Renovations Should Be Seamless
7th April 2011 | category [ Coronis Articles ]
If you are thinking of renovating to sell, there are some rules to help you make rather than waste money.
The main general principle to consider is whether the house will look harmonious. Many people renovate the worst thing in the house (e.g the kitchen) only to find that the rest of the house looks much dingier now that the kitchen is fixed. The kitchen may now be worth more, but possibly the rest of the house is worth less as to buyers it’s all relative. So the money you make on one may be reduced on the other. Seen as harmonious whole, a house where all rooms are of a similar standard and style seems in better condition than if one area is renovated, creating an island of contrast that shows up the rest of the property. Kitchens and bathrooms add value to a home, but they may add less than you expect if the rest of the house will now look shabby. Better to leave it for the next person, particularly as you will be trying to recoup the cost and the higher price tag restricts you to buyers in a higher price range, narrowing the pool of buyer possibilities. Many people who don’t have money now but expect to have it in a few years buy unrenovated houses and simply put up with them they way the are until they can afford to fix them.
Conversely, if the rest of the house is renovated, it would be unwise to stop short at the kitchen and bathroom even if you have to borrow money to do it. If the house presents as a seamless harmonious whole, the wow factor is reflected in sales dollars. Don’t extend to sell - this makes the propertry more expensive and narrows the market to a higher price range and those who like your taste.*
* as long as you take the advice of the experts and choose neutral colours that appeal to a wider market and don’t make idiosyncratic changes that narrow down the interest to a niche group of buyers (e.g height changes to allow for tall or short people etc
The main general principle to consider is whether the house will look harmonious. Many people renovate the worst thing in the house (e.g the kitchen) only to find that the rest of the house looks much dingier now that the kitchen is fixed. The kitchen may now be worth more, but possibly the rest of the house is worth less as to buyers it’s all relative. So the money you make on one may be reduced on the other. Seen as harmonious whole, a house where all rooms are of a similar standard and style seems in better condition than if one area is renovated, creating an island of contrast that shows up the rest of the property. Kitchens and bathrooms add value to a home, but they may add less than you expect if the rest of the house will now look shabby. Better to leave it for the next person, particularly as you will be trying to recoup the cost and the higher price tag restricts you to buyers in a higher price range, narrowing the pool of buyer possibilities. Many people who don’t have money now but expect to have it in a few years buy unrenovated houses and simply put up with them they way the are until they can afford to fix them.
Conversely, if the rest of the house is renovated, it would be unwise to stop short at the kitchen and bathroom even if you have to borrow money to do it. If the house presents as a seamless harmonious whole, the wow factor is reflected in sales dollars. Don’t extend to sell - this makes the propertry more expensive and narrows the market to a higher price range and those who like your taste.*
* as long as you take the advice of the experts and choose neutral colours that appeal to a wider market and don’t make idiosyncratic changes that narrow down the interest to a niche group of buyers (e.g height changes to allow for tall or short people etc
Source: localpropertynews.net
