5 hot tips for selling in the boom
The downward spiral has come to an end: After six really tough years, properties are now selling like hotcakes. There are less than half of the listings out there compared to this time last year and some properties sell in less than a week. It is tempting to just put your property on the market. However, home-owners who bought on top of the last boom will still struggle to get their money back. Read on to learn how you can easily add real value to your property and cash on in the hot market. We have got 5 hot tips for selling in the boom for you, that might add as much as $100,000 to your property. All it takes is a bit of patience, some elbow grease and roundabout $10,000.
Most importantly don’t panic. There is no end to the boom as yet. So don’t think you have to sell now in order to not miss out. The market is predicted to stay high for another year or two, with a 10% increase predicted by the end of this year. So you have got another six to eight months’ time to add some value to your property. Plenty of time to follow our 5 hot tips for selling in the boom.
Renovate the kitchen
The single best way to add value to your property is to renovate your kitchen. No investment has a higher return and more importantly, no room is more important to a buyer. So if you want to make the most of the boom, make sure the kitchen is out there to impress. You don’t have to spend a fortune in order to totally flip the appearance of your kitchen. And you most certainly don’t have to buy a new kitchen. In order to add the most value to your property, you want to spend as little as possible. Hence a kitchen makeover is the way to go.
Replace old-fashioned door and drawer handles, or skip the handles altogether. Repaint your old cupboard doors and drawer fronts. A crisp white kitchen always looks best and opens up the space. Whilst you’re at it, spend some $100 or $200 to change the tapware and invest in good lighting. Where there is space add a pantry or an island bench and be amazed how by your as-new-heart-of the-home for under $5000. Expect to cash in up to six times your investment: A professionally made kitchen makeover will easily add $30,000 to your property.
Renovate the bathroom
You just saw how easy it is to turn a kitchen from an eyesore into an entertainer’s hub. Guess what, the bathrooms are just as easy to makeover. Start with the cabinetry. Give your vanity a fresh coat of paint and where possible, replace doors with drawers and old-fashioned knobs with modern door handles. Replace the old shower screen or curtain, throw in new faucets and modern light fittings and finish it off with a fresh coat of paint for your tiles. Voila, admire your as new bathroom for less than $1000. P.S.: Your property value just increased by $20,000.
The walls, the ceiling, the roof, the doors and the door frames, the window frames and the tiles, inbuilt cabinetry, the fence, the posts – if you can paint it, do it. If we say paint everything, we mean it. Go for a fresh white coat of paint and set subtle accents in a neutral grey. A fresh coat of paint adds brightness and light. Not only will it make every room look bigger, but it also removes all the wear and tear from previous owners. Trust us; nothing stretches your renovation budget further than a fresh coat of paint. Cost: $2,000 max. Value-add: priceless.
Add an extra bedroom or study
The corona lockdowns have highlighted it more than ever: There is no place like home. It is not only a safe space for living. These days many of us also work from home – at least some of the time. Adding an extra room to your property can just be that reason for a potential buyer to spend some extra cash for your property or to choose your property over the next one in line. Adding an extra bedroom can be as easy as adding a stud wall and a door to an open space. Close off that study nook or ditch that (never used) formal living area; install a new door, match the skirting and cornices and here you go a new bedroom for around $ 2,000. According to real-estate agents, the value add can be as much as 50,000 for the average $400,000 property.
5 hot tips for selling in the boom summary
To sum it up, following the above steps, you spend around $10,000 and add up to $100,000 to your property! Maybe it only adds half that much. Still worth a try, isn’t it? So if you really want to make the most of this boom, give us a call. The first step to your whole house renovation on a budget is a kitchen and bathroom makeover by Dianella Polishing. Click here to book your free consultation: no strings attached. Did you like our 5 hot tips for selling in the boom, don’t forget to comment below.