How to renovate a house to sell
Thinking about selling? Unsure if your property needs a little TLC before you hit the market?
It’s important to do your research on what features are going to get you the biggest return on investment. In many cases, it’s not luxury features that’ll impress buyers. It’s often the simple but smart upgrades across your property that will help you achieve the most bang for your buck.
For example, if you’re selling a smaller, inner-city property, perhaps you make use of nooks and crannies to add more storage. Or, if you’re selling a larger property, you could add features to your outdoor area. It’s important that you do your market research to find out what buyers in your area are looking for.
If you don’t know where to begin, a local real estate agent will be able to tell you the trending designs and features that buyers in your area are currently looking for.
Below are some ideas on where to add value to a home.
Value-adding features that’ll win the heart of buyers
Functional outdoor living spaces
We all know Aussies love to entertain. Buyers are likely to be impressed with smart outdoor spaces. If you’ve got a little bit of cash to splash, you could add in or update an existing outdoor living space.
Outdoor living feature ideas include:
- A pergola
- A deck or patio
- An outdoor fire
- A built-in barbecue
- Outdoor pendant lighting
- Built-in day beds
- An outdoor fan
Outdoor spaces might be desired more so in warmer locations. By chatting to your local real estate agent, you can ask them what tickles buyers’ fancy in terms of outdoor features.
Rethink the granny flat
If you’re thinking about renovating to extend your property, a smarter way to achieve more space could be to add in a granny flat. This way, don’t need to make any structural changes to your existing property.
And who says it needs to be a traditional granny flat?
You could build a guesthouse, a designer’s dream studio, a kids rumpus room… the opportunities are endless.
There are now Australian companies who specialise in building modular granny flats or ‘nano homes’.
If you have an older property and wanted to modernise a part of the property, a granny flat could be the perfect option. Plus, they can be built very quickly.
Improve your property’s curb appeal
The saying ‘don’t judge a book by its cover’ doesn’t necessarily ring true when it comes to buyers inspecting your property.
Buyers will almost certainly drive by to suss out the front of your property, so you’ll want to ensure you have an impressive curb appeal heading of listing it on the market.
Check that the following features are in tip-top condition:
- Front door
- Exterior walls
- Roof and guttering
Restore period features
If you’re looking to add value to an older property, it’s worth looking into its history.
Did your property once possess timber sash windows, tessellated tiling, cast iron fencing or lace?
Find out what year your property was built. Then, it’s a good idea to do some research on period features of that era or seek professional help to find out what they were.
You never know, if you strip back some of your existing materials, you may find period features. For example, flooring and closed off balconies.
Restoring period features can be a timely process, so if you were thinking about selling in the short term, be sure to ask for an ETA from suppliers and tradespeople straight away.
Make use of nooks and crannies
Rather than making structural changes, a fun way of adding value to your home is making use of space that’s rarely used.
Where you have unused space, consider adding:
- Desk space
- Storage cupboards
- A reading nook or day bed
How much value does a renovation add to a home?
A good rule of thumb is to spend within 2% of your home’s value in order to add significant value, without over-capitalising. So, if you’re selling a home worth $500,000, spending $10,000 in rooms like your kitchen and bathroom could add significant value. If you’ve got a $1,000,000 dollar property, you could spend around $20,000 on improvements. If you spend too much on your renovations, you run the risk of over-investing, and not making a profit when you sell.
Want to understand the value of your home? You can use our online valuation calculator to get an online property estimate based on your recent sales in your area, property condition and the number of bedrooms.
Or, you can get in touch with a local real estate expert who knows exactly what buyers in your area are looking for. They’ll be able to give you tips and advice on what improvements are likely to add value to your property.