So you think you can DIY? Unfortunately, being handy with a set of tools isn’t enough to be good at renovating a property. When you’re looking to add value and attract buyers, you need to think a little deeper about how you’re changing the home. Here are some tips for your renovation project.
Tailor renovations to your market
If you want to sell your home, think about prospective buyers before making renovations.
Who’s moving to your suburb? If young families are coming in, consider renovating the back garden to be a better play area or turning a large common room upstairs into two smaller, kid-friendly bedrooms.
You’ll also need to know what buyers are willing to pay. Sellers suffer from overcapitalisation when they make their home too valuable for the given market. If, for example, buyers are really only willing to spend $400,000 on a home in your particular suburb, don’t make the mistake of renovating your home and trying to sell it for $600,000.
It what’s on the inside that counts
In the age of Pinterest and HGTV, it can be easy to get caught up in aesthetic renovations, but if your roof is on the verge of failing, that claw-footed tub can wait.
Serious buyers care about the state of your insulation, plumbing, electrical wiring and roof. Design is cheap compared to replacing a septic system and house hunters will be put off your property if they know they’ll need to undertake a major project.
Proper insulation can save you up to 40 per cent in heating and cooling bills, according to the government’s Your Energy Savings statistics. This is a good thing whether you’re selling your home or staying in it yourself.
Don’t forget outside
It’s hard to sell your house if people don’t want to go inside, so make outdoor spaces part of your home improvement plans. Invite buyers in by making your home stand out with beautiful gardens, patio areas and well designed landscaping.
Outdoor structures add value to your home and generally cost less than indoor renovations, which might require multiple carpenters and designers, or call for new furniture and appliances.
Further, if you plan to stay in your home, outdoor renovations can boost your quality of life and let you enjoy your property.
There are different ways to finance your renovations. Is it a good time to refinance? Or does it make more sense to take out a construction loan? If you need loan advice, then speak to us today.