Is Renovating Really Worth It?

To spend the money.. or not to spend the money? Let's see if renovating is worth it for you

Date:

09-Aug-2018

Category:

Investing

Tags:

Is Renovating Really Worth It?

To spend the money.. or not to spend the money? Let's see if renovating is worth it for you

You watch the renovating shows, you see how the professionals "fix and flip" houses to get more bang for their buck. But that's the thing, they are professionals. So are house renovations the same for your average run of the mill Aussie with no experience in renovating? We're here to find out...

Renovations are known to increase the value of a home and to make them stand out on the market, making the overall sale process quicker and easier, rather than dragged out and unprofitable. There are different strategies one can take when renovating, and the key thing for sellers is to choose the option that is most suitable for them. Factors determining what might work for you could include: budget, renovation skills, time restrictions and the current condition of your home.

Bathrooms and kitchens are usually what we're told should be dedicated the most time and money to, however, if your bathroom and kitchen aren't totally horrendous, and your exterior is, you may want to look into that first. Easy fixes can include garden trimming and maintenance or a new coat of paint (not the whole house if it doesn't need it! - Repainting window sills and fascias, etc. are a great way to spruce up the place). You must remember that the exterior gives the first impression, and by showing that it is cared for and not weathered and worn, will ease buyers' minds. Furthermore, even if your exterior isn't that bad, some modern landscaping could be applied and it doesn't have to cost you an arm and a leg! Ask your real estate agent about what suits your house, and who your target buyers are. These questions will help you determine if you should adjust accordingly to make your garden low maintenance, or if you should add a few plants and shrubs to give it some substance.

When looking for a house, some buyers will be able to point out the tiniest flaws in your home, and whilst it might be relatively easy to fix, they use it as an objection to buy and might mark your home as being costly and high maintenance. This is when the rookie renovators can shine. It doesn't take a lot to freshen up the place - a fresh lick of paint, ensuring there are no broken windows or doors and getting rid of any cracks in the walls. These types of fixes are relatively easy, and the small cost that is associated with them is worth it if it means less buyers will be turned away and more likely to put an offer down.

The main thing that should be at the forefront of every novice renovator's mind, is to get advice on what is relevant to you and your home. Find out what can be done to get the most out of your time and money. If hiring a professional to fix up a bit of the interior is going to be more effective than you trying your hand at some gardening for the first time, go with that! It's okay to take risks, but ensure you make informed decisions to minimise the chance of you not maximising the money you get back.

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