Hotspace Blog

Should you renovate before you sell?

Jane Eyles-Bennett - Tuesday, July 04, 2017

Most people assume that doing a full renovation before they sell will result in a higher selling price. Sometimes this is true, but not always. Before deciding whether to renovate to sell, you should do a bit of research and work out if renovating is right for your circumstances; and what areas you should spend your renovation dollar on.

Here are a few things to consider:
• Does your house lack something every other house in the neighbourhood has? If so, buyers may decide your house is worth less and try to screw you down in price. It might be worth renovating or adding to your existing property so you are on the same game board as all the other sellers in your area.

• If you do renovate, can you add on or change something within the existing footprint of the property? For example, you might be able to turn a formal dining area into an extra bedroom or partition off a section of a large living area to create an office. Of course, only do something like this if the costs involved are less than or at least equal to what you hope to gain, and don’t do it at all if it will result in a weird layout. The last thing you want is for a room to look tacked.

• Research, research, research. Talk to agents, look up www.realestate.com.au or www.domain.com.au and find out what type of buyer your suburb attracts. Is your area perfect for families? Perhaps it’s ideal for commuting to the city, or maybe it’s better suited to retirees. Whatever the demographic, skew your reno towards the things that those buyers are likely to want and need in a house. It’s no good spending a fortune adding an extra bedroom at the expense of an entertainment area if your target buyer is a single who loves to entertain.

• Prioritise what you are going to renovate. Look at the exterior and see what you can do there to trick up the property without spending a lot of money. Kitchen and living areas should be next on your list. Remember, living areas can include indoor and outdoor spaces so utilise all those areas well.

If you still have enough in the budget, look at the bathroom next and see if there is anything you can update here without too much expense. I rarely advise adding a carport or fixing up a laundry (unless its really bad!); it’s unlikely to add much to the final selling price. Of course, if you think it’s the one thing that will get you on par with every other house for sale in the neighbourhood, go right ahead, but keep your budget tight.

• Keep your renovation palette fairly neutral so that it appeals to a broader market. That doesn’t mean it has to be boring; you still want it to stand out, but you need to strike a balance. You want eye-catching, not off-putting.

• You don’t have to renovate every part of the house (here's proof you don't need to). You’ve probably lived in the house for long enough to know all its good and bad points, but a buyer is looking at it for the first time, so you can get away with tricking up and making cosmetic improvements rather than doing a full renovation. Even if a buyer comes back to look at the property 3 or 4 times, the total time they’ve spent there is likely to be only a couple of hours, maximum. That’s probably less time than most people spend researching new televisions before purchasing!

Buyers aren’t going to notice every little detail, so your focus should be making it visually appealing, ensuring it is safe and getting things right for the building inspection.

                                                                                                            

Renovating your Home or Investment Property?

Home renovations are on the up and up - thanks to all the TV shows and other media outlets such as magazines and the internet.  But is it all that it's cracked up to be? TV makes it look so easy (renovate a kitchen in 2 days, transform your garden in 24 hours - we wish it was that simple!).

If your home or investment property is on the wrong side of 15-20 (years old) then you have a great opportunity to update and modernise it. But without experience on your side, things can (and often do) go really wrong - going over budget, not ending up with the style or look you'd imagined, problems with trades-people, time-frames blowing out - and the list goes on.


Hotspace can help

Hotspace offers one-on-one Exterior and Interior design advice to home owners and property investors.

Property Investors; Our sole aim when working with property investors is to show you how to add as much value as possible - while spending considerably less than it appears when the renovation is completed (ie: spend $1 to add $3-$4 of perceived value). As Interior Designers, we love colour. But colours are only a tiny portion of the information you need to successfully renovate for profit.

Home owners; If your home is old and tired and in need of some renovation love, then we'll show you how to create beautiful and comfortable spaces. We've worked with over 500 property owners on all sorts of properties, so we've (almost) seen it all! We'll help you re-design your biggest asset - often for less $$ than you might think. And as award winning interior designers, you couldn't be in better hands.

The key to renovating your home or investment property without breaking the bank

Whether a full overhaul or a quick facelift, Hotspace will guide you towards your ideal renovation, including;

A second opinion on your plans and ideas - You'll no doubt have some of your own ideas, so we'll steer you in the right direction; confirming your best ideas, introducing new ideas and eliminating the rest.

New ideas and recommendations - We'll introduce you to new renovation ideas to really maximize the result you're able to achieve - ensuring you tastefully revamp your home in ways far beyond what you would have considered yourself. Exterior and Interior Design is our forte!

Spend less on your renovation - If you're afraid of your renovation spiraling out of control, sticking to a reasonable budget just became a reality (yes it is possible!). We'll give you specific guidance on how much or little of your property to renovate given your budgetary expectations. Some of our packages even include budget breakdowns for your entire reno.

Increase the equity in your home or investment property - You can add value and increase the equity in your home or investment property by spending less on your renovation than the value it adds. We'll show you how.

Money back guarantee - Investors; double your renovation investment or we'll refund our fee in full - No questions asked. Note: Our clients typically triple their renovation 'spend' investment so this guarantee is a no-brainer for us!

One-on-one support - Many of our packages include telephone, sms and email support which can be used any time during your renovation.

Which Hotspace Consultation Package is right for you?

We offer 6 different packages depending on your requirements. Click here to see the package options or Phone 1300 908 8901300 908 890.
4 things you MUST KNOW before spending a cent on your renovation.

Free eBook PLUS 7 bonus eLessons.





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Hotspace Blog

Renovating with Kids

Jane Eyles-Bennett - Friday, November 24, 2017

In my business, I help home owners work out the look, feel and overall design of their renovation rather than the physical implementation. Lucky me - for the most part, my clients manage their own renovations; including navigating the ins and outs of renovating with their children in the picture. If this is you too, I’ve come up with a list of things that should make the process easier. (Read More)

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