When putting up a property for sale in Reservoir, many people believe that they need to spend a fortune in renovations in order to raise the value of the house. While some renovations might be able to do so, and frankly, may be absolutely necessary, others may result in you losing out on money.
You may hear from loved ones during the summer months that a pool will be an incredible thing to add to your house to raise its value, but in a place like Victoria, where it rains half the year, a pool can end up being more of a liability and a nightmare to maintain than an asset. Unless your property is on the higher end of the market, or if you live in an area where having a pool is a normal part of owning a house, pools end up taking too much money to install but don’t offer enough ROI. In fact, it may even deter potential buyers!
You may have heard the saying that the kitchen and bathroom sell the house. While this may be true in most cases, if you end up blowing your entire budget on remodelling your kitchen and bathroom with the latest appliances, handcrafted imported tiles, ambient lighting and marble counters, yet the rest of the house looks like it belongs in a period movie, it’s surely going to make an impression…but not the one you want. It’s important for a house to look cohesive, and small targeted upgrades where required may be the better option than a complete overhaul of any one room.
Your antique ivory topped door handles may give your house a touch of luxury, but not everyone will share your tastes. Many buyers may consider luxury, designer fittings to be tacky, and will see it as yet another thing they will have to change after they move in. Of course, if your property lies on the higher end of the market, some designer fittings may be expected, but it is always best to go for the simple and understated rather than the ostentatious.
A working HVAC unit, plumbing system and appliances are all part of the bare minimum of facilities a homebuyer expects when they buy a property. If you’re upgrading these systems, don’t expect them to raise the value of your home. You can’t mention on your listing that the hot water system has recently been changed and expect buyers to scramble on top of each other to raise the sale offer.
Planning on adding a second floor to your house in a bid to raise its price? Before you do so, look around your neighbourhood. Do your neighbouring houses all have a single floor? While you may think that making your house stand out from the ones surrounding it should raise its price, the reality is that you might be pricing yourself right out of the neighbourhood. Homebuyers look at the prices of the properties surrounding the one that is being sold, and a property that is obviously much more expensive than the rest, even if it is the largest of the bunch has higher chances of sitting on the market for longer.
Before listing your home for sale in Reservoir or undertaking any expensive repairs and renovations, get in touch with a local real estate agent. Not only will the agent have insight into what buyers in the area are looking for, but they will also be able to tell you what renovations will bring you the most ROI, based on properties selling around you.
