Adelaide’s real estate market is in a fortunate position, where housing prices haven’t dropped as much as in the eastern states in recent months. Consequently, many are thinking of taking advantage of higher sales prices and opting to sell their homes.
That said, it’s not as simple as whacking your home on the market and expecting mega bucks. There is still competition out there, and it all comes down to presentation. And, if your house is not up to scratch, chances are you’re not going to get the return you expect.
So, to sell and realise the best possible price, should you be thinking about renovating or even extending your home?
The short answer is both yes and no.
If yours is an older home on a reasonably large block, spending tens of thousands of dollars renovating or extending the house could be a waste of money. Buyers may only be interested in the land to build.
However, if you have a large, modern family home with plenty of space that perhaps only needs a refresh, it could be worth your while to splash a bit of cash to attract buyers who want a place that they can move straight into.
If you’re still keen to see a ‘For Sale sign in the front of your home, we’ve got some tips on how to spend money in the right areas so that you’ve got a better chance of realising a larger sales figure.
10 tips for renovating your home for a bigger payday.
These tips come with a caveat, though. The last thing you want to do is overspend. There’s no point in buying expensive materials, fittings and fixtures if it doesn’t translate to a larger payday. Remember, you’re renovating to sell, so what you think people want in a home could be ultimately off the mark. Instead, aim for reasonable quality within your budget, keep it simple, and think neutral colours and modern, fresh decor and furnishings.
- Secret weapon — Above all, before you do anything about selling your home or even consider spending any money, get in touch with your local real estate agent. Specialists (like the amazing team at McGrath Real Estate) are your secret weapon. They will appraise your home, determine its worth in the current climate, and then establish who will be your best target. Once that’s done, they will advise on any work around your home they believe is worth doing to gain a better sales price.
- Sweet on the street — First impressions count, and you don’t want to put people off before they even get in the front door. Weeds in the garden, overgrown trees and shrubs, and a generally daggy front yard are not the welcome prospective buyers want to see. Think about hiring a landscape or garden expert to transform your front yard. You may not even need to spend a lot. It’s a wonder what pruning a few trees, mowing the lawn, pressure cleaning the driveway mulching the garden, and splurging on a new letterbox will do to the overall look of your home.
- Structural integrity — We’re talking the basics here. Have a walk around your home and take in all the little things that need to be fixed. Cracks in the walls, cracked roof tiles, chipped paint, rotting facias, windows and doors, watermarks, and dampness and mould can all be fixed quickly and cheaply. And if you don’t have the skills to tackle these projects yourself, some handymen and women advertise their services regularly on community social pages.
- Make an entrance — When people visit your home, you want them smiling when they enter. Having an entry that makes a statement goes a long way to creating a positive impression for buyers. Start outside just before they enter with a splash of colour on the door. Nothing too garish, but perhaps something that contrasts with the home’s exterior. Freshly painted windows and a couple of plants framing the door are also a nice touch. Once inside, the entry should be a clean, bright, and uncluttered segue to the rest of the house.
- Kitchen whiz — Some say a house is bought and sold on the strength of its kitchen and living areas. We don’t want you to spend big bucks ripping out your kitchen and putting in something brand new. There are ways to update your kitchen without spending a fortune. An update could be as simple as installing a new benchtop and splashback, upgrading your major appliances, and replacing handles on the cupboards. If it’s quite dated, you might want to consider replacing the cupboard and drawer fronts with a new, clean look.
- Bathroom clean up — Unless there are some real problems with your wet areas (think broken tiles and extensive mould), a quick bathroom makeover may be all you need to impress buyers. Depending on your budget, think about repainting and updating tapware, vanity, shower screen, mirror, and lights. You can even create a whole new look with a wall and floor tile respray. Throw in some big contrasting bath towels on inspection day, and it’ll look a million bucks.
- Living it up — The idea is to let buyers imagine what the living areas can look like with their own furnishings, so clean, fresh, and uncluttered is the order of the day. Start with a repaint but keep the colours neutral and no feature walls. Brighten the place up with modern lighting and higher-wattage globes. Spring for new light switches, clean or replace curtains and ensure those windows sparkle inside and out. Adding a couple of mirrors will also make rooms look bigger.
- Completely floored — If you have carpet down, rip it up and polish those beautiful floorboards lurking underneath. Alternatively, laminated floating floors/floorboards will make an amazing difference. Some rugs in strategic positions in your living areas will add appeal. Don’t forget those skirting boards, either. Give them a repaint if they’re looking daggy.
- The great outdoors — Buyers love outdoor entertainment areas, so if you have one, make sure it looks welcoming by making it as clean and uncluttered as possible. All the previous rules also apply here (painting, etc.), but adding a few extras can showcase this area even more. If you don’t have them already, think about hiring things like outdoor furniture, BBQ, patio heaters, and plenty of plants. No outdoor entertaining area? No worries! You can create a striking space with some decking, outdoor umbrellas, outdoor furniture and furnishings. And if your backyard is a mess, tap into that landscaper you used in the front garden for ideas in the back. Even something as simple as painting the fences can make a massive difference.
- Room to move — If your house has large rooms, consider creating some extra storage space. Adding built-in wardrobes, shelving, and even some bespoke pieces of storage furniture will give the impression that there’s plenty of room for storing stuff. Thinking outside the square with roof cavity storage, under stairs, and built-in cupboards in the laundry will impress buyers.
Although spending some time, cash, and extra effort into improving your property can realise great sales results, it doesn’t guarantee an increased profit.
Go back to point number one because no one knows the local real estate market and who your likely buyers are more than the experienced sales team at McGrath Real Estate Group.
Call us, and one of our property gurus will visit your home and provide you with a professional appraisal of your home’s worth and a realistic assessment of where your home sits in the current market. Our team are also experts in knowing what needs to be done to improve your property for a better payday.
Phone our office on 8350 4200, drop into 42 Brighton Road, Glenelg, or visit us online at mcgrathgroup.com.au