With all this extra time being spent at home, now is the perfect time to complete some cost effective renovations that will make a huge impact on your house sale price if you are looking to sell in the coming months.
Below is a little personal case study of our own property renovations that we utilised to make a return on investment.
When Vlad and I first made the move to Newcastle almost 3 years ago now, we were first home buyers looking to buy our first property. Eventually we ended up settling on a 3 story townhouse, which we knew would only be a short term investment.
Our research started to show that a lot of other units/townhouses in the large complex were sitting on the market for quite a long time and eventually selling for a price reduction. The pattern of why this was happening was clear. All of the units had tenants in them so the presentation in the marketing wasn’t as it could have been; and all the units still had the same existing internals. Knowing that we would be selling within 2 years, we decided to complete some cost effective renovations that would help achieve us the result we were looking for.
Firstly we changed the floor coverings throughout excluding bathrooms. A laminate floor to the living and common areas and plush (nothing less!) carpet to the bedrooms. Laying this ourselves reduced the cost to a total cost of $3000.
Painting all of the internal walls ourselves was a great cost saver at only $500 for paint and materials.
Resurfacing the kitchen cupboard door faces to a matte grey, keeping the existing handles. This was $3200 for an instant facelift. If we could have we would have painted the old doors to save money, but the shiny finish didn’t allow for that.
The Street Appeal was really lacking, and being a street frontage property it needed to look appealing. This saw us invest in creating garden beds, plants, mulch and fixing up the grass for $1500.
We added plantation shutters to the main living areas for $2200. Also installed window tint on the glass sliding doors to reduce the heat, installed ceiling fans and utilised strata to re-stain the deck.
The purchase price of the property was $407k, when it had been first bought previously for $390k 8 years prior. We had high hopes of achieving $460k after holding onto it for 2 years and spending $10,000 to update it.
The sale and marketing campaign was going to be crucial in helping us achieve that result. At the time, there were 3 other units on the market in the complex that weren’t moving. Knowing that our unit was unique, being street frontage and stand alone, it was important for us to find the right agent who would reflect the uniqueness of the unit by not comparing its value to the others. Making our marketing campaign totally different to any others on the market was also vital.
We staged the property using our staging stock mixed with our own personal furniture to market it to it’s full potential.
The marketing photos speak for themselves, and show the true value of investing in marketing, an amazing agent, and staging.
As shown by the before and after shots, spending under $10k on your property can make all the difference in transforming a space from looking old and tired to modern and clean.
These are just some examples of cost effective ways to update a property on a budget, but see a substantial return on investment.
Our $10k investment saw us achieve a final sale price of $456k, with only 2 weeks on market and achieving a record price for the complex at the time.
If you would like to know more about how to make the most out of your property through cost effective renovations before you launch to the market, contact us to book in a pre-sale consultation for some invaluable advice.