Good morning. How are you?
This is Jane Eyles-Bennett. I’m the founder of this group, and I’m jumping on today to talk about renovating to sell.
When you are renovating to sell it’s so hard to know where to spend your money, how much to spend, whether you should do this, whether you should do that, should you leave it as it is.
What you’ll find is a lot of real estate agents will say “Don’t do anything. Leave it exactly as it is.”
The worry with that is if you leave it as it is, it gives your buyers more room for negotiation, and what you don’t want is for a buyer to come in and say, “That’s no good. That’s no good; therefore I’m going to offer twenty thousand dollars less.” Or more!
So really what you want to try and do in a lot of instances is get it as good as you can, for as cheap as you can. That’s obviously the ideal.
What got me thinking about this was one particular client I was talking to last week who had some really lovely ideas for their home, but in my view, they were lovely ideas for if they were staying, not for if they were selling.
So they were thinking of doing some things to the yard, which would have cost an extra five or six grand and probably in the scheme of things, not really added the appeal and value to the property that they had thought.
So, what we are going to do is other things to the exterior that will improve the appeal but not the things that they were suggesting.
So I guess I just wanted to get you thinking about if you are renovating to sell, or even if you’re not renovating to sell, what is the effect that you want? What are you trying to achieve? I think there’s a mistake that a lot of people make is they look online, or on Pinterest, or on TV or whatever, get all these wonderful ideas, but then can’t piece them all together.
Where you have to start is at the end. What’s the outcome that you want? So if you’re renovating to sell, your outcome is you want it to appeal to your target market. So whoever your target market is – it might be young families, it might be families with teenagers because it’s near a high school or something like that, or it might be retirees, or it might be single people without children, and it could be a combination of those things.
So think about I guess who you’re appealing to and what you want to gain from the renovation. And sometimes it’s like, “Oh, that’s so boring. I just want to paint some walls and do some things.” But, it really is important to think of the outcome you want first.
And also, when you’re renovating to sell, think about how much you’re going to spend first, and then plan the renovation.
The other thing that people do wrong is they say, “We’re going to do this, and we’re going to do that….” and then they add it all up and it’s $30,000. Are you going to get $30,000 back on the sale of your property? Maybe. Maybe not. You’ve got to do that research before you start.
So work out the numbers, then work out what you’re going to do based on what the buyer is looking for and then make your plan to get it done.
I hope that’s helpful. If anyone needs help renovating to sell, or renovating to live in for the rest of your life, let me know. I am here on personal messenger or message on Facebook and send me some photos and we can have a chat.