When renovating to add value (versus renovating for passion) it’s important to understand the market and expectations of potential buyers. There are a number of things to consider including the location of your home and the expectations of potential buyers. It’s important to always make sure that any renovations undertaken with the intention to add value have a reasonable chance of raising the sale price of your house.
Ensure that the features you’re adding to the home are consistent with the landscape of the suburb.
An example of a renovation that would add value based on location to an inner-city Sydney suburb could be a car space as parking is difficult in that area.
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Make sure you think about the who you’re selling to and their expectations. If you’re selling to families they might expect facilities like a pool, lots of outdoor space or a secure fence/gate.
These features may mean they will pay more for the property when it comes down to it. These features might not be the expectations of a single individual or young couple.
It’s easy to get distracted when renovating so keep your goals clear and focus on why you are making the improvements. Make sure you understand that you are not renovating for yourself and personal taste and preferences shouldn’t play a leading part in the decision-making process.