Things to Do When Renovating a Property You Plan to Sell
You plan to sell a property, but you realize that you can get a far better price if certain things are fixed first – or at least improved.
Renovating a property before selling it is a rather common and sensible thing to do among property investors or owners. Increasing the property’s value should be your priority before ever communicating with a possible buyer.
So, you need to make a list of the things to do to eliminate any potential flaws or drawbacks that could be used against you during a bargain and highlight all the features and characteristics that will give you the advantage; to accomplice that, consider doing the following.
1. Do a Thorough Building Survey
When we purchase a property, we are often so fascinated by certain of its characteristics, that you may easily overlook its weak spots – and this applies even to seasoned real estate investors. However, later on, we usually discover that flaws, even minor ones, are there, and may weaken our bargaining position; structural defects, humidity, subsidence, problematic plumbing or dysfunctional electric systems. If the would-be buyer discovers any such flaws in your property, you will have destroyed your credibility (since you have not told him/ her in advance) and he or she can bargain for a far smaller and probably unfair price.
So, you can avoid such an unpleasant development by conducting yourself a thorough survey of the property’s condition, or, even better, hire professional to do this for you.
2. Upgrade the Property’s Energy Efficiency
A property that is energy efficient can be sold for much more than another one with the same characteristics but is energy devouring. You can make it your “honey trap” for high-end buyers that are willing to pay more if they find the whole package in one property.
So, practically, consider doing the following:
- Install eco-friendly appliances wherever possible.
- Replace old water heated radiators with energy saving ones. Electric heating systems are very appealing to buyers, for they do not need annual maintenance, and the absence of a boiler saves them more space within the property.
- Consider the installation of solar technology, if you can afford it of course and you think it can return your money with interest when you eventually sell it.
3. Make the Most of the Loft
Another modification that can add huge value to your property pertains to the loft. Making it an extra bedroom can afford you up to 20% more money, especially if it has another bathroom or en suite. So, do what you can to make the most of your loft or any other similar space in your property.
4. Renovate the Kitchen - Bathroom
The kitchen is probably the most frequently used part of any property, and a well-equipped and smoothly operating kitchen, ergonomically designed and operating can be your flagship in your effort to sell the house. Do your best to make sure everything operates perfectly and replace any aging appliances with new – if it is possible of course. Remember, that any expenses you will probably have are a small investment that will eventually return you its value with interest.
The same applies to the bathroom. All buyers are particularly interested in this part of the house and seldom do they close the deal if the bathroom does not strike them as clean, well-equipped, fully furnished and warmly decorated.
A Reminder
Selling you property in Cyprus is not going to be so difficult. Cyprus has caught the eye of thousands of real estate investors and foreigners that wish to move to the island for various reason. The difficulty lies in the price – making sure you sell it at the proper price; which, for the owner can only be one thing – the biggest possible!
Sweet Home Estates can offer you its unrivaled experience and most efficient property management services, making sure you get the best price possible for your property. Contact us now and learn more.