Has it been a while since your property was last renovated? A damp cellar, poorly insulated windows and yellowing wallpaper are causing problems and lowering the selling price. But is it worth investing energy and money once again to increase the value of your property?
You have lived in these four walls for many years and perhaps you simply didn't have the energy to carry out non-essential renovation work. Old wallpaper, unpainted walls and a floor that could do with a makeover are "decorative" renovations. They are not absolutely necessary, but they do improve the first impression. A property that is in a well-kept condition has a higher overall quality. Such decorative renovations are not expensive, but can still make a big difference to the final price.
More serious are deficiencies that reduce the quality of living. Heating systems and insulation, for example, should be up to date. These renovation works are more time-consuming and expensive. They deter many buyers who want to move into their new home quickly. At the same time, they also cause higher costs for the owner. So is it worth investing large sums in renovation at all?
The prices for renovation work must be well calculated
To put it simply, it is worth renovating or refurbishing a property if the resulting increase in value is higher than the costs incurred. It is therefore important that you calculate the costs of all upcoming changes well. For most owners, it is difficult to estimate how high the increase in value will be after the renovation. It is therefore a good idea to leave this estimate to an expert. This way, you avoid the risk of spending a lot of money on the renovation that you won't recoup through the sale.
In the real estate industry, one basically speaks of simple, normal and upscale furnishings. In the case of simple furnishings, it is possible, for example, that floor coverings are missing, the kitchen and bathroom are not tiled and the flat does not have central heating. Normal furnishings should have all the necessary features so that the new owner can move into the property immediately. Unlike high-end fittings, however, these do not necessarily have to be modern and meet the latest living standards. According to experience, upgrading from a normal fit-out to an upmarket fit-out brings an increase in value of around 15 to 20 percent. A simple interior, on the other hand, reduces the price by about 15 percent compared to a normal interior. However, these values only serve as a guide and are no substitute for a professional value assessment.
Great successes possible through renovation
Although a good calculation is essential, it can usually be expected that the improvement work will be worthwhile for the owner. Especially for properties with simple furnishings, there may otherwise be no interested parties or only those who are specifically looking for bargains that are difficult to sell and that they can renovate themselves at a favourable price. Most buyers, on the other hand, estimate the renovation costs to be higher than they actually are and are therefore afraid of paying too high a price for the property. It is therefore often the case that owners who initially offer their property unrenovated and do not get rid of it experience a positive surprise after the renovation. The property then not only sells much more quickly, but also at a significantly higher price.
In your situation, it may therefore be worthwhile to invest a little more time and energy in counselling. After all, the renovation and refurbishment work that you may commission can make a significant contribution to finding the right buyers for your home. This will make the sale of your beloved home a well-rounded affair.
Are you still unsure which renovation work is worthwhile for your property? Then contact us. We will be happy to advise you.
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