Improving Property Value

Should I Renovate Before Selling Or Leave It For The New Owner?

By April 27, 2022 No Comments

A common question I get asked by homeowners considering selling is whether it’s worth renovating before selling or not.

The reasoning behind this question is pretty simple: Will renovating increase the final sale price of the property enough to make it worth doing.

So as an example, if you spent $20K on a small (but targeted) renovation, will you get MORE than $20K back in the final sale price?

This video segment was pulled from a long interview I did back in Feb 2022, where I answered a heap of frequently asked questions (FAQ) about real estate.

Once you’ve watched the video, let me know your thoughts in the comments below.

Note: The video was filmed in portrait mode rather than landscape, which is why it is narrow rather than wide. For the best viewing experience, I recommend you click the Full Screen mode button.

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Transcript:

So renovating before you sell, or do you leave it for the new owner?

Ultimately, it depends on a couple of things.

Number one will be what condition the home is in now.

So if it is well maintained and not showing massive signs of wear and tear, and it’s all in good condition but it may be a little bit dated or a little bit original, then quite often you are better off leaving it, that they can do what they want to do, because let’s be real.

If you want white kitchen cupboards and the buyer wants timber or vice versa are you going to get paid for those cabinets in the sale price?

Possibly not, because it’s not going to be what they would have done.

So if things aren’t broken and if things are able to be nicely polished and presented well and are in good condition then you’re probably better off leaving it for the new owner.

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