If you are thinking of selling your home, the logical question is how best to do it to get the most? Will renovating your flat help you sell it?
On the one hand, a fresh and clean space looks more favourable. On the other hand, the new owners will sooner or later want to redecorate the flat. In order to assess the need to redecorate a flat before selling, several factors should be taken into account.
When should repairs be made before selling?
Designer renovations and high-quality finishes play a significant role in luxury properties. Buyers value not only the size, location and other basic features of a home, but also its décor. On the other hand, affluent customers are sometimes more interested in renovating a home for themselves, so they can even afford new and expensive repairs.
In the mass segment, the situation is different. People are more interested in the size, layout and comfort of the flat. So if the flat looks decent, it is clean and bright, the wallpaper is in place, there are no cracks on the laminate and the last renovation was no more than five years old, nothing special needs to be done: a general cleaning is enough.
Paradoxically, however, there is also no need to do anything if the flat is in a completely “dead” state. We are talking here about situations where the electrical installation, floors and levelling of the walls have to be replaced, or where a complete overhaul is necessary. This will cost a lot of money and will probably not pay off after the sale. Yes, such a flat may take a long time to sell, but at a reasonable price it will find a buyer quickly. Some realtors specialise in such options.
Renovating a flat will not help if, for example, it is in an unfortunate location – far from public transport stops, in a dilapidated or simply very old house, in a semi-basement. Such an option will be chosen on the basis of price, not because it can be repaired.
However, there are situations in which a renovation, purely cosmetic, can be helpful. The fact is that an interior, especially one that is pompous and pretentious, with 90s-style stucco and wenge floors, can make it difficult to sell. A Scandinavian style with white, grey and pastel shades is trendy. White glazing, light-coloured doors and kitchen cabinets, a minimum of details – nothing is superfluous. Therefore, if the flat renovation is outdated, light cosmetic repairs can be made – this will make the flat sell faster.
A housing facelift is also necessary if properties have been poorly maintained. For example, people with anti-social behaviour live there or there are a lot of animals. In this case, even a small renovation will refresh the room, make it more pleasant and bright, and hide the traces of the previous owners. And the neighbours will be happy with the new tenants, so you can count on them to help with the sale.
Will the repair costs pay off after the sale?
Of course, refurbished flats sell faster and are in greater demand. Many buyers don’t have the time or money to renovate before moving in. It is important for them to move in immediately after purchase, so the condition of the flat should at least be habitable.
According to most experts, the value of a home after renovation can increase by about as much as the work done. It will be possible to recover the costs incurred, but it is unlikely that you will be able to sell the flat at a higher price. Thus, a cosmetic renovation of the flat will only allow it to be sold more quickly, but the costs will not increase significantly.
Principles of cheap renovation
Most buyers look at the condition of the basic elements rather than the design. This is why it is important to get the flooring, walls, plumbing, windows, ventilation and drainage systems in order. For finishes, choose inexpensive materials in neutral tones. For example, it is better to choose laminate in light grey tones – these are currently the most fashionable. If the windows are wooden, paint them white, and for plastic windows, choose the right accessories.
On uneven walls, it is better to stick wallpaper designed for painting. White gives a fresh look, and new owners can easily find the shade they need and quickly paint the walls. To liven up the interior, you can hang some neutral paintings. Also get rid of old furniture and trinkets if possible. It is important to create the impression that the flat is ‘new’ and that no one has lived in it before.
What to do first:
Here is a list of the basic work to be done when giving your flat a facelift:
- replace wall and floor coverings;
- installation of skirting boards;
- replace or repair old plumbing – including faucets;
- replace sockets and switches;
- replace wooden entrance doors with metal doors;
- paint wooden windows and radiators;
- whitewash ceilings; seal cracks where necessary;
- cleaning of ventilation outlets is necessary;
- remove dirt and mould from tiles, grout joints between tiles;
- replace old-fashioned lamps and chandeliers.
What not to do:
These works consume too much time and money, so they are unlikely to be cost-effective:
- pay for a new floor screed;
- for levelling walls;
- for installing a new bath and toilet;
- for replacing pipes;
- for replacing internal doors;
- for the replacement of wiring.
This list of rules will help you save time and money during your interior renovation.
