Renovations and home improvements can help you sell your Perth property quicker and can also increase the sale price of your home. However, it’s important to make sure that the money you spend will actually add value to your home.
With any renovations and home makeovers it’s important not to overcapitalise. This is especially the case if you’re selling, rather than if you’re going to live in the home for a long time. Newly renovated kitchens and bathrooms are very appealing to many Perth homebuyers and potentially offer the most added value to your home. However, it’s important to understand that kitchen and bathroom renovations are expensive.
There’s no point spending $50,000 on renovating a kitchen and bathroom for a property in an average suburb that has a median price of $500,000. You will need to sell it for $550,000 just to get your money back let alone make any profit.
If you work on the rule of thumb that for every $1 you spend on the property you want a $2 return then you would want to sell the property for $600,000. It would be difficult to expect a 20% premium to the median selling price for such a property. Painting the home and some gardening improvements in this instance may prove to be the most cost effective option with regards to maximising your profit margin.
On the other hand if you were to spend $50,000 on a property with a significantly higher median price in a better suburb, then you are more likely to not only get your money back, but also make a reasonable return on your investment.
First impressions and how your property presents itself are extremely important factors when you are trying to sell your home. There is no point spending money on the interior and neglecting the outside. If you have overgrown weeds in your front yard and the paint is peeling off your gutters and fascia, it may put off potential buyers from even going inside to view your home.
As a minimum, your front garden should be well maintained. This might include pruning overgrown trees and shrubs. You may also consider removing large trees if their root system is lifting up paving, or causing fences to lean or crack, or if they don’t compliment the external appearance of your home.
With garden improvements, priorities may differ with homebuyers, depending on the location of where they are looking at buying. With Perth's inner suburbs, the preference is for low maintenance, compact outdoor dining areas. Residents in these locations prefer a small private area which gives them the flexibility to entertain, relax or just sit and read while enjoying a cup of coffee.
It’s also important to make sure that when doing any gardening improvements, to choose plants that are waterwise. Waterwise plants look great, thrive in our Perth climate and require less water and maintenance. As the cost of water increases, waterwise plants will appeal to more Perth homebuyers as they won’t be a financial burden to maintain in the future. A good starting point when choosing waterwise plants is www.watercorporation.com.au/plants. Also make sure that the style of your garden improvements and selection of plants compliments the style of your home.
General maintenance items should be the first priority when selling your Perth home. These may include :
- Fixing the roof
- Replacing gutters and downpipes
- Repairing cracks in internal walls
- Replacing cracked tiles, shower screens, mirrors and tap fittings in bathrooms
- Replacing cracked pavers
- Fixing cracked driveways or potholed crossovers
- Replacing damaged/ worn flyscreens to doors and windows
The roof is one of the first things that people notice when they walk up to a home. Making sure that the roof looks well maintained is very important when it comes to selling a house. Check the condition of the gutters, fascias and downpipes. If your gutters are leaking or rusting, replace them.
Replace any cracked roof tiles. Pointing the ridge capping tiles on a tiled roof will also make a big difference to the appearance of your Perth property. If you have a sheet metal roof, remove any rusted sheets with new sheeting to match the existing roof.
Don’t be Too Trendy
When doing any renovations, being too trendy with the style of the makeover will limit the marketability of your home. Styles go in and out of fashion and what’s trendy now might be outdated in the future. It’s important to try and appeal to as broad an audience as possible, rather than narrow the market appeal of your Perth property.
All properties and situations are different and the amount of money you spend on any improvements should be property and location specific. However as a general rule, a neat, clean and tidy, well maintained home will sell quicker. As a Registered Architect specialising in residential design, Antony Svilicich can help you make your house as appealing as possible to the Perth real estate market, so you can maximise your return.