Whether you are selling your home and are wanting to get the best price possible, or just looking to add some value, it’s important to put your time and money into the right areas of your house.
When it comes to home renovations you want to get the best bang for your buck. We have a great guide below to help you in the process of choosing what to prioritise during renovation time.
Key things to keep in mind when renovating for resale
If you are looking to sell it’s important to keep potential buyers' needs in mind when making decisions. Learn how to create and stick to a renovation budget and tackle more projects yourself so you get the best return on your property investment.
Here are some things to keep in mind when you are making plans:
- Keep it neutral
When you are renovating it’s a good idea to give potential buyers an easy canvas to add their personal touches. Things like neutral carpet, curtains and paint colours will allow them to envision how they might like to change the space. Strong colours, custom features and finishings may put off buyers who aren’t good at visualising how easily the little things can be changed.
- Save money where you can
Paying tradespeople to do every little job can very quickly blow out a budget. Working out what parts you can do yourself will save you money, and will save your tradies time so they can focus on the bigger things.
There are lots of jobs that are easy to tackle such as pulling up old carpet, painting or even doing some light demolition to get rid of things like unwanted cabinetry.
- Spend money on the important stuff
Though there are plenty of things you can do yourself, it’s still important to leave some things to the professionals. /
Electrical, plumbing and structural work require background knowledge and using a qualified tradesperson ensures that you are still able to claim insurance should anything go wrong.
- Re-evaluate your budget as you go to avoid overcapitalising
A little bit extra spent here and there can go unnoticed at first, but it all affects your bottom line when it comes to making a profit. It’s important to keep track of what you are spending as you go, then you can easily take a look at where you can save in other areas to stay on track.
Consider using a spreadsheet or online tool for your budget, and keep all of your invoices and receipts somewhere safe.
- Renovate for profit
If you are planning to sell, remember that not all renovations add appeal to a buyer. Try to focus on the bigger picture which is adding value to a home rather than putting money into things like design choices that may not appeal to the masses.
- Remember property investors are looking to make money
Property investors make up a decent portion of the buyers in the housing market so remember to keep them front of mind if you are trying to sell.
Investors are generally looking for houses that can either be sold for profit or easily rented so sticking to the renovation basics is a good idea.
- Have a contingency plan
Older houses can come with hidden renovation surprises that may need to be taken care of before you sell, so be prepared that you could end up with more work if you haven’t budgeted for these.
Having a little bit of extra money set aside will act as a buffer should anything pop up unexpectedly.
What renovations increase property value
Although a job like painting walls gives you instant impact, there are times when money is sometimes better spent elsewhere first to increase the resale value of your home.
Before starting on the aesthetic stuff make sure to take care of the basics first:
- Structural issues
Things like rotting decks, weatherboards or window frames can quickly put buyers off as it’s hard for them to know how far the damage has gone. Consider getting a builder in to check out the structural soundness of your home so you can get any damage repaired before going to market. Prioritise repairs like replacing decking boards or fixing any leaks before you put your property on the market.
Up to date electrics are a necessity to ensure a home is functioning well. Old wiring or exposed cables should be attended to so potential buyers know they are buying a safe home.
No matter how nice the fixtures, leaking pipes and taps are a bad look to potential buyers. Water damage is one of the main issues that will put off potential buyers and make your home hard to sell, so it’s well worth getting a plumber in to replace any damaged fixtures to put buyers' minds at ease.
- Insulation and heating
A dry, warm home is a top priority for any buyer, so ensuring ventilation and insulation are attended to will give buyers the right first impression. It’s also a legal requirement to have sufficient insulation, so make sure to check building code requirements to ensure your house is compliant.
Once the bones of the house are sorted, it’s time to consider whether doing more renovations will be worth it in terms of increasing value.
If you decide to go ahead with more renovations here are the best areas to focus on to increase profit:
- Outdoor entertaining areas
- Flooring and lighting
The kitchen is the heart of the home
A beautiful kitchen can add a lot of value to a home, as it’s deemed as being one of the most costly areas to renovate.
