publication date: Sep 29, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Property Renovation for Sale
If you are considering renovating your property for sale – be careful! Buyers in today’s market either want a property that is ready to move into OR one that requires renovation. And with property prices and sales at an all time low, property renovation for the purpose of sale at a profit is probably one of the riskiest ways to try and make money out of property – unless you really know what you are doing!
Before you begin to renovate a property for sale, check first what is happening in your local property market. When checking the market out, talk to local estate agents about what type of properties are selling and it what condition.
Some properties may sell for more money without doing any work to them, others, especially if they are ‘half renovated’ should benefit from being modernised throughout. However the only people that really know whether this is worthwhile in your local area are the estate agents who deal with buyers daily and know what they are looking for.
House Renovation Costs
Typically the cheapest way to renovate and add value to a home is to paint it. But it is essential to make sure any painting you do is done so carefully as slap dash painting or poor pre-preparation which clearly hasn’t had time spent on it is often easy to spot by buyers. Doing a good paint job can add 10% to the value of the property, doing a bad paint job could mean you don’t get any offers at all!
The next quickest way to modernise your home after painting is to update the kitchen and bathroom. The cheapest way of doing this is to update the flooring, tiles, change the doors and/or to resurface an old bath if you can. You don’t need to spend a fortune and if you do want to replace everything, if you keep the layout exactly the same it will cost a lot less as you shouldn’t need new electrics or plumbing.
Kate Faulkner, one of the UK’s top property consultants suggests that things such as loft or garage conversions and property extensions can add value, but they are much harder to make money on. Kate comments “In the current market, unless you really know what you are doing and are pretty much a professional property person, it’s best at this time to avoid doing these expensive changes if your intension is to sell any time soon”.
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