When you want to sell a property, renovation is often the last thing on your mind. However, renovations can not only increase the chance of you selling a property, but in some cases they may be a necessary part of the sale conditions. Regardless of this, they can be done to add value to a home. So how can you get it conducted quickly and with the most impact? We present a guide to renovating before a property sale below.
Preparing for a Renovation
Before you begin, take a little time to think about the task at hand. Firstly, decide if you actually need a renovation. You may be forced to do this out of necessity, or you may be doing it to add value. However, if you want a quick sale without putting in the time and effort, then there are companies that offer fast cash sales. They allow you to sell your house fast, providing instant offers and quick turnaround times. Crucially, they will often buy a property as is, meaning you don't have to do any renovation, decoration, or alterations.
Once you really do decide to renovate, what is the final goal? Is it a contractual agreement, or are you trying to add as much value as possible? Each of these can inform your decisions. Make sure you hash out a budget and stick to it. With material prices rising by the month, you may also want to add a contingency. This will prevent you from having to scrape around for added cash if anything changes.
Serious Issues to Address When Selling
There are several issues that you should address before trying to sell. They are much more important than any aesthetic considerations or ones that may add value. In fact, some of them may hinder people from getting a mortgage, severely limiting your pool of buyers. This restricts you to cash buyers only who will offer less due to the defects.
A short list of problems includes damp, subsidence, cracks, bowing walls, rotten joists, and pest infestation, including woodworm or damaged roofing. The latter can also include missing tiles and flashing. Luckily, you may find that some of these are covered by your building insurance. Check with your providers before you get quotes.
Renovations That Add the Most Value to a House
Once you know you need a renovation and have addressed serious issues, you can decide which projects will add the most value. Contrary to popular belief, there are no cheap fixes that will add vast amounts to your sale prices. Changes that add the most money tend to also be costly. These can include loft conversions and extensions, or anything that creates more liveable floor space.
After this, a kitchen renovation is the project that will tend to add the most to a home. Estimates for how much this will cost vary wildly, and a lot of factors are at play. Will you install it yourself? Does it include appliances? Some retailers say it should cost between 5% and 10% of the home's value. Others say between £2500 and £8000. As you are not going to be living in the property, chances are you want to err on the lower end of this.
When making renovations, many people would advise that you opt for neutrality. For example, a kitchen must appeal to as many buyers as possible. However, this depends on the type of house. A country cottage would look out of place with a state-of-the-art kitchen design and would probably not appeal to the buyer. Therefore, you need to know your customer. A bathroom remodel should also follow a similar train of thought.
At the lower end of the scale, and projects you are probably able to do yourself, are decorating and landscaping. The redecoration of a home should cost no more than a few thousand. As well as painting and relaying flooring, it can involve mending any cracks and replacing sealants and broken fittings. This can add around 3% to the value of a house, with very little outlay.
A renovation thus depends on several factors. Firstly, think about why you are renovating before a sale. In some cases, you may not need to do so. If you don’t have the time and effort, or cannot afford the unsettlement a renovation causes, then avoid it. If you are continuing, think about the reason and check your budget. Plan carefully, get plenty of quotes, and see what adds the most value to your property.
