You might not think about the condition of your home until you consider moving – but what’s best?
For those looking for advice on whether you should renovate before selling your property, look no further. Our West London estate agents can provide guidance to those thinking about selling their property who aren’t sure if they should do some updating before putting it on the market.
Is it worth renovating your house before selling or letting?
The answer is – it depends. There’s no one size fits all answer when it comes to whether it’s worth renovating your house before selling. It is often the case that to give an answer based on your specific property, we need to see it in person – it can vary widely depending on the property.
A recent news article cited four renovation projects that will add value to your home but warned that at present with the high demand for building works many are paying a premium and suffering delay – further putting pressure on the question as to whether it is truly worth renovating your house before selling.
Some properties might be in good or fair condition throughout but have a bathroom that leaves a lot to be desired. In this instance, a new bathroom might cost circa £5,000 to re-do. A potential buyer will not only see the cost involved in having to re-do the bathroom but they’ll also put a value on the hassle of having to do the work, meaning they might think it appropriate to take as much as £10,000 or even £15,000 off of your asking price on the basis that the bathroom needs renovating.
In homes that have been lived in for many years, it might be that the entire property needs renovating in full. Unless you’re a developer with experience and a sizeable pot of money to pour into a whole house renovation, it might not be worth renovating your house before selling.
Not only is the question of whether it is worth renovating your house before selling unique to each property, but it is also unique to everyone, their circumstances, and their plans.
What renovations are worth doing before selling?
It is often the case that there are small renovations worth doing before selling. We’ve pulled together a list of those places we’d suggest you focus some attention on before selling your property:
- Fix any leaking taps
- Redecorate scuff marks or peeling paint
- Fill, sand and redecorate any small cracks
- Fix loose tiles or floorboards
- Dirty grout and mouldy sealant should be fixed
From experience, it’s also a good idea to have a deep clean before bringing your property to the market.
Serious issues that need fixing
If your property is found to have serious issues such as structural defects, it might in fact become impossible for potential buyers to gain lending on your property from a mortgage provider.
A property that is not mortgageable is tricky to sell as only cash buyers can bid, and they’ll likely know that you can only sell to them due to the condition meaning you might not get a premium price for your property.
Structural issues that should be fixed as a priority when selling include:
- Rising damp
- A leaking roof or missing tiles
- Structural cracks
- Bowing walls
- Insect infestations such as woodworm
- Rotten joists
Some of the issues might be included in your building’s insurance cover, so it’s worth looking at your paperwork and giving them a call.
Can you sell a house that needs renovation?
Yes, you can absolutely sell a house that needs renovation. Depending on the scale of the works required you might only be able to sell to certain buyers.
The strategy for selling a home that needs renovation is often different to ensure a seller achieves the best possible price for the property.
Do renovations increase property value?
Certain renovations can increase property value. If you’re making alternations with a view to selling be certain that these improvements are made with a buyer in mind – neutral inoffensive colours and design should be applied.
Even if it’s not to your liking, try to be pragmatic. Remember any renovations you’re doing at this stage are intending to increase your sale price.
Not everyone has the same taste and style, but most buyers can envisage themselves living in a neutral space as its easier to imagine what their belongings might look like.
What renovations add the most value to a house?
When naming what renovation adds the most value to a house, the answer will be different depending on each property.
One property might be in good condition throughout but repairing the external brickwork or repainting the render is the one task that would most dramatically affect the sale price. Another property might benefit from giving the garden some attention or perhaps some new carpet in the hallway.
Planning on selling or letting your property?
If you’re planning on selling your property and are wondering if you should renovate before putting it on the market, the best way to explore your options is to invite us to visit so that we can give you honest feedback not only based on your property and plans but also the current market conditions.
You might also be considering doing some renovations to your property before letting it, if that’s the case and you’d like to receive some professional input on the best way to renovate your rental property so that it appeals to tenants, increases the rental value and decreases the possibility of void periods then do get in touch with our team.
In many instances, small changes that have a low cost can make a big difference to how your home shows both on photos and in person. Sometimes simply decluttering and perhaps a little home staging can make all the difference.
To explore whether it is worth carrying out any renovations on your property, please get in touch with our local estate agents.