If you are considering selling your home, you may be wondering whether it is better to renovate or simply redecorate before putting it on the property market. It is an important decision, and the right answer often depends on your circumstances, your property, and current market conditions. Here, we look at the pros and cons to help you decide.
The Pros of Renovating or Redecorating Before Selling
- You could significantly improve your home’s kerb appeal, making a strong first impression on potential buyers.
- Your home will look its best in marketing photographs, which is crucial. Buyers browsing online listings often make snap decisions based on visuals.
- You may receive more and better offers. A well-presented property often attracts more viewings and competition.
- It could add value to your home – depending on the extent and quality of the work completed.
- Some buyers are deterred by the idea of carrying out extensive renovations themselves and prefer a ready-to-move-into property.
According to Rightmove, a fixer-upper typically sells for a 12% discount compared to similar, move-in ready homes. This suggests that many buyers are willing to pay a premium for properties that require little to no work.
The Cons of Renovating or Redecorating Before Selling
- You will need to fund any renovation work upfront. There is no guarantee you will recoup the full cost when you sell, meaning there is an element of financial risk.
- Buyers might undo your renovations soon after moving in, especially if your taste differs from theirs, resulting in wasted effort and unnecessary environmental impact.
- Poorly executed renovations, or upgrades that do not match buyers’ preferences, could make your property less attractive.
- It might not be necessary. Selling a fixer-upper property can appeal to buyers who want a project or wish to personalise a home to their own tastes.
Recent research by Yopa indicates that fixer-upper homes are becoming increasingly popular, especially among buyers keen to spread the cost of improvements over time rather than face a large initial outlay.
Should You Renovate Before Selling?
Common sense might suggest that buyers always prefer a newly renovated and redecorated property. However, that is not always the case. Many factors, including your target buyer demographic and local property market conditions, come into play.
Our advice is that, at a minimum, sellers should ensure their property is clean, tidy, and neutrally decorated. Address any obvious defects or issues that could deter buyers, but be realistic about the level of investment required. Sometimes, simple cosmetic improvements can be just as effective as a full renovation.
If you are unsure whether you should renovate before selling or focus on smaller improvements, we are here to help. Our team can offer you personalised marketing advice and a free valuation based on what will work best for your home.
Contact us today to discuss how to best prepare your property for sale.
And if you have a friend thinking about selling, feel free to share this article with them – they may find it helpful as they weigh up whether to renovate or sell their property as it is.
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