Posted on 02/13/2015 by Kerry Matthews
If you are thinking of selling your home there are many things you can do to add value to your property.
Renovating may be expensive, so it’s a good idea to know which improvements to invest in, so that you don’t over capitalize. We talked to one of our successful sellers and to Russell Matthews who’s our Sales Department Manager with over 20 years experience in property sales about tips for adding value to your home.
Tips from our Seller
As you can see from Jo’s photos above, she not only made some beautiful and appealing renovations to her home, but she made a profit too. These are Jo’s tips:
When you first decide to sell it’s important to talk to your agent as they can offer tips on the value of the property and how much to spend without overcapitalising.
Think about how much time it will take to complete your renovations, for my house I only worked weekends but that took 6 months in total.
Some improvements that I made and suggestions for improvements include:
1. Paint roof
2. Replace gutters
3. Paint or clean exterior walls
4. Paint interior walls
5. Sand and polish timber floors
6. Install new kitchen benchtops
7. Install new stove
8. Replace hand basin in bathroom
9. Resurface bath and shower tray
10. Tile entry
11. Replace light fittings
12. Replace curtains
13. Place down new turf on sections of the back yard
When selling, think about your prospective buyers and do what the majority would find appealing. Considering their perspective is how I decided what to do and what not to bother with.
When renovating, consider what you can ‘do yourself’ or who will you need to employ, this will impact your budget. I had a mixture of both.
The outcome of my efforts helped me achieve the best possible price for the age, style and location of my home. Without renovating I know my house wouldn’t have sold for the price it did or as quickly.
Tips from our Sales Manager
Look at improvements that are simple and not costly.
Make repairs a priority as buyers will certainly factor this into their negotiations and outstanding repairs may even prevent them from making an offer in the first place. Urgent repairs will show up in a Building and Pest Inspection Report and this may heavily impact your sale price, so tackle them if you can afford to.
In preparing for sale with a limited budget I would recommend the following:
- Have yards mowed, remove rubbish, trim trees, and refresh mulch.
- Internally create more space by de-cluttering your home. Creating more space will make the house appear bigger and add light to your home.
- Give it a really good clean internally, sugar soap the walls if not painting, clean light fittings and replace light bulbs.
- Painting your home can give a real lift to your property – keep colours neutral.
Presentation goes a very long way with buyers. As with Jo’s home it displayed well and the photographs showed this and drew a lot of people in, everybody commented on the wooden floors.
Drawing a crowd to your property viewing creates a sense of competition and a vibe that the property is popular and desirable. In Jo’s home, this created multiple offers and the property was under contract after the first inspection.
Final comment - before spending thousands in renovating I would certainly get some advice as you don’t want to waste money renovating if it’s not needed. Some people prefer a blank canvas – always check with your agent.
If you are thinking of selling your property and would like some recommendations, please contact our sales department at Matthews Real Estate on (07) 3848 0655.