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?
Related articles:
Can your house cope with you?
Home renovation traps
Selling? Four things to consider
All content on the YourLifeChoices’ website is of a general nature and has been prepared without taking into account your objectives, financial situation or needs. It has been prepared with due care, but no guarantees are provided for ongoing accuracy or relevance. Before making a decision based on this information, you should consider its appropriateness with regard to your circumstances. You should seek professional advice from a financial planner, lawyer or tax agent in relation to any aspects that affect your financial and legal circumstances. Financial comments provided by readers cannot be relied on as professional advice, but as general comments only.
