Should I renovate my property before selling?
by Lisa East
A stroll through your local Bunnings on a Sunday morning will tell you that as Kiwis we love a bit of DIY. And the popularity of programmes such as The Block show just how much we love a renovation challenge! The question of how much renovation should be done before selling a house is a good one, and that’s where homeowners need to take a strategic view of where to spend their money for the best return.
So just how much money should you spend, and how big should those renovations be?
The answer to this will be individual to each property. The team at Iron Bridge Real Estate have many years of experience and advise there are some things to consider before embarking on any renovations with the aim of increasing your property’s value.
While some larger projects, such as adding rooms or a pool, can add significant value, they also come with the risk of greater investment. The key is that while renovations can increase a property’s value, this needs to be balanced against the time and money you have invested in completing them.
It’s also important to consider that your potential buyer may have different tastes. You may spend money to update a bathroom or a kitchen, only to find that your buyers plan to rip it out and start again.
So where should you spend your money to help increase your property’s sale price?
Adam Smith, Principal and director of Iron Bridge Real Estate recommends fixing things that might put a potential buyer off, such as broken guttering or water damage. Painting inside and out can really help with first impressions and adding a heat pump is an efficient way to make a house warmer, drier and more appealing.
Adam advises “Focus your efforts on really good presentation. People want to be able to imagine living in your home. Having it freshly painted, decluttered and dressed with some beautiful furniture can make all the difference.”
Renovations that allow for greater indoor-outdoor flow and extend living areas such as bifold doors and decking can add value to a property but the investment in these needs to be weighed against the expected increase in your property value.
The team at Iron Bridge can advise you on where you will get the biggest return on investment for your specific property. For no obligation advice, get in touch with our team.
