So, you’re selling your home – congratulations! It’s a seriously exciting time and if you do it well, you can see a significant bump in the final sale price of your home. Before you dive in headfirst, however, there are a number of do’s and don’ts that’ll help you to steer clear of potential pitfalls that could turn your renovation into a DIY disaster. Read on to find out more.
The Renovation Do’s
If you’re planning on doing these things, definitely keep it up. They’re all solid ideas and will help you get your property looking its best:
Start off with market research
This is a big one. You need to research the surrounding suburb of the property you’re selling to find out how hot the competition is. Look into any upcoming developments scheduled for the area, as well as any recent changes made to surrounding properties.
Get it valued right now
Before moving forward with any heavy renovations, it’s definitely worth getting your home valued as-is. This way, you’ll have a solid number to compare the value of any changes against.
Go to open inspections and auctions for recently renovated properties
If you’re considering renovations, take a step back and see how others have handled them first. Not only will you get some great ideas, it’ll also help you learn from their mistakes and figure out what renovations are probably best steering clear of.
Work out a strict budget
Based on various factors, you need to work out a budget for your renovations, including how much money you owe on the mortgage, how much you want to sell it for, and how much work is going to be required.
Know how to outsource
One of the biggest parts of a renovation is accepting that DIY only goes so far. There will be certain jobs that you can’t handle yourself. For example, laying some decking in the back yard might be within your reach, but electrical wiring for a new bathroom is something an untrained individual should definitely avoid.
Focus on wet areas
Bathrooms and kitchens are two areas that potential buyers are going to focus their attention on, so if you put the effort into these areas, it won’t go unnoticed.
The Renovation Don’ts
Just as what you should DO is crucial to the success of your renovation, the steps you should avoid at all costs are just as important. Read on to find out more:
Underestimate the power of lighting
Lighting works to showcase the best parts of your property. If your home is dimly-lit, potential buyers aren’t going to leave with the best impression of it. As a result, it’s best to light your home up and give it the attention it deserves.
Cling on to outdated items
Just because you paid a lot of money for them at the time doesn’t mean they should still have a place in your home. Carpeting, old colour schemes and dated built-in furniture are all areas you should be looking to scrap and re-do.
You need to get in the mind-set that your renovation isn’t for you – it’s simply a means of enhancing your end sale price. As a result, you should avoid getting sentimental over what stays and what goes. Focus on changing what will help you fetch a higher sale price in your competitive market.
One last don’t – don’t forget to take shots of before and after your renovation. All of your hard work will be much, much easier to see if you’ve got some photos to use as a comparison. Now, take the above points in mind, get cracking, and you’ll boost your property’s value before you know it.
The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.