When updating a kitchen there are lots of small things you can do to give it a new lease of life:
- Painting cupboards
Whether you need to brighten up, modernise or just refresh old cupboards, hiring an airless spray painting unit is a great way to get instant impact for a much lower cost than replacing, and speeds up the job too.
- Replacing benchtops
There are lots of ready-made benchtop options available which will provide a clean and tidy look to your kitchen. You can even pour your own concrete benches if you’re feeling brave.
- Update the lighting
Having good lighting over worktops makes the kitchen much more functional. Using modern pendant lights can give a bit of style to a space as well.
Tackling the bathroom
Bathroom renovations can be a scary concept, but there are certainly still things you can do to brighten and refresh the area.
- Update fixtures
A nicely renovated bathroom can be taken up a notch with style by replacing tapware, hand towel rails and cupboard handles. There are many affordable options, and some fixtures you can even replace yourself.
- Lift and replace old lino
Bathroom flooring can get a lot of wear and tear over time as a high traffic space, so consider pulling it up yourself and laying down something fresh.
Hire a breaker tool and a lino roller from us to make light work of this task.
- Replace tiles
Modern tiles not only look good, but they also make the space look clean as you’ll be replacing old grout in the process.
- Update the cabinetry
Bathroom cabinetry can often get damaged being around water and moisture so stripping the old paint off and re-painting will help to refresh the room.
Entryway first impression
If you have good street appeal, potential buyers may be more likely to want to see what is inside when the time comes to sell.
Here are some entryway renovations that can add value:
- Updating footpaths
Replacing cracked concrete or even just water blasting and adding some plants will give the right first impression for visitors.
- Replacing broken fencing
Potential buyers with kids or animals will be looking for a property that is safe and secure so it’s always worth taking a look at any fence areas that need tending to. Check out our guide on choosing the right fence if you’re planning on repairing or replacing it.
- Painting the house
Make your house stand out from the rest by painting your house in a nice modern colour. Hiring mobile scaffolding for a weekend will go a long way in making this job faster
A house with a great outdoor entertaining area is sure to garner lots of attention at viewing time, and it’s easy to create a haven outside. We’ve got a great guide on 10 garden ideas to try, but here are some that are super for resale:
- Create a seating area
Making a dedicated seating area in your outdoor area will help potential buyers to see how they could use the space. Laying down some pavers or concrete can help to define the area.
- Install lighting
There are lots of easy lighting options for an outdoor area that doesn’t require an electrician to install. Consider solar-powered lights in garden areas, alongside footpaths or even strung along a pergola.
- Plant low maintenance greenery
Whilst you are trying to sell it’s wise to pick low-maintenance plant varieties that will look great without needing too much ongoing work, such as flax or grasses.
- Waterblasting and re-staining
Clean and tidy houses give the appearance that the house has been well looked after. Hiring a water blaster and giving your place a once-over or re-staining decks and fences can be done easily in a weekend.
Flooring and lighting
Good flooring and lighting can go a long way in making a house feel cosy and enticing to potential buyers.
- Replace or clean old carpet
Replacing carpet is an impactful renovation you can get done, however, if you can’t afford to replace then cleaning is a really affordable option you can do yourself in a short time frame. Easily hire a carpet cleaner and do this at a time that suits you, for half the cost of hiring a company to do it!
Wooden floors are appealing to a lot of buyers but they do require some maintenance over time. Consider hiring a sander and sanding your wooden floors and putting a protective sealer on to really make them stand out.
- Update hanging lights or pendants
Lighting doesn’t have to be expensive as there are plenty of budget options out there that still follow modern trends. Pick something up at your local hardware store to create a wow effect.
Get renovating with Hirepool
There is lots to think about when it comes to renovating your home for resale. No matter what project you decide to tackle, save yourself some money and hire gear for your DIY renovation from Hirepool.
Check out our huge range of equipment and renovation gear and book easily online today or call in to your nearest branch.