Yarra Junction 
The Australian property market settled in 2022 thanks to higher interest rates and a change in consumer confidence. With conditions favouring buyers, it has become more important to offer people exactly what they want.
In 2023, buyers seem to be seeking out homes that are move-in ready. If you’re thinking about selling, this may affect your strategy.
Find out why a pre-sale renovation could make sense for you over the next 12 months.
WHAT BUYER WANT
As recently shared by news.com.au, in the leadup to Christmas, Australian homes for sale that need a lot of work are being heavily discounted. The reason behind this is supply and labour shortages caused by the pandemic. Buyers are increasingly nervous about purchasing a fixer-upper because of fluctuating costs and extended wait times. They want the security of knowing that they can move right in and live comfortably in a completed house, rather than having to factor in the stress of a reno project and a home that they can’t really enjoy.
SHOULD YOU RENOVATE BEFORE YOU SELL?
Of course, sellers have the same issue as buyers when it comes to renovating; it can be hard to find willing workers and supplies cost a premium at the time. However, when you’re selling, there are a few factors on your side:
• YOU CAN BE MORE FLEXIBLE WITH TIMING
If you want to renovate before selling and you’re not desperate to sell, you can stretch your timeline to get the work done. This can even out in your favour — waiting an extra three months while you renovate can help the home to sell quickly and for an excellent price, instead of it languishing on the market.
• YOU CAN FOCUS ON THE RIGHT SPACES
Limited time or budget to fully renovate your home before selling? You can save money by focusing on key rooms and sticking with mainly cosmetic upgrades. Many buyers will be happy to move into a home if the kitchen and bathroom are fresh and ready to use. They can make other changes without as much urgency.
• YOU CAN DO IT YOURSELF & ADD TO THE VALUE OF YOUR PROPERTY
Buyers often stretch their budgets to the limit and do not want to spend extra money on renovations, especially when costs are unpredictable. If you have the time, skill and motivation to make some upgrades before selling, you can boost your home’s value prior to listing it.
EASIER DIY JOBS INCLUDE:
– Fresh paint inside and out
– Replacing cabinet doors in the kitchen and bathroom
– Replacing fittings like taps, shower heads, or door handles
– Lay some fresh flooring
– Update the front fence and give the facade a pressure wash
– Add a new backsplash in the kitchen
– Unless you have the right qualifications, avoid taking on electrical, plumbing, roofing and tiling jobs yourself.
TALK TO YOUR REAL ESTATE AGENT
The decision around renovating or upgrading your home before you put it on the market will also depend on the buyers in your area and the current level of demand. Speak to Professionals Yarra Valley about whether or not homes are selling quickly without being renovated and what buyers are most interested in.
If our agent does recommend you renovate, ask about their recommended builder and tradespeople contacts who can help you complete any necessary upgrades in a cost-effective way.
Remember not to spend so much on a renovation that you don’t make money on the home… again, your agent is the best source of advice.
Should you renovate before you sell? Speak to Professionals Yarra Valley to find out.
