I find renovations fascinating. Seeing how people's tastes transfer to their surrounds is something I never tire of. Whilst many investors in real estate make changes to a property to reflect market demand, home owners often have no intention of leaving a property and so make changes to reflect their own personal tastes and style of living. These changes can have a substantial impact on the value of that property, and it's not always positive. Although these homeowners think what they do to a house doesn't matter because they have no intention of ever selling, our recent economic turmoil has demonstrated that the things you never thought would happen actually can.
Although in Australia we have been relatively sheltered from the economic fallout, there are still those homeowners who had to sell the home they thought they'd always live in, and what they done to "improve" their property ultimately affects the resale value. As a real estate agent, we see the whole gamut of renovations, home improvements and decorating styles. Some are these are great, some are pretty awful, and all can have an impact on resale value.
The best improvements that a homeowner can make to their property are often the ones that don't cost a fortune, and also don't require extensive work or expertise. Things like new carpet and fresh paint can change the entire look and feel of a room. Be mindful that you don't turn these choices into your own personal fashion statement however. You may have always hankered for black walls and white furniture, but more neutral tones are likely to appeal to a broader segment of the population if you want to sell your house quickly.
If walking into your home is a bit of a throwback to the 50s, you may also need to consider a few larger scale projects such as updating the bathroom and kitchen. These are key rooms that, if not really up to modern day demands, may prove obstacles to a sale for many. When it comes to the bathroom, many people these days want a multiple – two bathrooms is generally what many buyers are looking for.
If you are able to make significant modifications to your home – such as the addition of a bathroom if needed, try to avoid trendy renovations and steer clear of what are short term fads. It pays to check with a local real estate agent to get their opinion on what you're planning to do to your home, and how that sits with the buying habits of the area. If you speak to a local expert, someone who has good experience in the area, they should be able to give you solid advice on what will and wont work when the time comes for you to sell. I suggest you start with your local Century 21 office!