You may have heard friends and family say that when selling real estate in Thomastown, you need to upgrade your property to get the best price. But what does a typical upgrade involve? How do you differentiate from what will add value to the house and what will be money down the drain? How do you choose how much to upgrade and what to leave as is?
Here is a quick list of the upgrades that will bring the most value to a home:
- Bathrooms
It is true that the bathrooms and the kitchens sell the house. However, it is very easy to over-capitalise in this space and end up spending more than you could ever hope to get back. For a bathroom, a few, quick upgrades can make a major difference, although the amount of work required will depend largely on the original condition of the bathroom. For example, bathrooms with major plumbing issues will most definitely need to be completely refurbished, whereas one with just outdated tapware or showerheads will need only minor replacements. Whatever you decide to repair, remember that the total cost of the upgrades should not exceed 5% of the sale price of the house.
- Kitchens
Like bathrooms, the kitchens are also the space most people look at first when deciding to buy a house. The kitchen is the heart of the home and the space most likely to impress. As such, modern, open kitchens are all the rage today, and outdated fixings and features could put you at risk of missing out on a great sale. Painting the timber, replacing tapware and lighting and laminating cabinetry are all quick and inexpensive ways of upgrading your kitchen and appealing to your buyers. If any appliances that come with the house are broken or need repairs, they will need to be repaired or replaced before the house goes on the market.
- Paint
You won’t believe the difference a fresh coat of paint can make to a house. If your house was previously painted a different colour for each room or had focal walls of bright, bold colours, now’s the time to choose a neutral but modern palette and make the entire house look like a cohesive whole. Lighter, neutral colours also have the added effect of opening up a room and making the space look larger, helping you further capitalise on your sale.
- Exterior
The first impression a potential buyer will have of your space will be of its exterior. A house painted a jarring colour, with peeling, cracked or faded paint or even an unkempt front yard can be off-putting to buyers and may have them looking the other way before they even step foot inside the house, or potentially offering a lower price. When a buyer sees something he or she doesn’t like in a house, they are thinking of the additional money they will have to spend to fix it after they’ve already spent a considerable amount on buying the house itself. In fact, many real estate agents report that they have a harder time selling a house painted in less popular colours than those with more neutral, universally appealing colours. To choose the best colour for your house, take a look around the neighbourhood and choose a colour that makes your house look like a part of it.
- Outdoor areas
Although this matters all around the year, the condition of the outdoor areas like the patio, backyard, front yard and porch is something buyers will pay close attention to when buying property in the warmer months. This is because, with Christmas and the holiday season coming up, most people are looking for houses with spaces they can entertain friends and family in, and keeping your outdoor spaces well-maintained will help a potential buyer imagine living and enjoying late, lazy summer evenings with family and friends there.
If you do not have a dedicated entertaining space but have a large backyard, consider putting up garden umbrellas with an outdoor chair and table set, or get permission from your council to build a concrete, covered porch in a part of the space. However, make sure you don’t spend more than 5% of the total cost of the house on repairs and upgrades when renovating the house.
When selling real estate in Thomastown, one of the most popular suburbs in the City of Whittlesea LGA, it is important to do everything in your power to ensure a quick and profitable sale. And with the summer selling season now upon us, take advantage of the holiday season to make these upgrades to your house before people return from their vacations and before you list it on the market.
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