It goes without saying that when selling a property everyone wants to make money on the investment. Sometimes that involves renovating your home to maximise your return. But which renovations are worth it when it comes to delivering a return on auction or sale day? And does renovating to sell really make sense?
Some experts say that you should focus on renovating areas that will give you the best return on investment (ROI). This means kitchens and bathrooms are typically a good bet, as these are usually high-use areas in any home.
Ultimately, the best way to ensure a good return on your investment is to speak to a real estate agent who knows the local market well. They can advise you on which renovations are likely to give you the biggest boost come sale day, in your area.
There are a few things to consider when thinking about renovating to sell your home to make sure it’s the right move. Remember you are renovating for your future buyer, not for your forever home.
Know Your Target Market
It is important to have an idea of who your target market is when thinking about making changes to your house. Renovating your home to sell can become a big job if you don’t plan for it accordingly. You want to make sure you get the most return on your investment, but you also don’t want to overcapitalise for your neighbourhood.
Think about who would want to buy your home. Are you trying to appeal to families with young children? Then maybe a bathroom renovation with a bathtub or a more modern kitchen would be worth the renovating costs. Are you appealing to a younger crowd who are just looking for a starter home? Then maybe just some new paint and flooring would suffice. Knowing who you are trying to sell your home to will help renovating decisions become more clear and will help you get the most return on your investment.
There is also the rental and Airbnb market to consider depending on where your property is located and the demand for rentals in the area. Depending on the area, a house or apartment renovation could bring in buyers looking for potential holiday accommodation or rental prospects.
Bathroom and Kitchen Renovation
When it comes to renovating your home before selling to make the biggest impact – the two main areas that probably come to mind are bathroom and kitchen renovations. This is for good reason, as they as they tend to be the two rooms that potential buyers focus on the most.
If you’re planning to sell your home, renovating the bathroom is a great way to increase its value. A bathroom renovation can range from simply replacing the fixtures to gutting the entire room and starting from scratch. No matter how extensive the renovation, there are several key factors to keep in mind.
- First, consider the needs of potential buyers. What type of bathroom would they be looking for? Would they get more use from a bathtub, double shower or vanity, or maybe even both?
- Second, focus on making the most of the space you have. Even a small bathroom can feel spacious and luxurious with the right design choices, fixtures and finishes.
- Finally, don’t forget the details. Finishing touches like new towel racks or light fixtures can make all the difference in creating a bathroom that looks sleek and inviting.
The kitchen is often one of the most important rooms in a house. It’s not just a place to cook and eat, but also a gathering space for family and friends. When the time comes to sell your home, potential buyers will be looking closely at your kitchen and wondering how it can accommodate their family and lifestyle.
If it’s outdated or in need of repair, it could be a dealbreaker. Fortunately, kitchen renovations don’t have to be expensive or time-consuming. Even small changes can make a big difference. Replacing old cabinet doors and benchtops or installing some new appliances, can easily update the look of your kitchen.
Getting the Best Out of Your Renovation
If you’re not sure where to start with renovating to sell your home, or don’t have the time or skills to do the work yourself, hiring a professional renovation builder can be a great investment. They’ll be able to advise you on what types of renovations will add the most value to your home and help you get the job done quickly and efficiently. With their help, you’ll be able to maximise your home’s value and sell it quickly – giving you more money to put towards your next home.
Remember you don’t want to overcapitalise as it can make your asking price too high, scaring off potential buyers. You also want to think about what will make someone else happy, not what you’d like.
Ready to renovate to sell? Dymond Homes can help. We’re a renovation builder that specialises in creating stunning spaces that will appeal to potential buyers. Our team has the experience and expertise necessary to get your home ready for sale quickly and efficiently.
Contact us today for a free consultation, and let us show you how we can help you achieve the renovations needed to maximise the sale of your home.