Making your home as valuable as possible before you sell is obviously the goal, but if you’re considering renovations before putting your house on the market, you need to plan carefully.
You want to do just the right amount of renovations to increase the value, but not so much that it will overprice the property for your area. Remember: the objective is to invest in renovations in order to get the money back when you sell.
Here are a few tips to consider:
Be the buyer
One way to start this process is to step back and view your house as if you were the buyer. This way, you can identify which areas need some TLC, which need improvements, and what simply needs to go. Before you do this, spruce things up and give your home and garden a thorough springclean.
Money and market matters
When you’re pricing renovations before selling, you want to keep the property value variation between 15 and 20% of other homes within the area. The reason for this is simple: if buyers want more expensive homes, they will go to more expensive areas. Keep up to date on market trends and what buyers are looking for. This will help you decide which areas in your home you want to revamp.
Bump up the bathroom and clean the kitchen
In general, bathrooms and kitchens are two of the areas worth focusing your efforts. Renovating these rooms offers a good return on investment. If you spend around R20 000 or R40 000 on renovating your bathroom and/or kitchen, chances are you’ll be able to get that back in the asking price and at the same time, make your home more attractive. However, if you go too extreme and spend too much, you might not get the best returns. When choosing how to renovate, keep colours neutral, focus on lots of light and aim for a clean and fresh feel.
Obey your budget
Being on a budget doesn’t mean your renovations will look cheap. Be cost-effective and look for the little things first. Changing doorknobs, the handles on kitchen cupboards, a fresh coat of paint and a good gutter clean can make all the difference to your property.
You don’t need to go big to be more valuable. Do your market research and find out which target market is most likely to buy in your area. Families are often looking for larger rooms, younger buyers are more concerned with the living room space and secure parking. Be prepared, have a budget and remember to think as the buyer.
Words: Lauren Joubert