Renovate to sell

[SmiTTy2008]

Hi SS

Wanted to get your thoughts on whether it is worthwhile renovating prior to selling. The situation I have is I have a good long term tenant in my IP.
Im hoping to sell it early next year to free up some equity that I need .. the place is a little run down, bathroom and kitchen could do with fix up, and definitely the balcony/verandah area at the front

I'm not sure how it all works with a tenant in , can the tenant stay or would I need to ask them to leave if i was doing a bath/kitchen/etc reno ? Or should I just sell it as is, rented IP .. it is on a large block of land so target market would probably be builders anyway who would want to eventually subdivide and build 2 houses in the longer term.

Thanks!

 

[T.G]

What area are you in and what is the norm for your area.

 

[janglesey]

Hi SmiTTY

If your target market is builders who will probably develop the property anyway, it might not be worth the expense of a renovation. However, you might want to ensure the house is presented clean and tidy to appeal to a wider market such as first time investors.

I have written some blog posts on quick ways to freshen up a property for sale that might be of interest to you - http://renovatingmadeeasy.com.au/category/selling/.

Cheers, Julie.

 

[bernie006@hotma]

Hi there.i would not spend money if you can't get it back plus.
get info with similar properties, what they sold for and what condition.
If block really suits developers, most likely they ll get rid of current house and put new units on.
We r doing the same atm.in croydon.but we keep front house.our research showed we can get our money
back we paid for with sell of house and keep land to develop

 

[SmiTTy2008]

Thanks .. the house is located in the fairfield (NSW) LGA.
The place is pretty run down, although there is a long term tenant in place who seems to be happy . Im just not sure if I want to spend the $$ renovating so that it looks a lot more presentable.

Comparable sales in the market has been quite varied. larger blocks with single story well presented home could go as much as $100k-$150k more than run down properties on similar sized block. Mine sort of sits in between