Get a better price for your property
House vendors are having to lift their game to stand out from the competition in a market where the number of property sales has plunged by as much as a third on last year.
If you’re planning to do your house up before you sell, there are a few key areas where the money spent will offer a better return.
Kitchen
Interior designer Yvette Parker said kitchens were usually one of the best places to start a renovation project. ‘‘Even small changes such as modernising splashbacks, changing handles or replacing outdated benchtops can make a huge difference.’’
Property developer David Whitburn, of Fuzo Property, said kitchens should be modern, well-lit and have a ‘‘golden triangle’’ of a sensibly located sink, oven and fridge.
Real Estate Institute chief executive Bindi Norwell said it was useful to know what the ‘‘end game’’ was for the property. A house that would appeal to a family might need different fittings to that which was aimed at first-home buyers or professional couples.
‘‘An agent can help with that, in terms of what’s the value of the property, what are the quick wins to increase its appeal and the best things to do in terms of not spending too much.’’
Return: $1.50 to $2 for every $1 spent.
Bathroom
Parker said any improvement to a bathroom could be expected to add value. ‘‘Extra points for picking current trend fixtures and fittings that will last.’’
Whitburn agreed it was an area, when done well, that could make a difference. ‘‘Old 80s vinyl and showers need to go and new modern fittings put in.’’
Vendors with more to spend could consider waterproofing and tiling walls to the ceiling as well as the floor. ‘‘Underfloor heating is a nice touch, too.’’
Return: $1.50 to $2 for every $1 spent.
Heating and insulation
If your house is not fully insulated, make that a priority. For a few thousand dollars, you should be able to insulate the ceiling and under the floor. Whitburn suggested adding an economical heating option, such as a heat pump.
Return: $2 for every $1 spent.
Flooring
Parker said it was important to get flooring right. Keep it neutral if you want to appeal to a wide range of buyers. Good underlay is more important than expensive carpet.
Return: $2 for every $1 spent.
Paint
Painting is one of the most cost-effective ways to make a big change to a house. Davina Harper, of Dulux, said she would recommend a fresh white or neutral colour to create a blank canvas for a buyer.
‘‘With the property market softening a little bit it’s one less thing for people to worry about. The new buyer would feel there’s one less thing they need to do, and it’s lower-maintenance. If you’re choosing between a couple of houses a fresh coat of paint can make such a difference.’’
If a house was south-facing or had rooms that did not get a lot of sun, a cool white could make it feel colder while a warm white would offset the effect.
Return: $2 to $3 for every $1 spent
Street appeal
Harper said vendors who did not have the budget to repaint the whole house should focus on the entrance and give the front door a coat of paint.
Whitburn said sellers should consider what buyers would see when they first walked in. That might mean a new front fence, letterbox, cleaning up the front garden or painting the front of the house.
Small landscaping jobs or even lawn mowing could make a significant difference, Norwell said. Issues such as gutters that needed fixing would detract attention from the house’s selling points.
Return: $3 for every $1 spent
Adding space
Norwell said adding space, in the form of an extra room, an extension or a deck, was expensive but sellers should get their money back. ‘‘If it’s a deck that brings indoor-outdoor flow, those are great areas to add value.’’
Return: Up to $4 for every $1 spent
Don’t waste money
When you’re renovating to sell, steer clear of any work that is particularly to your own taste.
Parker advised against spending a lot of money on anything that was fixed to the house and would not appeal to a wide audience. She said that could include things such as a coloured splashback in the kitchen or a quirky pendant light. Save your money for things that you know will capture buyers’ attention.