The million dollar question, literally in some cases, should you list your property for sale as is, or invest money to make some last minute renovations with the hope of selling at a higher price? This is a common dilemma for many, and something that stumps different people almost every week.
The problem is, there isn’t really a definite answer, instead, each property should be considered on an individual basis. To help you decide on the right move for your property, we have listed some aspects to consider.
If you’re thinking of selling as is, keep the following in mind:
- Many buyers don’t want to buy knowing they’ll need to make renovations before settling in. Even if they might be able to purchase the property at a lower price, some may not want to deal with the responsibility and hassle of organising repairs or remodeling which needs to be done.
- Depending on what needs some TLC, you might end up getting a lower price for your property. When you opt to sell your home as is, you’re more likely to attract buyers that are interested in home renovation projects, who plan to flip the property for a profit. Therefore, they will endeavor to buy your property as cheap as possible to ensure that the money they invest into renovations pays off.
If you plan on renovating your home before putting it on the market, it is important to consider the following:
- When making repairs and renovations, you’ll need to cover these costs up front, so ask yourself; is it really worth it when you don’t plan on living in the property? If the renovation isn’t going to add significant value to the resale of your property, it might be a waste of time and resources.
- There is a chance you might not be able to recoup the costs you have spent. Depending on what projects you invest in, you might not get the money you spent back in your sale price, therefore, it is important to focus on projects that offer the biggest return on investment.
Essentially, you shouldn’t make any sort of renovations that aren’t going to add value to your property. While you can’t control buyer demand in the current real estate market, you can control how potential buyers feel about your home by making your property more appealing.
If renovations are definitely off the cards, consider the following smaller jobs which will help to spruce up your place in time for sale.
No time and money will be wasted on making obvious repairs to your property. Potential buyers are always on the lookout for a property that is in good condition, so it is important to check for visible signs of wear and tear inside and outside the home. You wouldn’t think it, but small jobs such as re-grouting bathrooms, filling in chipped paint and re-painting skirting boards and windowsills can make a huge difference to the overall appearance of your place.
Work on your curb appeal
The outside of the property is often just as important as the inside! Make sure gardens are well kept and maintained, with garden beds full of healthy plants. Potential homeowners typically love a splash of colour, with not too much ongoing maintenance required. You could also consider clumping bamboo together which will help to create more privacy, something also favoured by potential buyers.
The finishing touches can say it all! A new set of bed linen, towels and tableware often make any room feel fresh and inviting. Finishing touches such as a final declutter, candles in the bathroom, fruit in the fruit bowl and room spray can really help to seal the deal. You could even consider purchasing some fresh flowers to feature as a beautiful centerpiece for your dining table.