Our team dives into the details in the video. You can also read the article below which is compiled from the various points they make.
It can be tricky to recoup the costs of renovation. You’re only going to bring the price of your home up to market value. You’re unlikely to make it worth more than that.
You can’t necessarily expect the price of your home to increase by the amount you spend. It may improve that much, or even more, but it’s going to depend on a lot of factors.
If you’ve got the worst house in the street, you can bring that up to the market value. But if you already have the best house in the street, you’re going to over capatalise, and you’re unlikely to get that money back.
What to do
The important thing is to present your home as fresh and clean as possible. Small projects that make a big difference to the appearance are most likely to pay off.
Knowing where to start and where to stop renovating is the real trick. Sometimes doing some work will cause untouched parts of the home to look worse in comparison than they previously did.
If something is so bad that the buyer feels they will have to immediately work on it, then they will take the cost of doing that work off the price they will pay. But if it can be put off a little while, they’re less likely to reduce the price because of the problem.
Bigger renovations are a more difficult call to make. New kitchens and re-carpeting are generally not advised by the team, unless they’re they only areas that are still needing attention.
When deciding whether to work on a particular aspect, consider the condition of the rest of the home.
Buyers generally expect to put their own stamp on a house. It’s best to keep the home neutral so that the buyer can add their furniture and make changes to their taste. The worst case example is if you make major changes but the buyer plans to tear them out immediately to replace with something that suits them
Often the renovation work that is done just means the home is easier to sell, but does not raise the price that is achieved.
Some homes have cladding issues that need to be addressed, which is often an expensive exercise.
Replacing cladding doesn’t raise the value of a home, it just brings it up to the standard of what buyers expect a home to have.
If you’ve got cladding problems, you’ve need to weigh up whether you sell your home at a discount or whether you go ahead and do the work to restore the cladding.
Every home has unique factors to weigh up. Our team would be happy to help you out with advise about what you should consider. Just contact us for more info.