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To Renovate or Not to Renovate Your Home Before Selling?

Category Hendra Knows

  1. Renovating before selling

A renovated space is a definite winner when potential buyers are looking for their new home. People love modern touches and new fixtures over a space that looks out dated. By renovating your home, it leads the buyer to believe your  space is modern, clean and new. It is essential for you to ensure your investment will pay itself back, you don't want to spend an exorbitant amount if you aren't able to get much in return. Your renovation budget is directly affected by current market prices. If your house is in an area of high demand, it would be feasible to renovate as buyers tend to pay more to live in a nice neighbourhood. 

If you decide to go this route, we recommend Calla & Taia Design Studio. They are based in Glenashley and always provide professional service and brilliant designs 

  1. Not renovating before selling

Numerous sellers believe that spending a lot of money on renovating their home is unreasonable due to the possibility that they could be making more when they sell without doing renovations. 

HOWEVER, this can be an advantage to the seller. 

Sellers often choose not to renovate because they don't have the cash to do so. Whether you renovate your house or not, there will always be one buyer who will criticise every aspect of your home in order to get a discounted price...

This gamble could pay off. Often homes that are in need of repair are too expensive to renovate and this can be very time-consuming. In this case the entire house would have to be renovated and not just one or two rooms. 

If your home falls in this category and you are wanting to sell quickly, then you would need to consider selling your home at a lower market price - due to the amount of money needed by the buyer to then renovate. It might not be the most appealing but it is a great opportunity for people who want a new and modern look.

  1. Hendra's thoughts...

Before you make your decision, ensure that you get a home evaluation done and that your home is fully inspected before renovating. It is vital that a professional with sufficient experience in the real estate industry carries out the evaluation and inspection of your home - this will ensure the work is done properly. Over-evaluation can happen and this can delay a sale even further. Being the homeowner, you will not be able to evaluate and inspect the home yourself as you are used to the good and bad aspects of the house. 

A fresh set of eyes of an evaluator will assure that any red flags are noted, as they can pick up on certain damages before they become a serious problem. After you have received feedback and have analysed the report, you will be able to establish the pros and cons of renovating your home before selling. 

Please note that we would like to bring to your attention that Hendra Estates would supply you with a Comparative Market Analysis and not a Value Certificate by a registered Valuer.

Author: Wayne Hendra

Submitted 17 Feb 20 / Views 195