Should you renovate before selling or renting your property?

Maximising your property potential with Fall Real Estate

March 2024 | By Fall Real Estate | 6 Minute Read | Tags: Sell, Guide, Rent

In this article, we delve into:

  • The strategic decision between renovating, making small improvements or "sell-as-is" before selling or renting for maximum returns.
  • The significance of a professional appraisal and why scheduling one now is key.
  • Understanding the distinctions between a sales property appraisal and a rental property appraisal, and how we can offer both for the same property!
  • Insight into how Fall Real Estate agents evaluate potential renovations and their influence on property value in the current market.
  • The advantage of choosing Fall Real Estate for your real estate journey.

Should you renovate before selling or renting your property?

Renovating before selling or renting | Fall Real Estate

Renovating homes for selling or renting is a common practice undertaken by investors, homeowners, and property developers alike. Renovations are aimed at enhancing the aesthetic appeal, functionality, and market value of a property to attract potential buyers or tenants.

 

Fall Real Estate has an extensive range of experience and a wealth of knowledge to assist our clients in deciding whether renovating their property before they sell or rent is in their best interest and whether it will allow them to get the best market price value considering their goals and specific property.

 

Renovating homes for selling or renting requires careful consideration, weighing up cost versus profit, planning, attention to detail, and focusing on maximising the property's appeal to potential buyers or tenants. By partnering with Fall Real Estate and investing wisely in renovations, property owners can increase their chances of achieving a successful sale or securing desirable tenants for rental properties.

 

Fall Real Estate can help you take the right step at the right time and help you choose the right renovation or improvements for your particular property in the current market.

Renovating for selling or renting:
A strategic approach

When renovating for selling or renting, several key considerations come into play, and this is where your professional Fall Real Estate Property Agent or Residential Leasing Agent will be able to inform, guide and highlight these considerations for your property in light of your goals, time frames and budget.

 

Below are some of the key considerations our agents will use to help you take a strategic approach to renovating your property for selling or renting.

 

Market research

A comprehensive grasp of the local real estate market is paramount. At Fall Real Estate, our agents diligently analyse market trends, property values, and the evolving and changing preferences of prospective buyers or tenants within the vicinity.

 

Our clients at Fall Real Estate consistently award our agents and managers five-star ratings for our attentive listening, effective communication, and invaluable insights from our extensive market research. We can advise on whether there is a need for renovations and offer tailored recommendations on which enhancements would yield the optimal rental return or best sales price.

"Justin and Andrea did an awesome job helping me sell my house. Great communication, they helped the entire way through the process. I highly recommend them."

Aden - Vendor (verified by RateMyAgent)

Budgeting

We all need to recognise the importance of adhering to a budget when contemplating renovations. Hence, setting a realistic budget for your renovation endeavour is imperative. At Fall Real Estate, we can assist you in comparing the associated costs, including materials, labour, permits, and unforeseen expenses, with the potential post-renovation sale price before initiating any renovation project.

Target audience

Identifying your target audience is pivotal when contemplating home renovations. Some potential buyers actively seek properties as renovation projects, desiring the opportunity to make personalised improvements and add a touch of individuality through minor enhancements or extensive renovations. This demographic is less likely to be looking at newly renovated properties in the vicinity.

 

Conversely, your Fall agent might be aware of a sizable pool of potential buyers in the area seeking turnkey, contemporary homes—ready to move in and relish. In such instances, crafting a home that offers immediate enjoyment could prove to be the most advantageous option.

 

Once you've discerned your target demographic with insights gleaned from your agent's expertise, experience, and understanding of current buyer preferences in the locale, you can tailor your renovations to their needs, wants, and lifestyle aspirations.

ROI (Return on Investment)

Your Fall property agent will understand the current market and the estimated value each renovation or improvement will add to the potential sale price of your property. This will then allow you to calculate any potential return on investment once you consider your personal situation in terms of finance and other costs.

 

Focusing on improvements that offer the highest return on investment, whether selling or renting, such as kitchen and bathroom upgrades, fresh paint, landscaping, or energy-efficient features, is what we do best!

 

Your success is our success.

