Our Founder and Real Estate Agent Alex Lumsden says, definitely!
Now, we’re not talking about flipping houses here. We mean a home that you’ve lived in for a time and you’re ready to move on.
A well-designed and beautifully renovated home can obviously help with the final sale price, and if you’re going to live in the property and enjoy it, by all means, spend the money that you want. However, when we’re looking at a direct return on investment, there is such a thing as over-renovating your house in preparation for the sale. Here are a few things you should consider if you’re looking to add value when renovating before selling.
A quick renovation can add value, but don’t overcapitalise
Before embarking on any project, do your research and consider what people are looking to buy in the area. Have an idea of what kind of projects will be most beneficial for your property and its potential buyers—for instance, if you’re renovating a house that’s dated but still in excellent condition, focus on modernizing elements like kitchens and bathrooms instead of adding features that won’t make much difference or may even detract from the overall appeal (like removing an existing fireplace).
There’s a theory that Kitchen’s sell homes, but there’s a difference between modernising a kitchen slightly, and adding a whole new element to the property that might not fit with the rest of the style. Bedrooms, bathrooms, and car spaces are what add the most value, but they’re also what cost the most money and can involve complicated planning regulations, chances are you can get away with a quick paint and new carpet.
First, is it the right time for you to be putting your home up for sale? If so, what are the market conditions for this type of property? A local agent will be able to help with this.
Next, what type of renovations will add value? When deciding whether to invest or not in a renovation project, keep in mind that your style might not suit the majority of buyers, and doing a big project could turn them off. Try to keep everything as affordable and as neutral as possible.
The general rule is that if it’s functional, leave it. a quick paint of the walls and ceilings, maybe some new floor coverings and a tidy up of the garden.
So, it seems we’ve decided that there is such a thing as an over-renovated home to sell. It’s important to do your research and not overcapitalise on a property, so you can get the best return on your investment. If you need to know more about how much value different renovations could add to your home or any other real estate questions, don’t hesitate to contact the experts at Lumsden Agency.