Top 10 Renovating Ideas

Consider the following to maximise your profits

Cosmetic V Structural   

Cosmetic Renovation

Aesthetic improvements that could include painting, rendering, floor coverings, street appeal, landscaping and most kitchen and bathroom renovations

Structural Renovation

Changes to the houses floor plan and extensions.  They are typically more costly than a cosmetic renovation and in most cases require the skills of a professional contractor.

Cosmetic renovations are best done as close to the sale of the property as possible as they deteriorate with time.   Structural renovations although more costly create additional equity and obviously don't need to be completed within proximity of a potential or planned sale.

Buyers prefer open plans

Buyers typically prefer  open plan spaces that involve the combination of kitchen and living / dining areas.    There are usually divided by furniture to give a house a much larger warm feel.    I find that most homes that require structural renovations need this aspect addressed. This area should be focused on if your budget allows it.  Remember a renovation for profit budget is very different to your typical budget.    It isn't about the ability to pay for the work as much as will this renovation produce more equity in my home that what it cost to do.

The picture above highlights a contemporary open plan home layout

The picture above shows a floor plan of a contemporary open plan home.   This particular home is tastefully planned separating the master bedroom for the secondary bedrooms.

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Top 10 Cosmetic Renovation Ideas

1. Curb Appeal - Get the pressure washer out and clean the driveway and paths.   Fertilise the law and give it plenty of water.   It is incredible what a difference a well maintained lawn makes.  Not to mention how little it costs to achieve a fantastic result.  Open up the front of your home by removing bushes and trees that hide it from the road.   Brighten up the gardens by putting in fresh mulch.    I can not stress the importance of curb appeal.   

2. Repairs  - Sellers often see a building and pest inspection as an additional cost.  I prefer to use it as a tool to ensure that any repairs or problems can be addressed and reduce the chance of a buyer using information found on a report to negotiate a reduction in the price of the home.   Ultimately the price reduction is typically far greater than the cost of addressing the issues prior to listing. 

3. Paint - Is without a doubt one of the best cosmetic improvements you can make.  Use tones consistent with your area and make sure that it is done with care and to a high standard.   If you can not achieve a professional finish it really is best to use a professional as this is one area that you really do not want to get wrong. 

3. Paint - Is without a doubt one of the best cosmetic improvements you can make.  Use tones consistent with your area and make sure that it is done with care and to a high standard.   If you can not achieve a professional finish it really is best to use a professional as this is one area that you really do not want to get wrong. 

4. Clean - When it comes to cleaning your home for sale I really can't stress how important it is but I am always surprised at how often sellers seem to over look it.    The house inside and out should be absolutely spotless and if needed you should engage the services of professional cleaners to do the job.   The cost versus the improvement really makes it a no brainer.

5. Clutter - Clear out the old and make way for the new and by that I mean remove all the small things that typically make a house a home.   All the trophies, family photos, old magazines, toys and the things we all hide in the corner of the lounge room.   The point is to make the home ready for the potential buyers and personal items prevent some buyers from seeing themselves in the home.

6. Kitchen - The kitchen and the bathroom are two areas that can really make a break a sale.   They are also two areas that can be extremely costly to renovate.   Before completing tearing out the kitchen see what can be salvaged.   Can you get away with new counter tops, handles and even replacing or better still resurfacing or painting the cupboard doors.  Taking time to do your homework here can save you thousands.

7. Bathroom - Another really important area of the home and also one that typically needs attention.   If you have old tiles can they be painted and re grouted for a small fee.   Does the entire bathroom need to be reworked or can you just update the toilet and swap the shower glass out to improve the look.    

8. Stage - When i say that i mean stage it.  Use internet community boards like pinterest to come up with awesome cheap ideas to really make your house look appealing to potential buyers.   You would be surprised at how much more buying action you see when a house is properly staged.   If the budget allows it consider hiring a professional.

9. Carpets - Have the carpets professionally cleaned and when needed replace really worn or stained carpets.   Dirty or stained carpets often result in the loss of potential buyers.

10. Agent - Hire an agent to professionally market and expose your home to as many potential buyers as possible.   Agents often have large buyer databases and negotiate for a living.    They are also legally bound to obtain you the best possible price.    

If you would like more information on the current marketable sales price 

marc@crestmont.com.au

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