Eleven tips for renovating before sale

If you’re considering whether it’s the best time to sell your home, you’re probably wondering whether a quick renovation will maximize your property’s value.

This is a tempting thought when you’re in no hurry to make a move and can invest both your time and cash.

As your neighborhood real estate agent, I speak with prospective buyers every day and can advise you on features of a home that they value. I can help you decide which upgrade projects will add value to your property and help it sell quickly.

Not every improvement will pay you back, so seeking advice from folks who know what buyers want is a pretty smart move – and I’m happy to help.

The key to any project is to have a plan and budget. A surprising number of people go ahead without a specific goal in mind.

Also, it would help if you keep reminding yourself that the purpose of the remodel is to sell your home quickly and for the best-possible price – not to add comfort to your lifestyle. 

So, don’t invest in expensive, quartz countertops or high-end porcelain bathroom projects. While they will add value, they are unlikely to repay you with the dividend that makes the purchases worthwhile.  

Focus on lower-cost alternatives that give the impression of a high-end finish that the market is seeking.

Another way to contain cost is to consider what you might be able to do yourself, such as painting, or landscaping the garden.

To start you thinking about your sales strategy, here are 11 tips that will assist you in staying within budget and still produce a fantastic result that will translate into a bumper sales price.

1. Make a plan and stick to it – That’s easier said than done, so be disciplined. Prioritize the improvements that will add value to your home. Don’t be afraid to cut items from the list. Remember, you won’t be living in the property for much longer, anyway. 
2. Set a budget – Every budget has a limit. Your job is not to go beyond it. As your real estate agent, I can give you broad advice on how much you should spend before you line up your contractors. For example, between 10-15% of a property price can be dictated by the quality of the kitchen. So, if you want $500,000 for your home, and you spend $50,000 on a makeover, there won’t be much profit in your efforts.
3. Make money on discarded materials – Build into your budget revenue from selling items such as the kitchen cabinets and window frames you’ve ripped out. You can use an online selling platform or seek out a company that specializes in reclaimed materials. 
4. Be ready for cost blow-outs – Build a margin of 15% into your budget for hidden costs, such as wiring or plumbing that is affected by the changes you’re making.
5. Do it all at once – Undertaking projects piecemeal is the most expensive way to renovate. Bite the bullet, as this will also minimize the inconvenience to your lifestyle.
6. Consider moving out – While the work is underway, it is often smart to move out for a few weeks so your contractors don’t have to work around you.
7. Take time finding contractors – There’s an art to choosing the right building company. Interview at least three companies — request examples of the type of work you want to be done. During the bidding process, it’s good to make a note of whether they listen to you, or jump to their own conclusions. Ask for references, and ensure you contact them with a list of prepared questions. Make sure they are licensed, hold appropriate insurances and have no legal cases against them pending.
8. Buy insurance – Licensed contractors should have their own insurances, and state government programs can also protect you. But this is belt-and-braces territory. Cover yourself.
9. Don’t nickel and dime – This is a common mistake. Contractors need to make a profit. If they accepted your job but don’t expect much of a profit, they’ll put you at the bottom of their to-do list every time. 
10. Keep the linea of communication open – You must always be candid with your contractors. Do not expect them to second-guess what you want, how much you have to spend, or whether you’re unhappy. It’s your job to keep everyone on the same page.
11. Take time choosing materials – You can contain costs by sourcing materials such as tiles or flooring that doesn’t cost the earth but give the impression of quality. You don’t have to break the bank on timber floors, or Italian tiles. Ask your prospective contractors if they source and work with reclaimed materials, as this might reduce costs.