To renovate or not?
When looking to sell and get top dollar for your biggest asset, it makes sense to take the time, effort and money to fix up your property before placing it on the market. It will definitely be worth your while – and here’s why.
Sprucing your home up with some cost-effective and affordable renovations, could in the end result in more buyers competing for your home, less days on the market and achieve an absolutely outstanding result.
Whilst selling your home, yours needs to look as good as ‘display homes’ if you want to achieve an equally good price.
Managing Director of Aurora Estate Agents, Andrew Nguyen said, “Remember that feeling you got when you went through a display home? You need to replicate that feeling when buyers walk through your home.”
“When buyers fall in love with a home, they start thinking about its emotional value rather than its market value”, he said.
Buyers in a falling market
In 2018, buyers have now become more cautious when placing offers. Buyers know that they can be choosy when it comes to buying a home because the market no longer has a sense of urgency.
You either have buyers who are looking for the most amazing home in the suburb for the cheapest price possible – we call these bargain hunters - or the other buyers who are professionals and have bigger budgets but are increasingly time poor.
These buyers who are time poor are wanting the home to be move in ready right away so that they don’t have to spend time fixing anything.
How much do I put into the renovations?
When renovating to sell, you need to keep in mind the amount that you’re investing into your home, making sure you make more than that in return. The last thing you want is to over capitalise and realise you actually have made a loss when you get the final result. On average, renovating should improve the value of your property by up to 20%, but this will ultimately depend on how much you spend and what you do to the property.
If you want to achieve top dollar for your property sale, it must appeal to buyers from the moment they walk in the door on an emotional level.
Vendors want a quick but good result for their home, whereas buyers want a home where they can tell they won’t have any problems with the property. So as well as getting the painting, flooring and lighting upgraded, you may need to consider updating old kitchens and bathrooms too - just be sure to think like a buyer when you are renovating to consider what they would like.
Make sure you have the feel
As well as having the renovations done on your property, home styling is also worth your while, which adds amazing and modern furniture to enhance the appeal of your home. You may have some pretty shiny new features, but if you can’t provide the right feel, you may end up turning some buyers off.
With all these things focussed on and the right agent on your side, you should be able to achieve an even better result.
A few renovation tips as you’re undergoing the works is:
Remember to not forget the outside of your home; pressure clean, mow the lawns and clear out the garden beds to something which is low maintenance and presentable.
Keep the colour palette neutral so you can appeal to a wider range of buyers.
When you’re investing in real estate, professional advice can definitely pay off. That’s why it’s important to make sure when you’re hiring workers, they’re all experienced and qualified, allowing time for them to get the job done right.
After all, real estate sales are all about creating a great first impression.
Aurora Estate Agents in Berwick and surrounding suburbs provides expert real estate sales advice, helping clients to achieve the absolute best result for their property. Get in touch with us to find out how to achieve a premium price for your home.
Aurora Estate Agents
Aurora Estate Agents are a new breed of real estate professionals which are highly focused on their core values: integrity, accountability, transparency, client focussed and process driven. Aurora Estate Agents’ dynamic team is a collaboration of effective marketers, residential sales agents and residential leasing consultants.
South East Melbourne, which includes Berwick, Narre Warren, Beaconsfield, Clyde North, and Cranbourne is the country’s property boom hotspot. Aurora Estate Agents is perfectly positioned with a broad spectrum of property expertise to provide the best advice and skills for homeowners, investors and developers to ensure they continue to maximise growth and take advantage of existing market conditions.