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Where NOT to spend your money when renovating to sell

by ShelMarkblog | 30 August 2018

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The rule of thumb when renovating to sell is that you should aim to make three dollars for every dollar spent (the so-called ‘three-for-one’ rule). This is a good guide for you to gauge whether or not your money and time have been worth it.

Here are 5 renovation features that experts say rarely add value if you do them simply to make more money when you sell.

1. A swimming pool
While a swimming pool will appeal to many buyers if you already have one, it’s not worth installing one simply to make more money when you sell. They are a massive investment and great for lifestyle if you’re sticking around for a few years to enjoy it. But a pool won’t give you bang for your buck otherwise.

2. Extravagant fittings & fixtures
While it’s tempting to splash out on high-end inclusions before selling, unless you are selling to a highly niche market, extravagant and expensive fixtures and fittings won’t result in a good return on investment. That doesn’t mean replacing old for new isn’t a good idea. People love new carpets, appliances and window treatments etc. Just keep the three-for-one rule in mind when buying them.

3. Invisible features
If buyers can’t see what you have done, it’s unlikely to boost your return by much. Examples are things like wall and ceiling insulation, double-glazing on windows, and new air conditioning systems. What the addition of these types of features does do however is add to the marketability of the home (as long as you work with an agent who highlights these ‘invisible’ features as selling points). Just don’t expect to triple your outlay costs for these types of additions.

4. Fancy landscaping
A fancy high maintenance garden is as much of a turn-off for many buyers as no landscaping at all. If you have a garden, make sure there is some lawn and a simple, easy to maintain garden design. Don’t go overboard with water features, cladding, hidden gardens, paving and the like, unless of course you already have it all in place.

5. DIY work that is below standard
Doing a less-than-average job on a DIY renovation won’t only stop you from making more money; it can actually cost you dearly. Dodgy tiling and painting is easy to spot at home inspections. The harsh reality is, half-finished or sub par jobs devalue a house.

If you’re thinking about selling and want to know what it would be worth spending money on to improve the value of your home in line with the three-to-one rule, give us a call. We will provide you with a clear, honest market appraisal and recommendations on how best to present your home for sale in order to achieve the best outcome. Rest assured we will never advise you to spend money that won’t give you a good return.




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