maximise your sale price

Renovations are about adding real value to your property when it is time to sell.

Renovate to maximise sale price

Renovations are about adding real value to your property when it is time to sell. Here are some ways that you can maximise your sale price.

1. Do your research
Take the emotion out of the equation and learn what improvements are most likely to add value for your style of home, your suburb, and in the current market. You might want to make changes that appear fancy, but if they do not fit in with the neighbourhood, you could be wasting your money. Look at recently renovated properties in your area that have achieved a good sale price before you commit to your renovation.

2. Think about the buyer
Your renovation is not about your preferences any more. If you are downsizing, it is likely that you will be looking to sell to a young family, with vastly different tastes than your own. If you are trying to target the house towards families, you might want to make sure that your kitchen area has a direct and unimpeded view of the backyard where the children can play. Other small jobs that can make the property more attractive to families include adding secure fences and gates.

3. Stick to your budget
If you are trying to maximise your profit, it is imperative you keep your costs down. Sticking to your renovation budget requires applying the same rules as any other shopping budget: you have to avoid impulse buying. Other impulse choices like making design changes once you have accepted a quote from your tradesman can also prove expensive. Try not to spend too much money on frivolous fittings.

4. Keep it simple
You would be surprised by the number of small improvements you can make that can add significant value to your property. Fresh paint, new light fittings, new bathroom fixtures, and door handles are only minor changes, but they can really make your house feel like new.

What renovation tips do you have for trying to maximise your profit when selling?

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    COMMENTS

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    Rae
    9th Mar 2018
    10:41am
    Ensure the street appeal is dealt with. If it isn't welcoming when they pull up outside they won't even bother coming inside.

    Just declutter, if the room is small use smaller furniture. You can hire this.

    The house must be clean and have any shiny surface gleaming.

    Very old walls should be painted a warm white only. Flowers always help. So can the right smells.

    Often it is better to do nothing more as the new owners will want to renovate themselves. You can then offer to knock off the money you would have spent from the asking price.
    Linda
    9th Mar 2018
    11:23am
    This article was close to a nothing burger. Rae offered some great suggestions that I found helpful. Thanks Rae.
    hippy
    9th Mar 2018
    1:32pm
    This article hits the right buttons. Basically do not overcapitalise on your renos. Sometimes it is not worth spending too much to attract buyers. A lick of paint and a good strong clean up helps. When all said and done the buyers are looking for a good house in a particular location. They always want to add their own touches to it.

    9th Mar 2018
    3:01pm
    Renovation is surely all about living where one lives more comfortably. Why bring the Almighty Dollar into it? Greed is a major factor in the downfall of modern society. As Henry Thoreau once wrote, society will fracture until we reach the atomic stage of the individual, when everyone will be at everyone else's throat. This dystopian reality is nearly upon us, and it's fueled by greed.
    Nika
    9th Mar 2018
    3:34pm
    In all my houses I've sold, I never painted a warm white, beige, cream, make-over-magnolia or any other similar colour. They are just dull and absorb light. Fresh paint, fresh colour. pale mint and light fresh grey are the in colours atm. Follow the trend that's now. All my houses have sold top asking or above. Smell is very important, to help the subconscious to like the house too, I use a little wipe of vanilla essence on the door frames to each room prior to an open.
    *Loloften*
    14th Mar 2018
    4:10am
    Don't worry abt it 'til ask realtor if your home will be demolished after sale, often the cost of "sprucing it up" isn't needed.