Get quality advice today
keyboard_backspace
Our Service

Get quality advice today
Here's how..

We're here to help. If you would like to get underway today, just click the relevant link below.
21 Jul 2021

Renovating? Look out for devaluing mistakes

Thinking of renovating? Some things can actually reduce the value of your home if you decide to sell it. Here are some things to know.

Planning on revamping the house? Before you start, it’s good to have a clear idea of your property goals. For example, would you want to sell the house in the future?

If so, it’s important to know which renovations add value to your home, and which ones may actually trim it down.

Here are some key things to keep in mind, according to experts.

You might love it, but someone else may not

Are you into block tiles at the moment? Or perhaps a floral wallpaper for a summery vibe? If you’ve found your forever home, you can shoot for the stars while renovating. But if there’s any chance of selling it in the not-so-distant future, you may want to pick something neutral for various buyer tastes.

Try to look for universally appealing ideas, or simply ask a professional. Renovating to sell is about making your home desirable to as many people who walk through it as possible.

Major redesigns may cost you (even) more later

Unless you’re an expert, major renovations may be best left to professionals who can do a top-notch job that adds value to your home.

The key is not to overdo it. For example, a swimming pool may look nice, but it might not give a good return on investment. It often adds only incremental value, but costs more up front and for on-going maintenance.

It’s also worth spending a bit extra for professional interior designers. They know the market trends, and what may or may not be appealing to the pool of potential buyers later. Doing so can save you any major reno mishaps that could cost more to amend down the line.

Quality speaks for itself

Certain jobs just can’t be DIY, like water damage in your ceiling. They call for a professional to step in. Quick fixes and poor paint jobs are not only costly later, but they also ward off buyers and can seriously devalue your house. Not to mention the subsequent health and safety hazard.

 

On the other hand, experts say, a common mistake homeowners make is buying expensive material, but shying out on hiring help. Quality material can only go so far if the installation is not top-notch too. Good craftsmanship can even make the budget-friendly stuff look fancy, so think about the value they can add to your home.

Unfinished work is eye-catching

Ever left something until tomorrow? We’re all humans, and sometimes we can pause (or completely drop) a project for lack of time or interest.

But in a home, unfinished work is one of the top things that buyers notice, especially if the final product is just short of the finish line. For example, if you’re doing a complete kitchen revamp, then the adjoining dining area might need a redo too for a finished look.

A good tip is to have a walk-through and look at your home through the eyes of a future buyer. Can you spot issues? Does something look like the odd one out? It can help you understand where things need finishing touches.

Research value-adding investments

Some renovations can be expensive, both time- and money-wise. So, make sure your goals for the property are at the forefront of your mind, and invest in value-adding renovations.

Doing your own research is a good starting point for home renovations. You can use the bank of trusted information around you, like online resources or industry professionals. And try reaching out to family or friends who have had experience with renovating to sell.

Plus, here’s a handy list of some great renovations that can add value to your home.

Like a chat?
While we can’t help with home renovations, there are certainly lots of professionals who can give you advice on your plans.

As for us, we can help you with options for using the equity in your home to fund a renovation project, and all your mortgage-related questions. Don’t hesitate to contact us. 

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.