Tips for renovating a house before selling it. We give you the best tips for renovating a home before you sell it.
The property market is one of the most uncertain sectors. If we want to rent or sell, the process from putting up the "for sale" sign to closing the deal can drag on for months, depending on a number of factors.
Viewings, maintaining an empty home and waiting are typical of these situations and, if we need to sell urgently, can push us to accept a price cut just to close the deal as soon as possible. Faced with these problems, there are some options that can speed up the whole process, such as using external services to help us find future owners or trying to promote our home ourselves. However, these options don't guarantee a successful sale and involve a cost that doesn't ultimately add value to the home.
One of the most interesting options in this situation, however, is renovating to add value. Did you know that renovating your home can increase its value by 30% over its current value? But it's not just about getting more money for the sale: the process will also be faster, because the renovation will enhance the features buyers look for most – natural light, space, renovated bathrooms and a kitchen to match. The aim of the renovation is to create a welcoming home where future occupants can picture their new life.
To find out whether our home will gain value, it's worth analysing the situation of flats in the area. This way we can compare unrenovated homes with renovated ones to see the difference in value and embark on this project with every guarantee. It's also worth considering the area where the property is located, because renovating in a fashionable neighbourhood isn't the same as in a less attractive one.
There are many types of renovation. Renovating our family home — where we fill the place with our personality — isn't the same as renovating a home we want to sell or rent out. The aim, in this case, is to update the spaces to create a blank canvas so that the future occupants can make their own mark. So it's best to go for popular, on-trend materials and colours with broad appeal. Parquet flooring and light-coloured walls are some examples that are always popular.
If our home is somewhat dated and its future value could increase substantially, a full renovation is the best option – bathrooms, kitchen, living room, walls, windows and floors are some of the jobs we could carry out. The result is a sustainable home with lower monthly energy consumption, equipped with high-performance materials. The future owners will certainly move into a home in style, and our negotiating power will be greater.
However, if our home is relatively new or its value won't increase that much, partial renovations are the solution – new flooring, updating an old-fashioned bathroom, improving the kitchen, painting the walls, repairs, replacing windows and many other options. Updates tailored to the needs of the home and its future owners, substantially improving the property so it's much more attractive to potential buyers.
A renovated home can increase its rent by 30% and its sale value by 20%
The process of selling or renting a home isn't always as quick and smooth as we'd like. Sometimes we spend months with the home empty, spending part of our time on sale or rental paperwork, or even showing the house ourselves if we don't have someone to do it for us.
Especially in the current climate, sales and rentals can take longer, and to try to speed up an ending that never seems to come, we decide to lower the initial price, hoping to close more quickly.
A renovation is the answer to what active home-seekers are asking for today, especially those looking to rent, as tenants don't plan to renovate once they've moved in. For those looking to buy, we'll stand out from the rest by offering the convenience of a home ready to enjoy from day one, with no need to renovate.
Juan Rosado
CEO
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