Is it necessary to do renovations before selling an apartment? This issue is of concern to almost all owners who plan to sell their homes. Their hesitation is justified: although renovation work increases the final price of the apartment, it also requires additional expenditure of money and time.
In this article, experts from Minimalism will consider the pros and cons of renovations before selling an apartment, and will also give recommendations on how to carry them out. Read on to find out when renovations increase the cost of an apartment, and when it’s better to avoid them altogether.
#1. Advantages of renovation before selling an apartment
A well-groomed and neat appearance of housing is an important factor for many buyers when choosing an apartment. Especially if they do not plan to invest in expensive repairs. That is why a renovated apartment has a number of advantages compared to other similar offers on the real estate market. Repair before sale allows you to:
- improve the impression when viewing an apartment;
- sell your home as quickly as possible;
- increase the initial cost of the apartment;
- reach a larger circle of potential buyers.
#2. Disadvantages of renovation before selling an apartment
On the one hand, renovating an apartment speeds up its sale and increases its value, but on the other hand, it can provoke certain problems for the owners:
- repairs delay the moment when the apartment can be put up for sale;
- For certain categories of buyers, renovation may not be appropriate, since everyone has different requirements, tastes, and budgets;
- inconvenience for owners during repairs;
- the risk of investing in materials and repair work and not “recapturing” them.
To understand whether renovations are necessary before selling an apartment, you need to calculate the potential return on investment. But first of all, you need to decide whether the apartment needs renovation at all, and if so, what kind.
#3. Recommendations for repairs before selling an apartment
To make an informed decision on repairs, you need to consider several aspects:
- First, you should determine the condition of the property, and only then decide what repairs need to be made before selling the apartment. Cosmetic renovation of an apartment (painting, updating finishing materials, new wallpaper, replacing plumbing or lighting fixtures) does not require significant costs, but can significantly affect the appearance of the apartment. This is the best option for secondary housing if it is in good condition. It is also better to make cosmetic repairs if there are many apartments on the market with a similar layout but without renovation. This will speed up the sale.
- Major repairs with replacement of utilities and wiring, leveling of walls, floors, and the like are advisable only if the apartment has significant damage or repairs were last done more than 10 years ago. But usually, such large investments do not pay off.
- Designer renovation, which involves choosing a specific style, layout, materials, furniture, and everything necessary to create a unique interior, is suitable for apartments in luxury residential complexes. However, it is important to note that you should not make this design too extravagant. The interior should be relatively neutral, because the apartment should appeal to as many potential buyers as possible;
- Regardless of whether you will be renovating the apartment or not, you must prepare it for viewing: do a general cleaning, solve problems with lighting, and remove old furniture. This rule applies to pre-sale apartments in all price segments;
- In some cases, there is no need to make any repairs at all before selling the apartment. For example, there is no point in spending money if secondary housing is in poor condition or is located on the outskirts of the city. In the first case, you will have to do a major overhaul, but there is no guarantee that the invested money and time will be worth it. Buyers will also not want to overpay for a renovated apartment in the economy segment, since they usually plan to remodel the property for themselves. Therefore, in such situations, it is more profitable to sell the apartment as is;
- The space in front of the apartment is important. A dark, unkempt entrance can turn off potential buyers. To avoid this, it is recommended to paint the walls and hang some light bulbs;
- When planning renovations, take into account the wishes and needs of potential buyers. When purchasing secondary housing, the convenience of location, transport links, and proximity to schools, hospitals, and shops are of great importance. This segment usually looks for cheaper options to furnish an apartment to their taste. Therefore, a small amount of repair work will be enough (or you may not need to do it at all). As for luxury real estate, the renovation will emphasize its uniqueness, so it is advisable to invest money in it;
- If you definitely decide that you need to do repairs before selling your apartment, it is better to involve professionals. They will evaluate the scope of work, draw up an estimate, select a reliable repair team and monitor every stage of the process. As a result, you will receive high-quality and timely turnkey repairs without unnecessary worries.
#4. Is it possible to sell a renovated apartment for more money?
Yes, renovations can increase the value of your home. But if the price of renovation work is higher than the potential increase in the price of the apartment for sale, it is better to reconsider the budget and scope of work or reject the idea of renovation altogether.
A successful investment would be renovation of new apartments in luxury residential complexes. In this segment, buyers usually do not have time to do their own renovations, but they have money and the desire to immediately buy stylishly equipped and comfortable housing.
The most important thing about our X that it is for
those who are in a hurry
