Renovate for Profit: Increase Sale Price Easily
Category Selling Advice
Renovating for profit is easier than you think! Are you ready to move onto your next home? Whether you're upsizing or downsizing, you'll definitely want to know these hot tips for increasing your property value. So buckle up, and get ready to learn how to renovate for profit and increase sale price.
Take Care of Quick Repair to Add Value
Performing routine maintenance is the first step to maximising the sale price of your home. It may seem like a no-brainer but it's easy to let the small things like the roof shingles get out of hand. So, take a walk around your home (inside and out) with pen and paper in hand. Look for cracked windows, loose tiles, leaky taps, smelly drains, etc. Write down all of the things that need some TLC and get busy. A little lick of paint can go a long way!
Which Home Improvements Increase Sale Price?
- Home Office: Especially at the moment, with so many more people working from home, a home office is a major selling point. Repurposing underutilized space in your home for a home office can really help to draw in serious potential buyers.
- Update the Outdoor Spaces: Gardens and outdoor areas can make or break the first impression buyers get. One can usually reap great returns from simply manicuring the lawn, and planting some flowers.
- The Classics (Kitchen & Bathroom): Kitchens and bathrooms are often 'deal-breakers' for picky buyers, and those with less experience renovating. These are expensive home improvements, but potential buyers may be willing to pay the premium to avoid the hassle of doing it themselves.
Remember Your House's Ceiling Price
Before you take on any bigger renovation projects to increase the sale price of your home, consider the area's price ceiling. The ceiling price of a house is the maximum price any property of similar size and age has sold for on the street. So, if you're thinking about investing money into refurbishment, ask yourself if anyone would be willing to pay the extra cash to buy into the neighbourhood.
Get Expert Advice to Find Out the Right Price
There are a lot of variables involved when trying to figure out if a home improvement will bring a return on investment. It's always recommended to reach out to experienced property industry veterans to figure out which renovations will increase sale price on your home. FMS Sales & Leasing estate agents are here to help you ensure that you don't overspend.
Author: Paul Wasson
