Renovating costs can quickly add up, so we ask five Ipswich real estate agents how homeowners can update their property to get the most bang for their buck.
Tank Lee from Housequest says:
Keep it fresh, modern, neutral and functional. Don’t do something like astroturf on the walls because it looked cool in some shop.
If you are altering the floorplan, make sure the flow is right and maximise the use of space.
As the old saying goes, kitchens and bathrooms sell houses. Make sure it’s quality work, that the doors line up and the drawers shut. So many people take it upon themselves to DIY, but some of those areas really show if it’s not done properly. The other big thing that is coming up a lot, is make sure you have a proper wet seal certificate, just to cover yourself.
Clare Cantwell from Palace Property Agents says:
Renovating for a profit looks easy on TV, but it takes research and practice to perfect. Renovators looking to make a profit should aim to achieve an average of $2 return on every dollar spent over the course of the reno. The big question is how? Remember first impressions count so ensure you home has great street appeal and a welcoming feel to the property upon entry.
A very simple makeover that will pay off is new paint and carpets in neutral tones. It not only makes your home smell new but will give an edge over your competition.
Kitchens and bathroom can make or break a sale, so make sure these are on your “to do” list if your budget allows. I recently advised an investor to renovate his property as it had good bones. He spent $25,000 which allowed him to achieve an additional $80,000 at sale with the house under contract within 48 hours of listing.
AJ Bakshi from RE/MAX A1 says:
First of all the land size matters, any property less than 600sq m, renovations don’t add that much value. Second suggestion is the area, for instance if you are renovating around Bundamba, with Costo going in you will get maximum return because it’s a high demand area.
If you are looking for a property to renovate, stay away from new developments because you will end up over-capitalising. We see people all the time who want $400,000 for a renovated property, when we are selling house and land packages for less than that. Always discuss the project with a real estate agent, we will help you avoid over-capitalising, and can tell you what buyers are looking for in a property.
We prefer the property with a car garage. A lot of properties have a carport, and people don’t want to pay top dollar for a house without a garage. The emphasis should always be on the kitchen and bathrooms, it’s very important. And if a property has two toilets, it has more value.
Tait Batton from Coronis Springfield Lakes says:
I’ve worked with people who had a property in Booval, we did a lot of work to it but minimised the cost by focusing on items that would appeal to the market. Freshening up a kitchen can be a way of making a difference easily, such as repainting cupboard doors and changing the handles. It’s a way of adding to the sale value but not costing tens of thousands of dollars.
Also tidying up garden beds, putting in much and new plants, and paint the fence, so when people drive up they have a really good impression.
Window furnishings are another one, a lot of houses have venetians that get tired and damaged, or are not quite working anymore. We had an ex-rental, we got all new roller blinds which gave a fresh look and it was professional. Other houses we did some nice sheer curtains with a blockout curtain, and a nice tie. It’s about creating that atmosphere for buyers.
Luke Buckel from Ray White Bundamba says:
A great question which is sometimes governed by budget. Above all, ensure any project is completed to a superior finish. There is nothing more devaluing than a substandard paint job and a poorly completed DIY bathroom. My belief is if a task is beyond your capabilities have someone with experience complete the task.
Dependent on budget, sometimes the little things like fittings (e.g door furniture, tapware , blinds and light fittings) can really change a space without outlaying major dollars. If the budget is bigger, kitchens and bathrooms are certainly game changers in value add.
Importantly, don’t overlook the exterior, projects like landscaping, inviting entertaining areas and storage solutions such as sheds and garages are certainly great equity boosters.