Newcastle Living Magazine

Edition 6

To renovate or not to renovate

When it comes to selling your home, you will undoubtedly ponder the age-old question: to renovate or not to renovate? Renovating your home can add significant value and ultimately increase your sale price. The downside to this is that it does cost time, money and commitment in the long run. If you’re thinking about renovating, take the time to consider these key areas.

Examining home areas

The first thing you need to do when considering a home renovation is to really work out what areas of your home need work and which areas can remain the same. Typically, the areas that add the most value to a home are kitchens, bathrooms and a great outdoor entertaining space. Renovating these areas involves coordinating many tradespeople, choosing supplies and appliances, as well as fixtures and fittings. The end result is a combination of time and effort. A well-orchestrated renovation becomes more desirable to a prospective buyer as they can move in without needing to change anything, therefore adding value to your home.

Creating a budget

Choosing an achievable and viable budget when renovating is imperative and one of the most important facets of the entire renovation process. Whilst sticking to a budget can be tough, having a clear understanding of estimated costs and budgeting for the possibility of overspending will ensure you don’t overcapitalise on your renovation. Do thorough research and obtain several quotes to help you make sure you’re getting the most bang for your buck. Making sure to stay on the hunt for discounts on more expensive items will go a long way in helping you stay under budget too.

“Do thorough research and obtain several quotes to help you make sure you’re getting the most bang for your buck.”

To renovate or not to renovate

Nailing the execution

When deciding on what to outsource and what you can do yourself, consider timeframe, skillset and your trusty budget. If you are capable and have the time to strip a kitchen or bathroom safely, hire some skip bins and rip in. This allows you to not spend money on professional work until they have a blank canvas ready. Where licensed trades are required, such as electrical or plumbing, don’t attempt to do it yourself unless you’re qualified.

Seeking professional advice

Always feel free to contact your agent for their advice on your renovation intentions before you begin working. They will be completely transparent with you if they feel this is a worthwhile exercise for either sale or investment. It’s just as important to get your agent back in after you have completed your renovations, as you may be surprised with the increased value. Your agent can also advise you on any minor changes you may not have considered that will compliment your home.

Contact Mel Payne

Mel Payne

Real Estate Agent and Auctioneer
Ph: 0429 693 287