When you are looking into selling your home, there is a lot to think about. It can be an exciting yet stressful time. You may even find yourself looking around your home with fresh eyes, imagining what a potential buyer might see. Since you see your home every day, this might be the first time you notice the faded paintwork or rusty garden gate. Will such things put off interested parties or impact your asking price? And should you invest in renovations before selling? Read on to find out!
Look at similar properties
When looking to sell, check out similar properties in your area that have sold or are currently on the market. This can help you to figure out the state of repair that most of them are in and how much they are selling for. If you can do some small renovations and put yourself head and shoulders above the competition, it may be worth putting in a little capital.
What’s the ROI?
Say the property you are selling is one you have inherited and it is in a bad state of repair. Pouring money into patching up holes in the walls and putting in a whole new bathroom might not make good business sense if the property is not in a desirable area. Return on investment (ROI) is an important factor when considering renovations. You never want to spend more than you are increasing the value of the property, as this will result in a net loss. In the case of property that needs a lot of work, it might be smarter to simply market it for less money and appeal to those who love a project.
Consider small repairs
Sometimes, the small repairs really do matter the most – and these can have the best ROI. Remember, many buyers want to put their own stamp on a house, but small renovations such as replacing or repainting window frames or ensuring that all your fixtures and fittings are rust-free can make a house look more appealing. A clean, fresh and neutral paint job enhances the look of your space easily, and a well-kept yard is a great way to draw in buyers. However, you should probably leave large-scale renovations like a new kitchen or bathroom out – unless this is something that every other home in the area seems to boast.
Talk to a professional
It can be difficult to know what to do sometimes. You don’t want to over-spend on fixing up your old property, after all. If you really aren’t sure about how much work to do and how it will impact the overall saleability of your home, speak to an estate agent. They can advise you on everything we have discussed here, but make the advice more specific to your unique area and property, and will have insider knowledge of the market at that moment.
Let us help
If you are thinking about selling your home, you need a great team on your side. Harcourts Kingsberry can help you every step of the way. Whether you are only considering putting your house on the market and need advice or you are sure you want to sell, get in touch now for expert help.