Before Selling Your House
To Renovate or Not To Renovate?
If you’re considering selling your property, you’ll achieve the best price in the shortest possible time if your property is well presented and appealing to the market you are targeting. The conundrum faced by many homeowners is whether to invest time and money renovating, or to sell the property in its current condition. There are many factors to consider. As kitchen renovation specialists, we deal with many property owners and builders, so if you’re wondering, “Should I renovate my kitchen before selling my house?”, here is our advice.
Return on Investment
The most important thing to ask yourself is, “What am I trying to achieve by renovating my kitchen?” If you intend selling your property, your objective will be to achieve an acceptable return on your investment (ROI). If your proposed renovation is unlikely to add value to your home, or make it more likely to sell within your required timeframe, you shouldn’t invest too much.
Speak to an Expert
Before undertaking a kitchen renovation (prior to listing your home for sale), speak to your Real Estate agent. Ask them whether a kitchen renovation will increase the value of your home and/or make it easier to sell. In some cases the primary motivation of the home owner is to sell quickly. In other cases you may want to maximise your return, i.e. sale price. Of course, if you can achieve both of these objectives that would be ideal!
Your local Real Estate agent can advise how your home compares to other homes for sale in your area. You may be able to achieve your objectives with a modest renovation, or the agent may advise you to leave your kitchen in its current condition. Ensure you ask your agent whether a kitchen renovation is likely to increase the value of your home, or whether it will simply make it easier for them to sell. You don’t want to spend money unnecessarily just to make the Real Estate agent’s job easier!
Who Is the Kitchen Renovation For?
The kitchen renovation you undertake as the owner/occupier of a property may be a different renovation to when you are trying to sell. Ask yourself, “Am I creating my dream kitchen, or do I want a kitchen that will appeal to potential buyers?” While your personal preferences may appeal to your market, you should be mindful of avoiding the latest fads and colours. Generally, neutral colours appeal to a greater range of buyers than bold colours that may be ‘on trend’. Real Estate agents will tell you that there is a buyer for every property; however, the greater number of potential buyers you can attract to your property, the better the selling price and the shorter the time your home is likely to be on the market.
If your home is already valued at the upper end of properties in your area, increasing its value with a full kitchen renovation may make it unaffordable. Your kitchen (and the rest of your home) needs to be equivalent to the homes you will be competing with when you list your home for sale. While you don’t want to overspend, it’s also possible to be too thrifty and not give buyers the standard they expect in your price range. The thing to remember is, do it properly, but don’t overdo it. Don’t spend more on your renovation than your home value can support.
Quaint or Just Old?
If you are selling a period-style home, a kitchen that is consistent with the home is appropriate. However, if you have a home that is 20 or 30 years old and the kitchen hasn’t been renovated, buyers may decide that the kitchen is in urgent need of attention. Very few modern buyers find the burnt orange and lime green benchtops of bygone eras appealing. A simple update by replacing your benchtops may be enough.
Similarly, dripping taps, outdated handles, worn out sinks, and scratched surfaces are all viewed negatively by potential buyers. Each of these items need to be rectified and can be dealt with for relatively little expense. In many cases, you only need to spend a modest amount to get an acceptable return on you investment. Unfortunately, you’ll probably achieve a lower price for your home if the kitchen is outdated, poorly maintained and poorly presented.
Is the Kitchen My Problem Area?
If your home is let down by the kitchen, consider renovating. If not, perhaps some minor upgrades will be sufficient. It’s important not to invest your entire renovation budget in one area of the house. This is especially important if the rest of the house isn’t of a similar standard. Equally important is to maintain a consistent standard in your kitchen renovation. There’s little point buying stunning new appliances if the cabinets are worn out and the rest of the kitchen looks tired.
Looking Good = Best Price and Quick Sale
To avoid making expensive mistakes we suggest you deal with an expert. Your Real Estate agent is a valuable resource. They will try to sell your house for best price in the shortest possible time. Imperial Kitchens is happy to work with you to achieve a professional result without over-spending. Decide the extent of the renovation you have in mind and we’ll work with you to achieve these results. Please contact us for your free, no obligation consultation.
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