All those renovation shows can get homeowners very excited about doing a complete overhaul before listing their property for sale. But is spending thousands really necessary to sell your Mosman property for a premium price?
In many cases, it’s not. Read on for some advice that will help you decide if you should do a full renovation before you sell.
Should you renovate before you sell?
The decision to renovate before you sell largely depends on what the buyer is looking for. With the help of a knowledgeable real estate agent, you’ll be able to get an understanding of the features of your property that are called for by buyers. You can also learn if there are any key features your home is lacking.
For example, there is high demand for open-plan living over old-fashioned properties with separate kitchens. Buyers are also looking for modern kitchens and bathrooms, air conditioning, underfloor heating and good floor coverings. If your kitchen has been updated in the last ten years and has a practical layout, it may not be worth the expense of changing it. If, on the other hand, you know your closed-off kitchen will be a turnoff for buyers, upgrading it can provide good return on your investment.
Should you decide to go ahead with a major renovation ahead of selling, one thing to avoid is making changes specifically to suit your personal taste. Speak to your agent about what will have the broadest appeal rather than coming up with bespoke designs that only suit your needs and preferences.
Renovate vs upgrade
In most cases, a major renovation is not necessary to sell a Mosman property because of the strong numbers of buyers looking in the area. In most cases, small upgrades should suffice.
Even for an unrenovated apartment, basic cosmetic changes like fresh carpet, new paint and modern door handles can improve the first impression buyers get when they walk through the door. This is much more cost effective than knocking out walls and going through the process of choosing tiles and dealing with multiple contractors.
Another key area to think about is your property’s facade and street appeal. Upgrading the first parts of the home that buyers see can mean the difference between them stopping to come in and driving straight past on open home day.
Again, this can be done in a cost-effective way, with a pressure clean and some minor landscaping or gardening work.
In many cases, great presentation can be almost as effective as a total renovation. By making a few minor changes and styling the home in a contemporary and inviting way, you’ll be able to increase competition between buyers without spending a fortune.
Tips for renovating before selling
There’s no hard and fast rule about whether you should renovate before selling and it depends on the state of your property and the number of other homes for sale in the area.
If you do decide to renovate, make sure you speak with an experienced agent and do your sums to see if making major changes will pay off. It may be that the costs of holding the property, such as mortgage repayments and interest while you renovate may be disproportionate to selling quickly.
A final thing to be aware of: it is easy for renovation expenses and timelines to blow out beyond your original estimates. Be prepared for this to happen and allow some room to move on both accounts.
Advice from an expert will help you decide if you should renovate before you sell your Mosman property. To find out more, contact De Brennan Property.