When you live in a home every day you tend to become blinded to its imperfections. A dented wall here, a loose floorboard there – it all adds character, right? But to a potential buyer with plenty of choice, that stained grout in the bathroom can be the difference between a dream home and a dud.
The lesson here is that if you are selling a preloved home, it’s a good idea to give it a bit of a spruce up before it hits the market. The extent of the makeover depends on your budget – spending $20,000 on a fresh kitchen and bathroom might add exponential value to the sale price, but many sellers don’t have that kind of cash handy. Even still, it’s amazing what you can do with a fresh coat of paint and some new handles for the kitchen cupboards. Try to look at your home with a critical eye – what would stand out if you were seeing it for the first time? If it’s the ugly tapware in the ensuite, replace it with a sleek chrome update. You get the idea.
The same goes for an investment property that may be between tenancies. Like buyers, tenants will happily pay more for a property with modern appliances, so consider replacing the oven and cooktop – or even just the light fittings and ceiling fans – to give the property a contemporary feel.
The key is to always think about what will add value for a potential buyer or renter – you want the money you put in to be reflected in the price you can demand.
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