To refurbish or not to refurbish?
That is the question (as Shakespeare nearly said).
It’s a tricky one. If you’re looking at putting your house on the market, you may be reluctant to spend money on a refurbishment that you won’t see the benefit of. Let the next owner do the work, right?
Well it may save you some money in the short term, but our research shows that a refurbishment prior to putting a house on the market can actually make you money (sometimes as much as 3 times the investment), and will certainly help your prospects for a quick sale.
So if you’re in the position where you are about to market your property, it’s worth considering whether a refurbishment could be worth your while.
What are the advantages of a refurbishment?
Are parts of your property in need of updating or fixing? Walk through your house and try to see it as if you were a prospective buyer. Any small problems or outdated décor will be off-putting to a prospective buyer.
Some refurbishment projects are inexpensive and can be done without the need for a professional tradesman: Decorating, replacing doors and removing clutter are simple ways to make a home more attractive.
If you are looking at replacing a kitchen or bathroom, these are surefire ways of improving the value of your property. Buyers love new kitchens and bathrooms, and may not have the extra money or skills to take on a project like that themselves.
What are the problems with a refurbishment?
Any decision to refurb is a gamble; maybe your house will sell anyway. Then again, spending a small amount of money on a refurbishment may yield a larger profit.
The key to a successful refurbishment is to have a detailed project plan. Include within your plan: scope, budget, sequence and timelines. Take care not to go over your allotted budget.
Which improvements are worth the investment?
- Kitchens and bathrooms – a new kitchen or bathroom is the top of any buyer’s tick-list. It’s not a small investment, but it can prove to have a great return. Expect to spend around $3000 for a bathroom and $7000 for a kitchen.
- Floor coverings/decoration – are your floors carpeted or linoleum? They may need replacing before you sell. The same goes for decoration – any outdated wallpaper must go. A simple room redecoration could be achieved for around $300. Flooring can be expensive depending on the size of your room. Expect to spend between $200-$1000 per room.
- Roof/structural repairs – Check the appearance and structure of your roof – it’s certain that prospective buyers will. Any problems with gaps in the tiles or guttering should be repaired immediately to avoid problems with damp. Replacing a roof would run to thousands of dollars. Replacing guttering is inexpensive.
- Gardens/exteriors – make sure that the garden is tidy and free from weeds. Wash or paint the exterior of the house and the front door. For a professional outdoor makeover, expect to spend around $2000.
Contact our team of experts today if you’d like advice on refurbishing your home, or simply to find out what it’s worth. The first meeting is always free.