Most properties require a bit of work, but the adage, "Good hat, good feet", rings true, as these aspects make a good house. A pre-sale process will often have you looking at sprucing your property up to encourage the highest possible return.
And, real estate salespeople will tell you that common property issues can jeopardise or impact a sale outright. Yes, even in a market where anything and everything seems to sell!
It can, however, be tricky deciding which issues require repairs and which could do with an upgrade. Big-ticket items could end up using your entire budget, and you could still potentially end up not having a buyer in place after all of that. Avoid this situation at all costs because the chances are good that you won't recoup what you spent at the time of the sale unless, of course, you purchased the property at a bargain price!
The experts agree that there are a few key things to ask yourself before listing your property for sale:
So, what do you do first, and when do you stop? If everything in the house is 'passable', start with the outside first, then the kitchen, interior living spaces, exterior living spaces, and the bathroom.
Why the exterior over a kitchen or bathroom? If your house exterior isn't appealing, you could stop a potential buyer in their tracks.
It may be good to consider an update over a full-blown renovation when you think of a kitchen renovation. Prioritise what needs doing so that you can keep track of costs.
Quick wins could see you actioning minor repairs, modernising by updating hardware and light-fittings and adding a lick of paint to freshen things up.
Top tips to help make your property more sellable:
The best thing to do is to have a look at other homes in your neighbourhood. This will help you to avoid over-improving your property. For example, if none of the other houses in the area have the amenities you're thinking of adding, it is unlikely to result in a significantly higher selling price when you add them.
Our local real estate salespeople can provide you with comparable properties that have sold in your area. This will give you an excellent idea of where you sit in the current market, what you could expect to sell for, and different ways to add value.
A general rule of thumb is that a good return on investment is at least double what the renovation cost.
Have you considered buying or selling a property? Or do you know of a family member, friend or colleague who is considering buying or selling a property? Contact Rose Olliver to experience next level service.