So you’re ready to sell your property, but you’re unsure whether or not you should renovate before slapping it on the market. On the one hand, renovations might improve the overall value of your home. On the other, all your time, effort and money might go to waste should your renovations fail to impress or attract a potential buyer.
It’s a conundrum that all homeowners inevitably face when confronted with the prospect of selling their home, especially if they’re hoping to make a few bucks out of it.
Lucky for you, we’re here to give you some helpful advice that will help you put to bed the question as to whether you should renovate or not, so you can stop stressing, and start getting a good night’s sleep!
Will it pay dividends?
It’s a simple question, and one whose answer might lead you to a resolute decision sooner than you think. If you can safely estimate that renovations will not add equity or value to your home, you are better off scrapping the idea, quick-smart.
Our advice is to treat renovations like a business venture. Only invest in a renovation project if you know that the time and money you put into it will convert into a substantial profit for you at the end of the day.
Your number one priority is to increase the value of your home and to maximise your chances of a sale. Nothing more. Do not – we repeat, do not! – commence renovations unless you can safely say that your renovations will lead to a payout.
Should you choose to move ahead…
So you’ve done your research. You’ve compared the potential losses to the potential gains, and decided it’s worth the risk: you’re going to move ahead with your renovation plans.
Great, but before you take a jackhammer to the floor, make sure you don’t overcapitalise on your investments. This is when you invest more money into your renovations than you’ll get in return thereby operating at a loss, even if you happen to sell the property!
All the hard work and money you put into updating your home might fail to translate into a profit, potentially leaving you worse off in the finance department than you were at the start. Avoid this mistake at all costs!
If you’ve got your heart set on renovating, operate strictly within your budget, never overextend, and only invest in those renovations on which you’re sure you’ll make a return.
Get savvy with your spending!
Being smart with your money brings us to our next point…
If you want to profit from your renovations, it’s important that you make the most cost-effective decisions around which products you invest in when updating your home.
As a rule of thumb, you want to get more money out of your property than what you put into it.
One way to do this is to purchase products that are relatively cheap, but also highly likely to add to the appeal and therefore the value of your home.
Take, for example, Quick-Step’s Laminate Range. Highly affordable and yet truly astounding in its appearance and durability, Quick-Step’s Majestic and Impressive Ultra Laminate Range can add an element of modern extravagance to any space in which its installed at a fraction of the price of natural wooden floors. Find out more about the Quick-Step Impressive Ultra.
Quick-Step Impressive Ultra Classic Oak Beige
Giving off an impression of elegant, real timber (minus the timber!), it is a fantastic option for anybody hoping to refurbish their floors without putting themselves out of pocket.
Furthermore, if you’re looking to save money through a DIY approach, this could be the perfect option for you. Quick-Step’s unique Uniclic technology allows even the most inexperienced DIYer to install a floor with relative ease. All you need to do is snap the lengths of flooring together with a snug, satisfying ‘snick’, and you’ll have a floor under your feet in a matter of moments that will be sure to attract a potential buyer.
The lesson here: seek out products (like those described above) that are inexpensive yet likely to add to the value of your home.
And always – always! – ask the consultants at your local hardware and furniture stores if you can purchase products at a discounted price.
These are sure-fire, economical ways to make the most out of your money on renovations – spend less to make more!
Know the value of your property
However, before you even think about planning a thrifty renovation budget, it’s of the utmost importance that you first assess the value of your property.
The quickest and most effective way to do this is to consult a real estate agent in your area who can evaluate what the typical going price is for houses in your neighbourhood that are of a similar age and style to the one you’re hoping to sell.
You might find that your house is within your desired price range, and you can put your property on the market without completing unnecessary renovations.
Moreover, should you wish to push forward with renovations, you can also ask the real estate agent what potential buyers are after in your suburb. This way you can customise your renovations to target the buyer demographic in your area, so your renovations are more likely to yield a profitable sale.
At the end of the day…
Once you’ve contacted a specialist to assess the value of your home, done your research, and weighed up the pros and cons of renovating your house, it’s time to decide the best course of action for your own set of unique circumstances.
Does your property require serious renovations, or can you get away with sprucing it up in smaller, more cosmetic ways?
Whatever you decide, you should always keep in mind that you’re trying to make money off your property and the best way to do this is to tailor renovations that will appeal to your audience, while making wise, effective investments that maximise profit while minimising any outlay costs.