If you spend enough money in making the property more attractive, you will usually make it easier to find a buyer.
But you need to find middle ground. It makes no sense if the cost of the improvements is too high – often it would be more cost effective to reduce your asking price.
Most major improvements are personal and do not add the value you expect. An example is a swimming pool in a home in Scarborough Brisbane. If you pay $30,000 for a pool, the pool salesperson may tell you this increases the value of your property. But if the buyers in Scarborough don’t want a pool you will not get back what you paid.
Most improvements often return only half their cost upon sale.
You may have to wait years to find a buyer with the same personal taste as you.
If your property needs major renovation, it may be better to avoid the expense of renovation and instead select a lower asking price.
Many buyers want to renovate a property to suit their own taste. While minor improvements can give you a great return on your selling price, major improvements are often a big mistake.
Major improvements are projects that require careful thought. Unless you are a property speculator either spend a little bit of money to sell your property, or spend a lot of money and stay there.
This article is adapted from the seller booklet, How To Get the HIGHEST PRICE for Your Property. To have a complimentary copy home delivered, please contact us here.