It costs a lot of money to renovate, so it pays to get it right.
What are the most important things to keep in mind if you’re renovating to sell in Sydney’s Eastern Suburbs?
If you’re renovating a home you plan to live in for many years, you probably don’t need to factor resale value into your renovation plans – the finished product will be for yours to enjoy for years to come.
But most homeowners planning a renovation also plan to sell the home within five years. That means they need to think carefully about resale and how the market will react to the renovation choices they make.
Who is your prospective buyer?
Many people planning a renovation ask what they should do, or where they should focus their efforts to get the best return when it comes to selling. Should you add a fourth bedroom or another bathroom? A new kitchen, off street parking, a pool, or a temperature controlled wine cellar?
But there’s really no one-size-fits-all answer. It depends on who your target audience is, and what they’re looking for.
So understanding, and tapping into, your property’s prospective buyer is crucial when planning what features to include in a renovation.
Ask yourself – who is your prospective buyer? Who will be interested in this type of property and location? And do the changes you’re thinking of making suit this target audience – it could be downsizers, families, first home buyers, or investors. If you’re not sure, an appraisal or valuation can guide you.
Once you’ve established your target audience, your renovation choices should also depend on the individual property, not a set formula. Each property is unique, so the area, position, aspect, and price point all matter when deciding what improvements to make.
Prioritise and plan good design
That said, there are some general principles that should apply to most Eastern Suburbs renovations.
First, good quality renovations usually have a strong architectural element to them. In fact, the top sales in Paddington over the last 12-18 months have all had a very clear architectural or design element attached to them.
Good renovations often do things differently. They’re not always what you expect and can sometimes be quite unique. This innovation can create a lot of wow factor, and really spark imagination and attention when it comes time to sell.
A good example of this is 84 Paddington Street, Paddington. It’s one of the most innovative and pioneering terrace renovations that’s come to market in a long time. The property has an impressive three car garage, pool, and luxe finishes. Because of this, it has attracted significant attention and huge numbers have been coming through open home inspections.
But it’s not only the ideas that matter in a renovation – there also needs to be an eye for detail in the way it’s executed. Successful renovations have an emphasis on quality and excellence in both design and the fixtures and finishes.
Whatever you choose to do, it’s important that it all ties together with a consistent and common theme throughout the house. Many Eastern Suburbs buyers are after things that need to be carefully thought through early on in the design process, like generous proportions, good flow, and rooms that relate to one another.
And it’s important to take care of the practicalities – a home still needs to function for everyday living.
Then there’s the wow factor…
If you’re renovating to sell, it’s a great opportunity to stand out from the crowd and add something special to give it the edge. What will be your key point of difference when it comes to marketing the property? How can you really add value and stand out from the competition?
When it comes time to sell, current market conditions will dictate what it’s worth, but a top quality renovation with a good eye for design can genuinely make a difference.
Sydney’s Eastern Suburbs Market Snapshot
A detailed annual assessment of the property market focusing on the Eastern Suburbs of Sydney, Australia.