Should You Renovate Before You Sell? A Love&Co Guide
Wondering whether to splurge on your property before putting it on the market? In today’s blog, Love&Co explain how to decide whether to renovate before you sell, and unpack why it suits some homes more than others.
When Should You Renovate Before Selling?
Though we wish there were – there’s no ‘one size fits all’ answer concerning whether it’s best for you to renovate or refresh your property directly prior to selling it. If you’re selling in a buyers’ market – that is, one with little purchaser demand and high property supply – you may want to elevate your asset by giving it the ‘wow factor’. Do your research on the local area and speak with your Love&Co agent to ascertain what buyers really want in a property like your own. Enlist the help of your local expert agent, as they’ll be able to discuss recent comparable sales with you, and explain what the buyer landscape of your market looks like. In a market with lots of supply, you might benefit from making your home the pick of the bunch courtesy of a few touch-ups. Another reason you may choose to renovate or improve your home is if you have uncovered issues that may definitively dissuade buyers from purchaser your asset. Think leaks, mould, faulty electrics and the like.
When Shouldn’t You Renovate Before Selling?
Vendors’ markets are more accommodative of unrenovated homes selling for a premium. High buyer demand and low market supply puts sellers in the driving seat – buyers want properties like yours, and often they’ll sacrifice items on their wishlist simply to get the right home. Again, a local agent will be able to help you ascertain whether or not you should go to the effort and expense of renovation prior to selling. Combining their local expertise with your own independent research will help to assist you arrive at a decision. Renovation costs sometimes run higher than expected – so if the market is robust at the time you want to sell, you’re less likely to benefit from costly home improvements.
If You Do Renovate Before Selling…
If you do choose to renovate before selling, be very clear about the level renovations you’re planning to carry out – and don’t go off track. Renovations can range from minor cosmetic improvements to full knock-down modifications, the latter being the most expensive. Look at your target market and renovate with them in mind. For example, a three bedroom home in an up-and-coming area may appeal to a family, while an inner-city apartment may attract a young professional or investor. Look at the winning features similar properties are boasting, and see how you can incorporate those into your home. Weighing up your budget against your desired sale price will help you define how much you can realistically afford to spend on pre-sale improvements. Don’t go over-budget – and don’t discount the value that home staging can have, helping buyers visualise the potential within your property.