Renovating To Sell
VALUE-ADDING RENOVATION | A DIY GUIDE (2 minute read)
Have you decided to sell your property? For most homeowners, the cost of general property and home maintenance provides enough of a challenge in itself. That’s why, when it comes to upgrading aspects of your property that will unlock greater financial returns when the time comes to sell, careful consideration is key. In this article, we open the door on value-adding renovations - what you need to consider and how to be tactical about tackling the torrent of tasks involved in a value-adding home renovation.
FIRST ASK “WHY?”
Start by assessing the situation, with regards to the various factors that could have an outcome in the end. In other words: What are the factors you need to consider that will actually increase the value of your property? A decent return is never guaranteed, so what will it be? Something as simple as touching up the front garden, or as complex as upgrading the kitchen and bathrooms, or adding on a room?
Remember: The value of your property needs to be seen in relation
with surrounding properties to increase your chances of selling. It
might be a waste of time and money to remodel a house that will
highly out-value the rest of the properties in the neighbourhood.
NOW, CONSIDER THE UPS & DOWNS
It’s one thing to increase the value of your living space, but if you are treating your current living environment as a product that needs to be sold, the idea is to innovate as you renovate. Let’s take a look at the pros & cons of renovating, and address what you might have considered before:
| PRO | CON |
|---|---|
| ROOM REMODELLING | |
| Converting or repurposing a room in a house can drastically increase the value of the space. For instance, if your house is in a family-oriented neighbourhood close to schools, adding an extra bedroom or study can add an appealing element to your home for potential buyers. |
Remodeling or converting a room can quickly escalate in costs, especially if your plans disrupt the current layout. For instance, a simple bathroom renovation can sky-rocket in costs as soon as you have to re-adjust any plumbing or reposition fittings. |
| OUTDOOR OVERHAUL | |
|
Sometimes the perfect home comes complete with the perfect garden. This doesn’t always mean a massive space filled with flora from the grass to the gates. You can upgrade any outdoor space around your home through the innovative placement of plants, pots and perhaps a peaceful place to sit and relax. |
Landscaping can really dig into your budget if you don’t have the time or necessary experts at hand to help you. Quite often all that is needed to attract the eye of any potential buyers, who usually have their own plans and ideas, is a neat yard with potential. |
| CURB APPEAL | |
|
‘Street appeal’ refers to the first impression a house gives to anyone seeing it from the front gate. Quite often, a vastly improved first impression can give buyers a more comfortable feeling to invest. Especially if there are any other minor dormant issues with the house, for which there might be no time or budget to attend to. |
Once again, the issue of neighbourhood relevance comes into play. The mismatched street appeal of your house will stick out like a sore thumb if it is in a neighbourhood of otherwise modest-looking properties. More often than not a new homeowner will want to tailor the front of the property to their own needs anyway - whether it’s replacing a wall with fencing or vice versa. |
Remember: Always try and increase the full potential of the space in
your home, instead of just adding on floorspace.
HOW TO MAKE IT GREAT WHEN YOU RENOVATE
A renovation can be rough, but it doesn’t have to be. There is a general hierarchy of factors that play a pivotal role in any new home buyer’s decision making. Let’s take a look at some of the key areas in and around your home, and how to go about improving them:
Floor them from the get-go
From the moment you enter the front door, one of the main features that run throughout the house are the floors. So, it’s a good idea to invest in quality flooring. If resurfacing the floors will blow your budget, then simply clean the carpets or sand and seal old timber floors.
For a more in-depth look at different flooring options, read our article on floor finishes here.
The heart of any home – the kitchen
A well-planned kitchen is a great attribute in any home. From a sleek cupboard setup to fabulous functional fittings, a cool kitchen will crawl into the heart of any prospective home buyer. Well planned working spaces and lighting will add ambience to functionality.
A light fix
The first thing you notice about any room is how it is lit. If your house has a dark and dreary area, it’s a good idea to look at low-cost LED lighting options along the walls or even a tubular skylight as a more natural option. As a last resort, a window can be considered if there is a worthy view that is hidden behind a wall.
For a more in-depth advice on lighting rooms to best effects, read our article on the secrets to a well-lit room here.
Green is gold
In the eyes of modern prospective buyers, homes don’t just need to qualify in terms of aesthetics and area anymore. A very attractive asset to any modern home is how energy and eco efficient it can be. Whether this means a low-flow tap to save water, a solar system to save energy, or a waterwise floral garden space to save the bees.
Remember: BUCO has got your back from budget to build with our
value-added services. Need a cost estimation? No problem. Need
your refurbished kitchen cupboards cut to size? No sweat. Check
out our list of comprehensive services by clicking here.
A BETTER BUDGET FOR A BETTER BUILD
For the first time home-seller, tackling the task of budgeting believably for a successful renovation can be daunting. A contingency budget is a financial plan that covers unexpected expenses, such as unforeseen increases in costs and labour. Should problems arise, not having a contingency plan in place could delay the whole project or even prevent work from being completed at all.
Check out our informative article on calculating and crafting a constructive contingency budget here.
Luckily, BUCO knows how to add value to your renovation from conception to completion. Visit us in-store to speak to one of our experts so we can help you meet the challenges that lie ahead in your build.
Find your nearest BUCO & get building today by clicking here.
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