Should I renovate before selling?

Hi everyone

I'm looking at selling my PPOR and am trying to figure out if I should have any work done on it before I do. I've never done any reno's before.

There's not much wrong with the place as it is, but it could definitely look "nicer" with a bit of work.

Part of my problem is trying to work out what type of buyer I should aim for. I'm in the suburb of North Lambton, which is pretty close to Newcastle University (about a 20 minute walk, which can be faster than finding a parking spot at peak times) so there's fair chance that an investor would want it to rent to students, however it's not a bad area for an owner occupier either. I've been very happy here for 6 years.

Am I right in thinking that renos probably wouldn't be worthwhile if the buyer is an investor?

A few things I've been thinking of are:
- get automatic garage door opener on current roller doors
- new carpet (some sections are pretty badly damaged)
- internal paint job
- replace old oven/stove with modern looking one
- install a dishwasher (has never been one before but the kitchen has heaps of cupboard space and should still have plenty if I removed one section)
- major kitchen work. it is old looking and tiny. possibly even to the extent of removing a wall to make it more open plan but I'm not sure if it is load bearing
- the laundry is weird - it is a huge room (approx 3m x 3.3m I think) and has the washing machine connection on one wall and a shower and toilet in the opposite corner. I have thought about erecting a wall down the middle to turn it into a separate bathroom and laundry so they can be used at the same time. Would have to also do some work to ensure they both have adequate lighting and ventilation.
- The property has two single garages that both have power. I've had two people tell me that I should convert on of them to a fourth bedroom so that and extra uni student could be squished in. I'm not too comfortable with that idea myself. Street parking is already difficult around here and I think the living areas are just too small for four unrelated people.


So I'm wondering if the above (or anything else) would add enough value for a sale in the short term, and whether the answer changes depending on whether an investor or owner occupier buys it?



It's a townhouse so would only be internal stuff that I could do. I have a few things that I want to get the strata manager to organise for the garden and driveway.


If people are interested in helping, I can take some photos (after I tidy up a bit)

Thanks
 
Is every neighbour of yours currently a uni student?? Probably not, make it appeal to everyone

If you can get an extra bathroom and bedroom in and it's practical, that's going to add value.don't worry about how many uni students can potentially sleep on the floor.

Painting good easy thing to make it more attractive and carpet, plus its not overly expensive work. Stove if you can get a bargain, check out Grays online could be worth a trip to syd
 
Am I right in thinking that renos probably wouldn't be worthwhile if the buyer is an investor?
No, not right. Some investors will buy renovated because they don't want to do renos themselves.

I'd suggest you just tidy up for the sale and leave the big items to the new purchaser.
- get automatic garage door opener on current roller doors
NO
- new carpet (some sections are pretty badly damaged)
YES
- internal paint job
YES
- replace old oven/stove with modern looking one
YES but only if you update the kitchen also.
- install a dishwasher (has never been one before but the kitchen has heaps of cupboard space and should still have plenty if I removed one section)
NO
- major kitchen work. it is old looking and tiny.
YES if it is a Bunnings or Masters flatpack
possibly even to the extent of removing a wall to make it more open plan but I'm not sure if it is load bearing
NO
- the laundry is weird - it is a huge room (approx 3m x 3.3m I think) and has the washing machine connection on one wall and a shower and toilet in the opposite corner. I have thought about erecting a wall down the middle to turn it into a separate bathroom and laundry so they can be used at the same time. Would have to also do some work to ensure they both have adequate lighting and ventilation.
NO
- The property has two single garages that both have power. I've had two people tell me that I should convert on of them to a fourth bedroom so that and extra uni student could be squished in. I'm not too comfortable with that idea myself. Street parking is already difficult around here and I think the living areas are just too small for four unrelated people.
NO, leave as is.

All the best with the sale.
 
There's no easy answer. It's almost a roll of a dice. Who know whether you'll recoup? Maybe the buyer just wants the land? I've seen cashed up buyers that'll bulldoze a perfectly good house to build the beast they want.
 
Propertunity knows what he is talking about.

You can also ask a couple of agents in your suburb what is the typical purchaser and what do they look for. Best wishes
 
I agree with everything Propertunity said. Maybe minus the kitchen which can become an expenive job even if it is simple. Depends how bad the current one is though, you might even just be able to paint the cupboards to freshen it up.

Talk to a local RE agent though, they will tell you the best things to do for maximum resale value.
 
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