McLeod and Kofoed
1 Coronation Avenue Pottsville Beach
02 6676 2997
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Are You Making Your Property More Than it is Worth?
It is easy to get carried away with home renovations. Often the thought is no matter what is done to improve the home it is going to raise its value. This is not always the case. There are some buyers that will seek out home that are called “renovator’s delight.” which means a home that is in real need of some repairs.
A lot of investors go after the homes that are not very attractive looking, and it just needs some cosmetic improvements to get it into attractive shape. This means some big surface changes without spending big bucks.
If you are in the market for selling and want to spruce up your home to make it more attractive then you need to do some strategic planning on how to capitalise on cosmetic improvements. You can start by looking around the area at homes that are similar to yours but are more esthetically attractive, then follow their lead. Sometimes it may mean something like adding an extra bathroom to make it more appealing. What you really need to focus on is, what would a potential buyer want to see? What could you do to your home that would make it more appealing to them?
When you are trying to determine this there are a lot of factors that you need to consider. You need to think about the style of the home. How the rooms flow into each other. What is the floor plan like. What doesn’t your home have that a buyer may want. These are some of the key factors.
If you are attempting to sell what would be considered an investment property then your thinking approach may have to be different. You need to give your property some new ‘pizzazz’. You may need to invest in some replacement materials, and you want to seek out those that are reasonably priced but have some durability to them. If the property is a rental property then you need to make it so it is appealing to renters and the buyer will see the viability of it.
If it is a family home you are selling although all the qualities and amenities of a nice home are important there is more flexibility here when it comes to making the renovations. You want to be very cautious that you don’t spend more on the updates than what you are going to get back in the sale. Energy saving improvements are usually a good choice.
Make a home improvement budget after much thought and careful planning and then commit to sticking to it. This way you know how much money you have to spend and can plan the renovations around this. There may be some things that need to be omitted but at least you can set some priorities within the budget and make a significant difference to the home, and boost its sale capabilities.