Are you considering selling your Maidstone property? But not so sure whether you should go ahead with the renovations? We have a solution for you- consult with successful estate agents in Maidstone and seek their advice for your property as many factors will determine whether you need to renovate your property or whether it is not required. However, some basic guidelines work for all properties.
You can calculate the total cost and whichever option seems less expensive, go for that. However, if you want to have a more sturdy and appealing look on the outside, you may seek help from this experienced reliable tuckpointing contractor to increase the overall value of your house and prevent any costly damages in the future.
Hence, we did some research and curated pieces of advice from estate industry experts on why you should renovate your house before selling. In today’s blog, we will be exploring the scope of renovating a property before selling through several questions:
Is it okay to renovate my house before selling it?
One short answer to this- it depends. Owing to the current market trends, there is no way one can find an answer that fits all. The same thing is applicable when it comes to home renovations before selling it.
According to recent research on the topics, it has been found that in most cases, a renovation project adds value to a property. But due to the high demand for building works at present, the waiting list is growing even after paying premium prices. Hence, the question of whether a renovation project is worth it before you sell your house remains.
In many cases, the property might be in good condition overall but might be a bathroom that needs a do-over. Thus, a new bathroom may cost around £5000 to completely renovate a bathroom. Whenever a potential buyer comes across such expenses and requirements of a do-over, they will evaluate the price of the property based on having to do the work and also the hassle of the entire renovation project. This might lead to a drop in the asking price (as much as £10,000 or even £15,000), depending on the kind of work that needs to be done.
Homes that have been inhabited for many years might even require full renovation of the entire property. In such a situation, unless you are a developer yourself with good experience and easy access to a lumpsum amount of money to pour into the project, renovating your house before selling it might not be worth the shot.
The question of renovating a property also depends on the circumstances and plans of the individuals who are selling the property.
What kind of renovations are worth the money before I sell my property?
In most cases, small renovation works are worth investing in before you decide to sell the property. We have prepared a comprehensive list of those places where we would suggest you pay some attention before selling your property in Maidstone:
- Any leaky taps in the property
- Peeling paints and scruff marks
- Small cracks that can be sanded and filled and redecorated
- Loose floorboards and tiles
- Any dirty grouts and sealant with moulds must be fixed
Don’t forget to deep clean your home before you put it on sale.
Serious issues that must be fixed before selling any property
In the previous section, we discussed minor renovation projects that have to be taken up by sellers before they decide to sell their property. In this section, we will be discussing serious issues found in properties such as structural defects that might even make it impossible for you to find potential buyers if not fixed. Again, even if you manage to find potential buyers, they might face difficulties in procuring a loan from a mortgage provider for your property.
Any unmortgageable property is tricky to sell because you will have to depend solely on cash buyers’ bids, and they too will be aware of the fact that they are the only available buyers. This will force you to sell your property at a price that might turn out to be quite disadvantageous for you.
Here are some structural issues that must be fixed on a priority basis:
- A leaky roof
- Missing tiles
- Cracks in the structure
- Bowing walls
- Any kind of insect infestations such as woodworms or bedbugs
- Rotten and broken joists
Before you begin your renovation project, you would want to check your building’s insurance cover as some of these issues might be included. So always go through your paperwork and call your insurance company before starting your renovations.
Can I sell a property that requires renovation?
Yes, the good news is that you can surely sell your house even if it requires renovations. But in such cases, the pool of potential buyers is drastically lessened. Based on the extension of your renovation work required, your property will be of interest only to certain buyers.
To ensure that your property is still sold at a good price, there must be some changes done in the strategy of selling the home.
Do renovations add value to a property?
It depends on the kind of renovations as specific renovation projects truly add to the property value. If the alterations are being made in the view and aesthetics of a property, it should be done by keeping the buyer in mind- for example, a fresh coat of paint is an improvement in the property but the colours should be as neutral as possible.
Try not to think of the property as your home while carrying out such projects as it helps to be pragmatic- remind yourself that these renovations are only being made so that you can increase the sale price. It is easier for buyers to have a neutral canvas when they envisage themselves living in the house.
Renovations can add value to properties, and it is always suggested to take a good look at your property for potential renovations as mentioned above. While the extent of renovations may differ, in most cases, almost all properties benefit from minor changes or renovations carried out before putting it on the market for sale. Seek advice from your estate agent as they have the best knowledge when it comes to saying yes or no to the renovations before selling any property.