Our top tips: Renovating for sale.
As we head into Spring (aka real estate’s peak selling season) many homeowners who are planning to sell will be thinking ahead, wondering what, if any, improvements need to be made to their property prior to sale time.
If you’re considering a cosmetic revamp of sorts, knowing how to plan a renovation and understand which process to follow can have a huge impact on the success of your project as well as the final result.
Consider why you want to renovate.
Understanding the motivation behind your renovation is essential to drive your desired result. Pinpoint what areas of the home require your attention and action accordingly.
For example, if your home is looking a little tired and dated then you might look to make some minor improvements to lift the overall presentation of the home. Yet, if your property requires more serious structural changes in order to appeal to more buyers, then an extension or room restructure may be the main focus of your project.
You need to make sure that your pre-sale renovation will drive a return on investment so be sure to consider the opinions of your local real estate agent or property professional. They will have a wealth of knowledge on the needs of your local community and of the potential buyers in your area so trust in their advice every step of the way.
Do your research.
Once you know what type of work will be involved in your home renovation, it’s time to look for inspiration and the right team.
Most renovation companies or tradespeople will be able to provide examples of their past work for your reference. You’ll be amazed how quickly you can identify what you do and don’t like. Our advice here is to make sure you’re making smart choices within the specification of your property and its overall style.
Whilst you might love a Hamptons style kitchen, if it doesn’t go with the rest of the existing home, it will stand out like a sore thumb, offering no cohesion with the rest of the property. This often results in confusion from the buyer - rather than adding value, all the buyer can see is how much money they will need to spend to bring the remainder of the home up to speed.
Stick to a budget and timeline.
This is also a good time to familiarise yourself with the costs, processes and timelines involved in carrying out your project. If you’re hoping for a springtime sale, you’ll want to make sure that your project timeline fits in realistically with the time you have available. Same can be said for budget - working within your set boundaries is key when renovating for sale.
Start by making a detailed plan - break the project down into achievable milestones and draw up an accurate schedule with a clear deadline for completion.
When it comes to budget, it’s good practice to include a contingency plan - possibly around 15% of the total budget - to cater for unforeseen costs. This is especially important in the current construction market where the costs of labor and materials are constantly rising. Then, manage your finances closely throughout the life of your project. You’ll need to ensure that you can meet the agreed payment schedule.
Be flexible.
Whilst sticking to the plan is key, it’s also important to expect the unexpected.
Even with the most meticulous planning, there is still a high chance that something unexpected might pop up - this is totally normal in the current market.
Rest assured, these setbacks usually don’t mean the end of the world! You might just have to push your spring sale back by a couple of weeks and we’re sure your appointed agent will be understanding.