Whether you’re an owner-occupier or a real estate investor, there comes a time when you might consider renovating your property to ensure it’s in good condition. Performing renovations or some minor touch ups at your home can also to help add value to it, a handy task to perform if you’re looking to sell.
However, one crucial point you need to keep in mind when performing renovations is your budget.
It’s extremely important to stick to this figure to prevent you from overcapitalising.
For best practice, owners looking to renovate before selling should seek the assistance of a real estate agent and a professional valuer. This will allow you to receive an appraisal for your home in its current state, while giving you an opportunity to determine which renovations would add the most value to your home.
One feature a property can never have enough of is storage. From built-in shelves and cupboards to walk in wardrobes, space is a hot commodity, especially in compact dwellings like apartments.
Take a walk through the apartment and identify areas that could do with more storage, such as bedrooms, bathrooms and the kitchen. By adding more storage options in these areas, your home will not only become more practical, but it will also become more attractive to potential buyers too.
If your apartment is on the small side, there are many tips and tricks to giving the illusion that it is bigger. Paint the walls a shade of white or cream to make the room appear lighter and bigger. There is also the option of installing mirrors throughout the apartment, as they can reflect light into the room if placed near a window, as well as giving the appearance of a larger space.
Just like you need approval for renovations to a house, you’ll need it for apartments and units too. However, these types of dwellings will need more planning ahead, as you’ll also need to seek the approval from the owners corporation that governs your building.
Both building standards and strata legislation can differ between states, so it’s crucial you familiarise yourself with this before you start signing any contracts or buying materials. Provide the owners corporation with dates, times and plans to ensure every part of your project can be reviewed and given approval.
Some renovations, such as minor projects, may not need the approval of the owners corporation. This could include putting up new wallpaper, interior painting or changing a few fixtures and fittings such as taps and lights.
For an appraisal and expert advice on how to sell your home, get in touch with an agent at Ray White.