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9591 4999

9591 4900

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Will I overcapitalise when renovating my home?

30 Jun 2017 professionalsrockingham 1 Comment

Renovating

Will I overcapitalise when renovating my home?

By Craig Small – Licencee/Director of Sales, Professionals Rockingham

This is one of the most common questions that home owners ask their agent. The answer to this question can vary, depending on the home owner’s individual circumstances.

If the owner is intending to remain in the property for 5 years or more, then spending a significant amount on renovating their home can usually be justified, as the owner and their family are gaining the benefit and enjoyment of the renovation while living in the home.

However, if the owners are looking at selling in the near future then it is not usually advisable to spend vast sums of money in preparation for sale. Major renovations such as new kitchens, room additions and swimming pools can be very expensive and the cost of these improvements are not usually fully recovered when selling.

Cosmetic improvements such as painting, new floor coverings and garden makeovers are much less expensive, particularly if the owner can do some or all of the work themselves. We find that these cosmetic renovations are often the most cost effective way of improving the value and attractiveness of your home, when you are renovating for resale.

To avoid overcapitalising when renovating your home, ask an expert. Seek the guidance of an experienced local real estate agent, who has a proven track record of sales in your area. Most will  be happy to offer free advice.

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