Top Tips For Preparing Your Property For Sale To Maximise Returns
When preparing your property for sale, the key is to make sure you know what adds value to your property without over-capitalising. For every dollar you spend on renovating, you should be aiming to get at least $1-2 back in the value of your property. While making simple renovations can easily add 5-10 per cent to your home’s value, few property owners know how to get these results without any stress.
If you’re looking to boost the sale price of your home or investment property, here’s my advice:
1. Apply a fresh coat of paint inside and out
First impressions count, and you can easily maximise your home’s value by applying fresh paint to interior and exterior areas. Interior designers are a brilliant source of style advice, and it’s worth setting up an initial consultation to get some design ideas for your home. Generally, it’s best to stay away from loud colours and instead opt for whites and neutral tones, as these help create the illusion of more space.
2. Consider the aspect
The two things I always look for in a property are generally light and heat. If your property is dimly lit, consider upgrading light fittings, switches and sockets. This is a simple way to modernise and add instant value to your home. While it can be tempting to opt for an inexpensive light fitting, it’s worth spending a little extra to purchase a high-quality one, which can act as a centrepiece in a room and help your home appear on-trend. Remember, in Sydney, most prospective buyers are looking for north and north-east facing aspects as these properties tend to be both warmer and lighter. Therefore, don’t underestimate the importance of lighting up your property. If a house is not well-lit, it can instantly decrease your return on investment.
3. Change kitchen cupboard doors
Kitchen renovations can often be expensive, involving the replacement of several different elements. How do you know if the tiler you’ve chosen has quoted the right price? Will your kitchen really take two weeks, as promised – or will it drag out to two months? Instead of adding in a whole new kitchen, my advice would be to simply change your kitchen cupboard doors. These make up the majority of your kitchen’s surface, and upgrading them can easily maximise your home’s value.
4. Tidy or landscape the garden
Freshening up your garden is a simple way to add instant value to your home. Mow the lawns, trim the trees and tidy the flower beds. If your finances permit, you could even consider landscaping your garden to create instant appeal. To keep costs down in the long-run, try to make your garden as low-maintenance as possible. Instead of having a huge lawn, opt for paving or a stone garden, and invest in hardy plants that require minimal watering.
5. Hire a project manager
If you are considering larger scale upgrades, hiring a project manager to oversee your renovations can be a worthwhile consideration. Although you might think that you can save a fortune by managing the project yourself, there are several risks in managing a renovation alone. A good project manager can take responsibility for the costings and timings, and hustle your contractors and tradespeople into gear if they appear to be lagging. They can also deal with everything from drawing plans, negotiating them through council and managing the renovation, through to ensuring the final finishes are complete. The project manager can be anyone from an architect, interior designer or builder, to a professional property investor. Ultimately, it needs to be someone who is experienced, trustworthy and has a team of reliable tradespeople.
It's easy enough to sand the floorboards, paint some bedrooms and call yourself a renovator, but knowing exactly what you need to do to improve a space and increase a property's overall value requires expert knowledge, which many people do not have. In saying that, if renovations are carried out correctly and with the right advice, there are many simple things that you can do to ensure that you receive maximum returns on your home or investment property.
About Chris Gray: Chris Gray is CEO of Your Empire, a buyers’ agency which builds property portfolios for time- poor people – searching, negotiating, renovating and managing property on their behalf. Chris’s team buys 1-2 properties a week and often spends $5m+ a year renovating on others behalf, providing a unique insight into market conditions and buyer and seller sentiment. Chris hosts ‘Sky News Real Estate - Smart Investing’ each Monday on Sky News Business channel, where he interviews various heads of property research companies and major industry figures. Chris is a qualified accountant, buyers’ agent and mortgage broker. For more information, visit www.yourempire.com.au, www.chrisgray.com.au and follow Chris on Twitter: @ChrisGrayEmpire