Curb appeal

First impressions matter. Enhance the exterior of the property with landscaping, fresh paint, updated siding, and inviting entryways to attract potential buyers or tenants to even consider viewing your property. The specific improvements you undertake for your property should be tailored to factors such as its location, other properties in the street, prospective buyers and renters' preferences, and your budget versus return on investment (ROI).

 

Our agents will schedule a complimentary visit (or a no-obligation property appraisal) to your property at your convenience. Upon arrival, they will immediately begin envisioning your property's potential, strategising how to maximise its appeal to attract a plethora of potential buyers and tenants for your first open home.

Functional upgrades

Your Fall agent will discuss with you the functional upgrades to prioritise that will improve the livability of the space. These enhancements are geared towards ensuring that potential buyers and tenants experience a heightened sense of comfort and satisfaction when viewing the property. Depending on your property's unique characteristics and your personal objectives, this may entail addressing structural issues, updating plumbing and electrical systems, and installing new flooring or HVAC systems.

Should you renovate before selling or renting | Fall Real Estate

Aesthetics

Simple improvements may be all that your property needs to see the overall sale price climb or the rental return improve. By creating visually appealing interiors by selecting modern fixtures, finishes, and design elements, you can offer potential buyers and renters a visually captivating experience as they explore the property and envision themselves living there. Features like neutral colour palettes, ample natural light, and open floor plans tend to be highly favoured by both buyers and renters alike.

 

Rest assured, our Fall agents possess the expertise to guide you through achieving these desirable attributes for your home. You can schedule a complimentary property appraisal today or contact one of our helpful staff members for assistance.

 

Contact us:

realestate@fall.com.au
03 6234 7033

Marketing

Before commencing renovations, our Fall Real Estate Agents are equipped to collaborate with you in devising a strategic marketing plan tailored to highlight the renovated property's distinctive features, ultimately drawing in potential buyers or tenants.

 

Having a beautifully renovated home is just the beginning; effective marketing is essential to capitalise on the property's potential and secure optimal offers. We employ a multifaceted approach to ensure your property receives maximum exposure and engagement in the market. This includes utilising professional photography, immersive virtual tours, and compelling online listings. Moreover, we tap into our extensive database of current buyers and renters alongside leveraging the expertise of our professional and experienced agents. Collectively, these strategies enhance visibility and attract prospective buyers or tenants, facilitating a successful transaction for your property.

 

To learn more about how we can help you decide whether to renovate, devise a strategic marketing plan for your property, and match you with one of our fantastic Fall Real Estate property agents or residential leasing agents, contact us today or fill out our free and no-obligation property appraisal form!

 

Contact us:

realestate@fall.com.au
03 6234 7033

The role of a professional appraisal

Sales and rental appraisals by Fall Real Estate are comprehensive

Before embarking on any home renovation project, it's essential for homeowners to seek a professional appraisal from qualified Fall Real Estate agents. A professional appraisal offers invaluable insights that can significantly impact the success of your renovation endeavours.

 

Fall Real Estate's experienced agents possess a deep understanding of local market dynamics, trends, and buyer and renter preferences, enabling them to provide accurate assessments of your property's current value and potential post-renovation worth. Armed with this information, homeowners and investors can make informed decisions about which renovations are worth undertaking and how to maximise their property's overall sale price or rental return.

 

One of the key benefits of obtaining a professional appraisal before starting renovations is the ability to avoid overcapitalising. Renovating a property can be a substantial financial commitment, and it's crucial to ensure that the improvements made will add significant value to the home without exceeding the market's perceived value.

 

Fall Real Estate's agents can help homeowners and investors identify which upgrades are most likely to yield the highest return on investment based on the property's location, condition, and target demographic. By aligning renovations with market demand and potential resale value and rental return, homeowners and investors can avoid the risk of overcapitalising and ensure that their renovation efforts are both financially prudent and rewarding in the long run.

Sales property appraisal

A sales property appraisal provides an estimation of the current market value at which your property could potentially be sold.

 

For more information about a sales property appraisal, click here.

Rental property appraisal

A rental property appraisal is an estimate of the rental income you could expect to secure if you rented out your property in the current market.

 

For more information about a rental property appraisal, click here.

Sales and Rental property appraisal

If you are uncertain about whether selling or renting your property would be more beneficial, our agents can perform an appraisal that will furnish you with information about both options. With a greater understanding of the possibilities, you can make a well-informed decision.

