Deciding whether to renovate prior to putting your property on the market is tough. According to Hotspace Consultant’s Jane Eyles-Bennett this is an extremely common dilemma.
“The last thing you want to do is spend too much money on your renovation and end up having to ask more for the property. If that were the case, you would have been better to leave it as it was and sell it un-renovated (and not have to go through the renovation process at all).”
Looking at both sides of the dilemma is the key to making a final call.
On the con’s side of the equation, Hotspace Consultants outlines these considerations:
1.) It’s a hassle
2.) It could backfire – you spend loads, but make little
3.) It’s less attractive for bargain hunters
4.) You alienate buyers looking for a renovation project
5.) You could have awful taste and make the property worse-looking
But on the other side of the coin are these pro’s:
1.) It’s better for you to add value to the property, rather than leave potential profit for someone else to take advantage of
2.) If your property is well renovated, you minimize the amount you are likely to be beaten down on price
3.) It could give you the edge over other properties for sale in your suburb
4.) It could simply be necessary to bring it up to standard to even be considered by buyers
5.) Your property will be more attractive to people less likely to have time/inclination to do their own renovations – i.e. professionals, families
So how do you decide? Hotspace Consultants has devised a simple checklist for people stuck for an answer.
What do you want your property to sell for?
Can you leave your property as it is to achieve this price (ask some Real Estate agents about expected selling price of your property)
Check out the competition. What do other properties in your area and asking price range look like?
How much will it cost to bring your property on par with competing properties?
How much time have you got?
Can you do the renovation yourself?