Risks of renovating
EVEN the most careful renovations can devalue your home, so how far should you go to improve your house for sale?
Real estate expert Andrew Winter has some guidelines to help you decide.
1. Be firm with yourself
If you are renovating to sell, you have to be firm with your budget, as very cent you spend has to be recouped at the other end. Would a $20,000 new kitchen add $50,000 to your selling price? Or would adding another parking spot be just as effective in upping the sale price while costing a lot less. It pays to do your research on this.
2. Visit the neighbours
Once you have an approximate value of your home, go and look at other homes that are on the market in the same bracket as yours. Talk to the agents about the popular selling features in these particular homes. It’s about following the crowd.
3. Check out local trends
The information about what’s popular is out there for you to find. The local hardware store will tell you the popular shades, the flooring guys will know what people are using in a homes like yours. Remember you are renovating to sell to the market, not letting your personal tastes take over. This is about giving the general public what they want.
4. Read, read, read
Search for inspiration. Magazines, newspapers, online all offer trends and current design principles. Study your local real estate guide and see what is happening in your local area and work out how to imbue the look into your home, within your own budget.
5. Yes, there is an app for this too
Still feeling lost? There are several design apps available that can show you literally thousands of rooms, right there on your iPad/phone/laptop. Or visit the best of 3D design by visiting display home villages.
* Andrew Winter is a real estate consumer champion and the host of Selling Houses Australia on The LifeStyle Channel.