Should You Renovate or Sell?
Yes Property Agents — Tome Velkovski
The decision to renovate your home depends on various factors, and there's no one-size-fits-all answer. Some properties may be worth renovating, while others may be a waste of time and resources. Here's what to consider before making a decision.
🏚️ Start with a Business Decision
Before renovating your property, consider it as a business decision. Assess whether the renovations will immediately add value. Renovating is not about enjoying the end result — it's about attracting more buyers and adding value. It's important to consider the market's expectations rather than personal taste. Yes Property Agents' Tome Velkovski suggests that if your home is a genuine renovator, it's better to leave it as is, tidy up, and do the essentials. However, significant renovations may be necessary to attract buyers.
🔧 Essential Repairs First
Potential buyers often seek homes they can personalise, but few are interested in homes with leaky roofs, broken windows, and rattling screen doors. Before listing, ensure all major repairs are done to attract more buyers and increase the chances of selling at your asking price. Roof or foundation problems, plumbing issues, and faulty electrical wiring are particularly valuable repairs to address.
⏱️ When Time Is a Factor
If you're selling due to a job offer or a limited timeframe, it may be better to sell the property in its current condition rather than renovate it. This may lower expectations but allows you to pursue other opportunities. Some properties in disrepair are better sold as-is, allowing buyers to choose whether to renovate or build their dream home.
🍳 Kitchen Improvements
Buyers are increasingly interested in modernised and updated kitchens, as they are less expensive and require less maintenance. Simple renovations like refinishing cabinetry, changing taps, or replacing worktops can increase value. Inbuilt electronics — such as ovens, microwaves, and fridges — can also be upgraded to give the kitchen a facelift. These non-removable additions add value in a lasting way, making the home more appealing to the right buyer.
🏡 Exterior and Curb Appeal
The exterior of a home significantly influences potential buyers' perception. Painting gutters, fascia, trims, and fixtures can enhance curb appeal. Replacing or repainting the front door is a low-cost upgrade. Simple landscaping creates a cohesive look. Modernising outdoor spaces like porches, awnings, and decking increases visual value. If fencing isn't present, adding one can appeal to specific buyer demographics.
🚿 Bathroom Renovations
When renovating a bathroom, prioritise quality over affordability. Invest in quality spouts, taps, and showerheads to ensure long-lasting results. If a full bathroom suite isn't in the budget, consider investing in storage — a vanity or mirror cabinet with ample storage space is a great addition. A functional, well-presented bathroom makes your house more appealing to potential buyers.
🏗️ Selling to a Developer
When selling a home to a developer, it's crucial to consider their intent. Renovating or investing in refurbishment may not be beneficial as developers are primarily focused on land value — making pre-sale improvements largely unproductive in this scenario.
💬 Agent's Tip
"It's crucial to carefully consider all factors before making a decision. There's no one-size-fits-all answer — the right choice depends on your property's condition, your timeline, and your target buyer."
— Tome Velkovski, Yes Property Agents