Improvements and renovations before Selling

Many property owners are reluctant to spend more money once they have made up their mind to sell the property, in the belief that it would not pay off. However many real estate professionals know that a nice coat of paint will never hurt in brightening up the property as well as prospects of getting a much better price for it.

The type and amount of work depends largely on the price that you will be asking for the property, the selling time span and the present condition of the property.  If you’re in a hurry, just do a quick touch up like a coat of paint can surprisingly do wonders.

How do I create a good first impression

When you went house hunting, you would also have been put off by an untidy home with dirty laundry littering the house, so know that creating a good first impression is critical to generating buyer’s interest. While it does take some time, it needn’t be difficult or expensive, provided you keep two key words in mind: neat and neutral.

Neatness sells. Throw away unwanted items, give a new coat of paint, add fresh potted plants and bring out the welcome mat.

Hand in hand with neatness is neutrality. If you are going to give the place a new coat of paint, keep to light, neutral colours. Remember when a family look at your house, they are trying to paint a picture of what it would be like as their home.

Should I make any major home improvements?

Certain home improvements that are useful to almost everyone has been proven to add value and/or speed up the sale of houses. These include adding a new air conditioner, partial kitchen remodeling, new flooring and/or new lights and remodeled bathrooms. The challenge that comes with any home improvement to help sell your house is recouping your investment. There is always a risk of over-improving your house – that is putting more money than how the property is valued.

So how much is too much?

Generally, it has been observed that no matter how much you improve your house you’re unlikely to sell it for more than 15% above the average price of other houses in the neighbourhood. That’s why you might want to ask for a 3rd party (especially a real estate professional like us) for our opinion about the viability of recouping the cost of any major renovation you have in mind before you start the work.

Case Study

A very original condition HDB flat was never renovated since the first owner collected the keys from HDB about 30 years ago. The unit has original toilets, mosaic floor tiles, original kitchen and bedroom doors. If $5,000 each on spent on each toilet, and the kitchen was slightly updated to something closer to current acceptable standards. Say a total renovation bill of $15,000 should see the unit sold at $15,000 or more. Such original units, will are mostly unattractive to buyers when all the units are the same. 

Content Protected Using Blog Protector By: PcDrome.