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Is it worth it to invest in remodelling before a sale?

By Andrew Bell

You’re getting ready to sell your home, but now you’re wondering – should you sell it as is, risking a lower offer than you’d like, or invest in a renovation, and risk not making all that money back? The answer depends on what’s really wrong with the house.

While you may be able to take your chances with a older floor or a dated kitchen, there are a few areas you’ll need to invest in if you really need to sell your home.

Essential exterior improvements
If the landscaping has gone to ruin, at bare minimum a good cleanup is needed, or you’ll be lucky to get any interest at all. Boosting kerb appeal in this fashion can be an easy way to improve the salability of your house, and you may be able to recoup the cost.

Likewise, if the outside of the house has paint chipping and peeling everywhere, you should pay to have it cleaned, stripped, sanded and repainted. If the main paint job is still in reasonable condition, consider simply giving the house a “facelift” with fresh trim and shutter paint.

Interior adjustments
Deep-clean everything and proactively get rid of clutter. If the interior of the home is in fairly good condition, you can take it from drab to delightful with a little home staging. A fresh furniture arrangement can do a world of good and help you see the property through new eyes.

Appliances and fixtures are relatively inexpensive compared to a complete remodel of any one room, so think about replacing these items with new ones that still fit the tone and style of the house’s current decor. “All-new appliances” can be a good selling point.

Renovation budgeting
If you have the time and budget, you may be able to complete a renovation or two that will boost your home’s value significantly and help it sell swiftly once you put it on the market. The important thing is not to overcapitalise.

For example, if you spend $100,000 on a kitchen renovation and only sell the house for $20,000 more than you hoped, you just washed $80,000 down the drain. However, if you can spend $50,000 and sell for $60,000 more than you expected, you’ve turned a nice profit.

Plan on spending at maximum no more than 10% of your home’s current value on renovation. For small areas like a bathroom, you might be able to spend just 2% and update it enough to make a difference on the market.

Consider doing an exterior renovation and putting in a deck with outdoor lighting and a barbecue. This will make your home seem a little more unique, and allow new owners the freedom to update the interior to their own taste.

Want to sell your home? Contact Ray White Surfers Paradise to talk to one of our experienced professionals today.

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