 

Contact our Fall Team to be matched with the best agent for your property.

 

Contact us:

realestate@fall.com.au
03 6234 7033

Understanding renovations and property value

Undertaking renovations that appeal to potential buyers or tenants is what our Fall Real Estate agents understand. These renovations often focus on enhancing functionality, aesthetics, and overall livability of the property. Below are some common renovation ideas that tend to attract interest:

Image of couple in the kitchen for the article Should you renovate before selling or renting | Fall Real Estate

Kitchen upgrades

The kitchen is often considered the heart of the home. Renovations such as installing new countertops, cabinets, appliances, and modern fixtures can greatly enhance the appeal of the kitchen. Features like ample storage space, energy-efficient appliances, and an open layout are particularly attractive to buyers or tenants.

Bathroom remodelling

Updated bathrooms with contemporary fixtures, stylish tiles, and modern amenities can significantly increase the appeal of a property. A spacious shower, double sinks, and sufficient storage can make a bathroom more functional and appealing to potential buyers or tenants.

Flooring replacement

Installing new flooring can instantly refresh the look of a property. Hardwood flooring, laminate, or luxury vinyl planks are popular choices that offer durability, easy maintenance, and aesthetic appeal. Neutral tones or timeless designs are preferred as they appeal to a broader range of tastes.

Energy-efficient improvements

With a growing focus on sustainability, energy-efficient upgrades such as installing double-pane windows, upgrading insulation, and replacing outdated HVAC systems can be attractive selling points. Not only do these improvements contribute to lower bills, but they also appeal to environmentally-conscious buyers or tenants.

 

However, when considering costly renovations, it's advisable to consult one of our professional and experienced agents. They can provide valuable guidance to prevent overcapitalisation by carefully assessing the renovation cost in relation to the potential sale price or rental return post-renovations.

Open floor plans

For extensive renovations, removing walls to create open, flowing spaces can make a property feel more spacious and inviting. Open floor plans are highly desirable for modern living, as they promote connectivity and flexibility in how the space is used.

 

Ultimately, the key is to focus on renovations that align with the preferences and needs of the target demographic while also considering the property's location, budget, and potential return on investment.

 

Consulting with a qualified a Fall Real Estate property agent or residential leasing agent can provide valuable guidance in determining which renovations will yield the greatest appeal and value for potential buyers or tenants.

The Fall Real Estate Advantage

Image of employee at Fall Real Estate for the article Should you renovate before selling or renting | Fall Real Estate

Fall Real Estate stands out from other agencies in Southern Tasmania with our dynamic approach and commitment to excellence. As a rapidly growing and thriving real estate agency, we boast a team of dedicated professionals with unparalleled expertise and an intimate understanding of the local market. This profound knowledge serves as a valuable asset for homeowners or investors seeking to sell or rent their renovated properties, as we can offer insightful guidance tailored to maximise their returns.

 

What sets us apart is our comprehensive range of services, designed to streamline the selling or renting process for our clients. From accurate property appraisals to in-depth market analysis and strategic marketing campaigns, we provide end-to-end support to ensure a seamless experience.

 

Whether you're looking to list your renovated property on the market or attract prospective tenants, our Fall Team is here to assist you every step of the way. Contact us today to discover how we can help you achieve your real estate goals with confidence and success.

Your success is our success!

Strategic planning and professional guidance are paramount for success when embarking on renovations with the intent to sell or rent a property. By carefully assessing the market, understanding buyer or tenant preferences, and prioritising cost-effective improvements, homeowners can maximise their property's potential and optimise their returns on investment.

 

At Fall Real Estate, we offer the expertise and experience needed to guide homeowners and investors through every stage of the renovation process. Our knowledgeable team provides comprehensive services, including accurate appraisals, thorough market analysis, and strategic marketing campaigns tailored to highlight the property's unique features. With Fall Real Estate as your partner, you can trust in our commitment to excellence and our dedication to helping you achieve your real estate goals.

 

For homeowners or investors seeking a knowledgeable and experienced partner in maximising their property's potential, consider Fall Real Estate. Contact us today to learn more about how we can assist you in achieving success in the competitive real estate market.

Additional resources

We're locals, just like you. Get in-touch with us today for all of your Greater Hobart real estate needs.

 

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03 6234 7033

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