Our tips on home improvement: when to invest, when to resist

Perhaps you’re thinking about bringing your home to market – either now, or in the coming year. There’s a few odd jobs that you’d like to take care of before you do so, to create a good impression, attract buyers and – hopefully – to assist you achieve an outstanding sales price. Vendor, be warned: whilst there are certainly some basic home improvements which will make your home appealing and marketable, renovating  substantially just prior to selling can be a risky (and costly) undertaking. Here’s why.

Before selling, it goes without saying that you should become acquainted with the property market in your area. Attend open for inspections, relevant auctions and consult with one of our team to ascertain the potential sales value of your home. Find out if there are any improvements you could make which will substantially influence your sales result. More often than not, the basic improvements are safest to undertake prior to selling.

Substantial renovations can swiftly uncover underlying issues within a residence – and like a ball of string, you may soon find your ‘small reno’ has turned into a tangled compliance project with a skyrocketing bill. It is very easy to overcapitalise on renovations – diminishing your potential return on investment in the hope that it will convince buyers to pay substantially more for your home if it has a new oven or chic bathroom. Renovation just prior to selling can result in a ‘break even’ effect – leaving you in the same financial position as you were before all your hard work.

If you’re a fan of TV shows like ‘The Block’, you might have an overly-optimistic idea of how swiftly renovations can be completed – and how much value a renovation could add in your market. If you’re intending on living in your home for a period of time and enjoying your new kitchen or extension – then by all means, invest and reap the benefits of your hard work! But should you be selling in the near future, think carefully and consult with local property market experts to avoid overcapitalising.

Simple ways to present your property at its best without overcapitalising include painting, decluttering thoroughly or opting to sell your home professionally furnished, taking care of the yard and garden and making repairs to any damaged parts of your home. To discuss more ways to add value to your home prior to sale, please do make contact with our agency.