23 July 2019
Real Estate Adding value: how to gain a positive ROI on your property
When selling your home, it’s easy to get lost in the myriad possibilities that could increase the value of your property. To help you hammer through your DIY options (and prevent your home from becoming the next Block NZ site), we’ve put together a handy guide to help you focus your attention on only the upgrades that will add value to your home.
Where to start
At Lugtons, we’ve been privy to many home DIY projects go amiss. If you’re getting ready to sell, it pays to take a moment to create a plan before picking up the sledgehammer.
Make a list of the old, worn out, or broken items needing to be repaired, or replaced, such as chattels that will be left after the sale, peeling paint on walls, or that cracked window in the bathroom. Work out your budget and identify which tasks you can achieve and which ones are better left to the professionals. Don’t be discouraged if your budget doesn’t stretch as far as you’d like – prioritising and sorting out a timeline for tackling tasks are the most important things.
When prioritising, keep in mind: not everyone wants a completed home, some people are looking for ‘potential’ in their purchase.
Talk to an expert
Before jumping head-first into renovations, speak with one of our friendly team to get a current market appraisal. By assessing the current market value of your property, you’ll be able to better-understand what you can do to get the best price. The moment the market flattens out, no one renovates to sell, on the same principle that in a buyers’ market, if your home needs repair it could deliver a lower price.
Simple, yet effective
Start with the simple-yet-effective, tasks. This way, if you run out of budget, or time, you’ve already put effort into the areas that will give you the highest return on investment. Low cost improvements offering big results include:
- Painting tired looking walls
- Hanging wallpaper to add texture to the environment
- Changing fixtures in your bathroom and kitchen to add to the décor
- Simple exterior enhancements, like clearing pathways to your home to create an inviting presence for potential home buyers.
Looking into major repairs
Remember when we said not everyone is looking for perfect? Keep this in mind when you’re looking to make major repairs on your property. Hold off on pricier elements until you’ve had a discussion with your real estate salesperson – they’ll be able to advise you on whether that costly repair will secure you a return on your investment.
You have many options when it comes to improving your home. Before setting off on your DIY journey, or investing in contractors to upgrade you home, talk to one of our REAA 2008 certified team. We’re able to provide the best market-ready advice to get your home on the market.