There are a lot of things to account for when selling your house. There’s finding the right agent, preparing for the move, and getting all your paperwork sorted. The question is: is it worth adding renovating to the list?
In short, absolutely. Renovating your home can bring in a lot of benefits that will set you up for success and launch you into your new life faster. Let’s look into this further.
Why should you renovate before selling?
Here are some of the benefits you can expect when renovating to sell.
Increase the value of your home
Even minor updates to rooms like your kitchen can see your sale price increase. In fact, our experts have seen it climb anywhere between 4-6% with an updated kitchen, depending on the value of the home. So, if you had a home worth $1,000,000 you could see a $60,000 increase.
This is a big reason why people will buy older homes and flip them. The profit opportunities are significant, particularly if a home hasn’t seen an upgrade in a while.
The update can be a simple facelift or a major renovation. No matter the scope, you are very likely to see a return that bolsters your sale price.
Stand out in a crowded market
There are many people out there trying to sell their homes, so it’s not as simple as waiting for offers to come to you. Especially as others put things in place to set their property apart. The Houzz and Home 2022 report found a 22% increase in renovation spending between 2020 – 2021, indicating that major upgrades happened throughout this period. Combined with the fact that the number of house commencements and other residential builds fell 6.6% and 19.6% respectively between 2022 – 2023, it seems that a large majority of people have already completed their home renovations while others continue to catch up.
This means that the market will be flooded with modern, newly renovated homes that are attractive to buyers. Your own renovation can help you remain competitive and keep up with other sellers so you aren’t stuck with a house on the market for an extended period.
Make your home more attractive to buyers
The older homes get the less functional they become, particularly in the kitchen – the most used room in the home. Renovating to sell can help solve this problem, adding extra space or making way for a modern touch, helping iron out the doubts of a prospective buyer.
Often, people will look for a reason not to buy, even if it’s something minor like an outdated paint job or creaky cabinets. You don’t want things like this to turn people away, so renovating can help you remove elements that might encourage buyer hesitation, staking the pros higher than the cons.
Make a list of the things you wish your home did better, or those annoying areas you always meant to give attention to and address them.
What to renovate to sell a house
When renovating to sell, these are the most effective upgrades that can set you up for selling success.
Focus on the kitchen
As the most used room in the home, a well-functioning, stylish kitchen can massively influence a purchase decision. Plus, with kitchens remaining the most popular rooms to renovate with a $30,000 median spend, paying particular attention to this room will give you a competitive edge.
Updates can be as simple as new cabinets and handles, or as major as redefining the layout to optimise the working triangle and make the room flow with function.
Update your cabinets and benchtops
Swapping out your cabinets and benchtops is a simple yet effective way to dress up your spaces. No matter if it’s in your kitchen, laundry or bathroom, you’d be surprised at how much it can influence the aesthetics of a room and refresh the whole look.
Add extra storage
Storage is important. It plays a massive role in keeping things clean and decluttered. If you don’t have enough, it could be a strike against your home for buyers. Consider adding extra options to increase your storage, like extra closets or shelving. This is particularly important for a family home since it helps tame some of the chaos.
Lighting
In 2022, over a third of homeowners upgraded their electrics, and almost half cited energy efficiency as an important improvement. Upgrading to LED lighting is a great way to make a home more energy efficient, helping new owners keep their bills down. You can also add some fun shades to these new lights and offer more style to hook someone in.
Modern appliances
People want modern amenities. Make room for elements like larger, smart fridges and washing machines, or spaces for appliances in the kitchen that can make life easier. People will be drawn to this and want to make themselves at home in a more contemporary, up-to-date property.
Renovate to sell with DDK
We can help you update your kitchen, as well as sections of your bathroom and laundry. With our kitchen facelift, you won’t have to struggle through an extended renovation and can instead benefit from minor, cost-effective upgrades that make a huge difference in the look and function of your spaces.
Learn more on our website, and reach out for a free consultation with our kitchen designers.