Renovating: Tips on how to get a better selling price for your home
Renovating your home can be both stressful and rewarding. But renovating specifically to sell is something else entirely.
You might ask yourself…
How do we renovate a house for an unknown buyer?
What will increase the sale price the most?
Where should I spend my hard-earned money?
Luckily we have renovation expert and owner of Colour Perfect Decorating Michael Pickering to answer all our questions.
Mick has over 25 years of experience in both renovations and painting, and knows what potential buyers are really looking for in a home.
So firstly, Mick – how much should someone put into renovations?
To renovate a whole house with granite kitchens, new lights, carpets,tiles, and new bathrooms can cost as low as $40,000 from the auction, provided you do most of the work yourself. So you can give a high finish with out over capitalising, and really add to the sale price.
OK great. So which areas of the house should a renovator focus on to add the most to the resale value?
By far, the most value is added by renovating kitchens and bathrooms.
How effective can a new paint job be on transforming the feel and look of a house?
A paint job is very important if it’s done by a professional. It has the ability to completely change a dull house into a sellable home instantly, and is relatively cheap considering the impact on the sale price.
Which colors would you recommend to renovators, to appeal to the widest range of potential buyers?
Neutral colours definitely work the best. White ceilings, white doors and pale cream frames are very popular, but the in colour at the moment is light grey.
What are common traits people are looking for in a new house, and how can we achieve this through renovations?
Most people want to move in without having to do anything to the house, so a high finish really commands a premium. While this doesn’t relate to the real lower end of the market, it makes the sale a whole lot easier.
How important is lighting to compliment renovations and painting?
Lighting is very important, with LED lighting being especially popular. People like them because they’re eco friendly and much more energy efficient than the older style globes.
Are there any problematic types of renovations you should avoid when renovating to sell?
The renovations to avoid are when the neighbor’s houses are in terrible state. This means no matter how hard you work on making a house look great, people will drive on by regardless. It would be much more cost effective to renovate a cheaper house in a nicer area, than to spend all your money on renovating the nicest house in a cheaper area, and not getting the return on your investment.
How do you balance the personal style of the person undertaking renovations, without putting off prospective buyers?
It’s best to stick with neutral colours when painting, and add a bit of class in picking your bathroom fixtures and lights. Baths and sinks etc. should be white, and tiles should follow suit, with maybe a small feature. Avoid coloured tiles. Maybe put a feature in the master bedroom like red to give impact, and stand out from the neutral colours throughout the house. A white kitchen with black or white tops keeps everything flowing, and makes the place look spacious, bright and clean. This always gives buyers the wow factor!
What’s the best renovation you’ve been involved in?
The best renovation I have been involved in was renovating a snooker club. We decorated throughout, retiled toilets, put in a new American oak bar, made disabled ramps, chopped up rooms with false walls, and installed new lighting and suspended ceilings throughout. Looked amazing!