Moss on the red tiled roof, plaster crumbling on the façade and yellowing wallpaper. When preparing to sell their property, many owners question whether renovating would positively impact the selling price or whether it is better to sell it outright. So is renovating before selling really worth it?
Just like location, the condition a property is in impacts its overall value. While restoration focuses on removing serious defects, renovation is all about visually enhancing a property. But is plastering, painting and wallpapering actually worth it?
A renovation generally makes a property more attractive – say the property experts. And that has an impact on price. The better a property looks, the easier it is to sell at a good price. For example, if the location isn’t great, the property’s look needs to be that much sharper. Property professionals often find that prospective buyers are more willing to compromise on well-maintained properties.
But experience tells us that properties clearly in need of renovation are often greeted with scepticism by potential buyers. Whether consciously or not, they then start looking for other issues. Emotions often play a major role in property sales. Time and again, prospective buyers shy away from buying even immaculate properties because they simply have a bad feeling about a place. Other potential buyers will use the condition of the property to try to negotiate a lower price. In addition, prospective buyers often significantly overestimate the cost of renovations.
How much could renovations cost?
If renovation work ends up costing more than it adds to the sale price, then of course it’s not worth it. A professional agent can advise you on how specific aspects of renovation will impact the purchase price. Carefully calculate your budget for renovations. Do you have a good idea of what work needs to be done? Then you can decide what renovations to work on to make it worth your while financially.
With years of experience and valuable knowledge about the local property market, a quality local agent is best placed to tell you what renovations are really worthwhile before you sell your property. They know just what your property needs to attract buyers. A professional agent can assess the value of your property and tell you by how much a renovation would increase your property value.
Want to know how renovating could impact the value of your property? Get in touch with us! We are happy to advise you.
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In this text, the generic masculine is used for better readability. Feminine and other gender identities are explicitly included to the extent necessary for the statement.
Disclaimer: This article does not constitute tax or legal advice in individual cases. Please consult a solicitor and/or accountant to clarify the circumstances of your specific case.
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