When putting their house on the market, people try to find ways to increase the value of the property. Even if it’s a premium property like flats in Porur, there are still certain alterations you can add to drive up the value. However, it could turn into an expensive and time-consuming project, not to mention that it delays your returns.
Although there is always room for improvement, here are some compelling reasons why expensive renovations are not your friend when you are trying to sell your property.
Check the extent of renovation required:
If the construction and materials used are of good quality the house should have withstood quite a bit of wear. Oftentimes only the paint and sometimes the bathrooms need some renovation. In this case, adding a fresh coat of paint, and deep cleaning the bathrooms, replacing broken tiles, etc. can add significant curb appeal to prospective buyers.
But if the house requires significant renovation then those upgrades will be a drain in your pockets. In such cases, you can invest in some digital representation like a walkthrough of the home, the way it would look after renovation. This can be used to show buyers that the house is worthy of investing in. It is also wise to look for customers who are ready to invest in renovations. Alternatively, you can sell to agencies or individuals that buy a home, renovate it with their investment, and then sell it.
Lesser the renovation, the greater your returns:
A lot of people focus only on the final value that the house would be placed for on the market. At first glance, this figure may seem profitable for a house that has been properly renovated. But if you dig deeper and balance out the money you poured into the renovation, you are likely to break even, or even face a loss. So don’t get pulled into the illusion of extensive upgrades on a property to be sold.
Keeping your renovations to the minimum ensures that your profits are higher even if you won’t be able to sell at the price of a fully renovated home. The investment must always be weighed against the returns before making these decisions.
Catering to the customer’s preferences:
You have poured your heart and soul and yes your money into the renovations. But there is no guarantee that the prospective buyers are going to be satisfied with it. Everyone has a different vision of the space they are going to live in. So they may end up redoing it after they buy it. Like in the previous section, you can show them an image or video of how the house would look like with upgrades, but investing in it might turn out to be a costly mistake.
Make it just enough to move in:
There is also another side to this story. Some sellers tend to go overboard and neglect the renovations altogether. Despite having a good vision of the house, this might not take with most buyers. Most are looking for something they can move into as soon as they buy it.
Always do enough repairs that are enough to make the house liveable. This includes light fixtures, painting, repairing any damage to sinks and countertops, ensuring the plumbing and electrical connections are working fine, etc. A ready-to-live home up for resale is usually quickly grabbed by buyers especially if they are luxury apartments in Chennai. The trick is finding the balance between just enough and overdoing it.
Lifestyle Housing is a reputed developer of luxury flats in Chennai. All our projects, including our latest project in Porur, are executed with the best construction practices and materials. The homes are resilient and will require little to no renovations if you ever want to sell them.