Thinking of selling your home and want to maximise its resale value? Renovating your property strategically can make a significant difference in attracting potential buyers and securing a higher sale price. While the process might seem overwhelming, especially if you’re new to this, fear not! In this blog article, we’ll guide you through the essential steps of renovating for resale in New Zealand. By understanding the local real estate market and making informed decisions, you can enhance your property’s appeal and set it apart from the competition.
Timing Your Renovation – Consider the Spring Advantage
As we approach spring, it’s not only nature that awakens; the real estate market also comes to life. Spring is a popular time when many potential buyers start actively searching for new homes. The warmer weather and longer days create an ideal environment for house hunting. Therefore, if you’re considering placing your home on the market, it’s wise to time your renovation accordingly.
By renovating during the colder months, you can ensure your property is primed and ready for listing as soon as spring arrives. Completing your renovations ahead of the peak selling season gives you a competitive advantage, as your freshly improved home will stand out among other listings. The added value from your renovation can also help you set a more attractive asking price, enticing potential buyers.
1. Understand the Local Real Estate Market
Before diving into any renovation project, it’s a good idea to gather insights into the current state of the local real estate market. You don’t have to do it alone! Real estate agents are your best allies here. Reach out to local agents who have extensive knowledge of market trends, property values, and buyer preferences in your area. They can provide you with valuable insights and even conduct a Comparative Market Analysis (CMA) to assess how your property compares to recently sold homes with similar features. This knowledge will guide your renovation decisions and help you focus on upgrades that align with the demands of potential buyers. Remember, focusing on the things that will make the most impact without overcapitalizing is crucial.
2. Online Real Estate Platforms – A Treasure Trove of Information
Ready to explore? Take advantage of online real estate platforms such as Trade Me Property, realestate.co.nz, and OneRoof. These popular websites allow you to browse property listings and gain a better understanding of other homes on the market in your area. Pay close attention to the types of properties that are popular and the features they offer. By studying successful listings, you can identify trends that resonate with buyers and incorporate them into your renovation plans. Create your own list of priorities to fit your budget and make the most impact.
3. Property Valuation Websites – A Starting Point for Estimating Value
Curious about your property’s value? While not entirely accurate, online property valuation tools can provide a general idea of its worth based on available data for your area. It’s a helpful starting point! Combine these rough estimates with insights from real estate agents and the observations from online platforms to make more informed decisions about your renovation budget and priorities. You’ll be well on your way to planning your renovation and staying within your means.
4. Focus on Street Appeal
First impressions matter, so let’s start strong! Prioritize enhancing your property’s street appeal. Spruce up the front yard with some landscaping love, repaint the front door and trim, and ensure the property looks inviting and well-maintained. A beautiful exterior sets the stage for what awaits inside and can pique buyers’ interest from the outset.
5. Kitchen and Bathrooms – Your Renovation Priority
Ready for some transformation? The kitchen and bathrooms are the heart of any home and can significantly influence a buyer’s decision. These spaces are worth your renovation efforts, so consider modernizing appliances, updating countertops or cabinet doors/drawer fronts, adding new fixtures, and giving the walls, ceilings, and windows a fresh look. It’s all about creating a timeless design with neutral colour schemes to appeal to a broader audience.
6. Embrace Open Concept Living
Let’s open up some possibilities! If you can, create an open concept living area to make the home feel more spacious and inviting. Removing non-structural walls can give your property a contemporary touch and cater to the preferences of modern buyers who seek seamless transitions between living, dining, and kitchen spaces. We strongly recommend enlisting the help of a qualified professional, such as an architect and licensed builder, to ensure your renovations are done safely and in compliance with local council regulations. These experts can assess the structural integrity of your property, obtain the necessary permits, and guide you through the renovation process with confidence. Putting safety first will not only protect your investment but also provide peace of mind knowing that your home meets all the required standards.
7. Embrace Energy Efficiency and Smart Technology
Smart choices for a smart home! Energy-efficient features and smart technology are increasingly attractive to potential buyers. Consider installing energy-efficient windows, adding insulation, and incorporating smart home systems for lighting, security, and climate control. These additions can add value and set your property apart in a competitive market. Remember to work within your budget when exploring these options.
8. Flex Spaces – Versatility Matters
Flexibility is key! Create versatile spaces that can serve multiple purposes, such as a home office, exercise room, or playroom. Offering versatility appeals to a broader range of potential buyers with diverse needs and lifestyles.
9. Enhance Storage Solutions
Out with the clutter! Ample storage is a significant selling point for any home. Consider adding built-in shelving, organizing closets and garages, and maximizing storage space in the kitchen and bathrooms. Clever storage solutions not only make the home more functional but also appeal to buyers who appreciate an organized living space.
Summary
Renovating your property for resale requires careful planning and informed decisions. By understanding the local real estate market through insights from real estate agents, online platforms, and property valuation tools, you can tailor your renovation project to meet the demands of potential buyers. As spring approaches, now is the ideal time to start your renovation journey. Remember to prioritize street appeal, focus on kitchen and bathroom upgrades, and consider open concept living, energy efficiency, and smart technology. Create flexible spaces and incorporate ample storage to enhance your property’s appeal. To make the most impact without overcapitalising and ensure safety and compliance with the housing building code, we strongly recommend having a chat with your architect and/or builder. With a well-executed renovation, you’ll elevate your property’s value and attract enthusiastic buyers, increasing your chances of a successful and profitable sale. Happy renovating!