Renovating or doing up your property to sell can be both time-consuming and expensive. And a test of most relationships!
At Red Fox, we see a lot of properties where homeowners have sunk their hard-earned dollars into the wrong improvements. Some decisions might even be to a property’s detriment – it might have been better not to undertake the changes at all, or to have spent the money elsewhere.
Not everything you invest in your home will get you a return.
Take pools for example. For every buyer that wants a pool, there are buyers that don’t – you reduce your potential buyer pool as soon as you put one in.
If you desperately want a pool and you’re going to be using it for the next 10 years – go for it – it’s your life and you should enjoy it. But don’t spend the money thinking you’re improving your sale price – a pool is a lifestyle decision, not an investment in your home’s future value.
So what’s our top tip here at Red Fox to save money before you sell or renovate?
Get a market appraisal.
Yep. It only takes an hour. And it’s free.
Ask a reputable agent, who knows the local market and buyers, what’s going to add the most value to your home.
It may be that you’d be better off moving and upgrading rather than investing additional dollars into your current property.
If it does make better financial and/or lifestyle sense to stay put and renovate, your agent will be able to give you feedback on the types of improvements that typical buyers in the area expect, so that you can invest your money into changes that will add value, rather than ones that could potentially detract from it.
That huge laundry could be an ideal, cost-effective, second bathroom.
Instead of reno’ing the existing bathroom you might be able to replace taps, mirrors, the shower screen and regrout – et voila – you’ve got a rejuvenated bathroom that your buyer will most likely be happy to live with for years to come.
Or all your home could need for sale is a fresh coat of paint, a garden tidy, and a pimp with some staging furniture.
So if you’re considering renovating or selling, make sure that along with your quotes, your get input from a local real estate professional before you start spending your time and money.
Our advice could not only save you tens of thousands of dollars, but also likely hours of your life.
PS – feature walls? Not even a question – paint them out!