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  1. #1
    Join Date
    Sep 2007
    Location
    Christchurch
    Posts
    1,260

    Default renovating before selling - what's profitable?

    Hi everyone

    My mother has a house in Invercargill that she needs to sell and wants to do up first. Neither of us have done this before. How do we work out what renovations are likely to be most profitable??

    By "how" I mean: what process should we follow? For example, should we get in a valuer?

    If there's anyone in Invercargill who'd be prepared to look at the place and give her some advice, that'd be particularly great. We'd be happy to pay a consultation fee.

    Thanks!
    Last edited by One; 23-01-2008 at 02:12 PM.

  2. #2
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    925

    Default

    Hi One

    The most profitable, and possibly free, is a simple removal of rubbish and clutter and a general tidy up.

    Next biggest bang for buck is a quick paint job, especially if the old paint/wallpaper is tired, and you do the painting yourself, and you dont make a mess of it.

    Gardens also tend to be quite cheap. A few new flowering plants and a layer of bark can do wonders to resale values without too much cost. Also gives a good first impression.

    If you want to do more than just cosmetic stuff, then you might be best to get a valuer in, and tell them what renovations you plan on doing, and they will tell you what extra value it will add in the end. Or maybe just ask a real estate agent. They might give you some free advice.

  3. #3
    Join Date
    Oct 2006
    Location
    Auckland
    Posts
    570

    Default

    Read some of Ron Hoy Fongs posts on this website.

    He has some great tips on renovation. I also have his book which has some great ideas.

    Clutter free would be a great start.

    FH

  4. #4
    Join Date
    Nov 2005
    Posts
    3,286

    Default

    Hello one,

    Tidy, clean, garden, paint.

    xris

  5. #5
    Join Date
    Apr 2005
    Location
    Wellington
    Posts
    1,584

    Default

    Talk to a couple of (good) real estate agents before you do anything beyond a good tidy up of the property and making basic repairs. REA's would probably have a better idea than anyone as to what is worth doing, and what isn't.

  6. #6
    Join Date
    Feb 2004
    Location
    North Waikato
    Posts
    651

    Default

    If you are paying for the labour of a major refurbishment, sometimes you make more money selling to a 'novice' doer upper.

    An experienced investor knows his costs but someone doing their first or second, often pay too much, particularly if they are doing most of the work. Labour is often two thirds of the cost and some people don't cost their own labour realistically!!!

    John

  7. #7
    Join Date
    Sep 2007
    Location
    Christchurch
    Posts
    1,260

    Default

    Quote Originally Posted by xris View Post
    Hello one,

    Tidy, clean, garden, paint.

    xris
    Thanks very much everyone for your comments - looks like Xris has summed it up nicely with this. Mum will be pleased. She'd rather do less than more!

    I'll look through Ron's posts for tips too.

    What do you think about replacing carpets? They're very scruffy and in weird colours.

    Thanks again!

  8. #8
    Join Date
    Sep 2003
    Location
    High up above and deep down under
    Posts
    10,915

    Default

    Try Trademe for good second hand carpet.
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  9. #9
    Join Date
    Jun 2005
    Location
    Auckland
    Posts
    5,087

    Default

    If the boards are in good condition, polishing them may be an option - so long as it doesn't make it too cold or drafty.
    DFTBA

  10. #10
    Join Date
    Nov 2005
    Posts
    3,286

    Default

    Quote Originally Posted by One View Post
    Thanks very much everyone for your comments - looks like Xris has summed it up nicely with this. Mum will be pleased. She'd rather do less than more!

    I'll look through Ron's posts for tips too.

    What do you think about replacing carpets? They're very scruffy and in weird colours.

    Thanks again!
    It's all well and good saying the carpets are old and need replacing but you then need to ask yourself 'where do I stop?'

    Also you will always run a risk of wasting your money when tarting a place up. For example, the following may apply to new carpet or anything else for that matter.

    1/ Your colour choice varies from the potential buyer.

    2/ Your preferred level of quality may also vary.

    3/ The new buyer might be looking to have polished floors.

    4/ The new buyer may have young childern and the thought of having new carpet throughout may leave them a nervous wreck.

    And even with paint, another potential problem as well as colour choice, is doing it wrong and creating a cheap look. I always see this in houses for sale and love telling the agent that the vendor has wasted his money trying to do a cheap make over because I'll have to strip it and start again, and I'll discount the offer accordingly.

    This is all a good reason for keeping tart ups to a minimum - hence garden and tidy. Painting is cheap and effective but even that must be done properly and painting is not as easy as it looks.

    If you are a tradesman the perhaps do a bit more but even then be careful.There is a difference between a 30 year old house and a bulldozer job.

    With a tired house basically leave it alone with perhaps the simplest of improvements as mentioned.

    With a bulldozer job then do not even start unless you are in trade and you can gut it and redo everything. It's the only way and it ain't easy and it ain't cheap.

    Meddle at your peril.

    xris
    Last edited by xris; 24-01-2008 at 01:18 PM. Reason: typos


 

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