My apologies, as this might be a long post!! I'll try to be as brief as I can!
My dear Hubbie and I are looking to complete (ongoing) renovations on our 1950's PPOR in anticipation of selling and upgrading to a nicer area.
List of stuff we've already done: put in a new kitchen, re-tiled the bathroom, sanded and polished the floorboards, repainted the interior and added an outdoor pergola - all done with our own labour and materials for next-to-nothing (it's not what you know, it's who you know!!). We also had the place restumped and rewired originally, when we first moved in, out of necessity.
We have lived here for nearly 4 years and have enjoyed the place as well as knowing that what we've done has added to the value of the property.
However. There are still a few things left that need doing, and a few of these are going to cost us some $$$ - which is why we haven't done them yet (ie not wanting to overcapitalise). They driveway is very run-down and cracked and needs replacing; and both the font and back yards need re-turfing. The front yard is not such a big deal as it's not that big, but the back garden is HUGE!
We also have the option of turning the back sunroom into an extra room for next to no cost, as we have most of the materials and can use our own (and relos) labour to get it done. Will mainly just need to pay for permits and wiring.
Obviously, we want to get the best possible price for our property. My question is this: given what's already been done, what's left that's still worth doing?? Agents I've spoken to say that the renovations left to be done (driveway, turf) are cosmetic things that won't actually INCREASE the price that we might get, but would help the house sell faster in a slow market.
As for the extra room, we are divided about whether or not to go ahead. We would be doing it as a continuation of the existing roofline (of the sunroom), which means that the room will have a sloped roof - so obviously an add on, even though it will look quite nice inside. My FIL actually did this on one of his investment properties, so I have an idea of how it looks when complete. One of us thinks that the extra room will add value regardless (ie make it a 3 bedrooms + study, or 4 bedroom house); the other one of us thinks that, given the sloped roof, people might actually see the 'add-on' room as something that needs to be knocked down, ie a disincentive to purchase the house.
Even if we stop at what's already done, we are likely to make a nice profit, considering what we originally purchased for.
How do we know if these extra renovations are worth doing or not??
Your thoughts welcome!
My dear Hubbie and I are looking to complete (ongoing) renovations on our 1950's PPOR in anticipation of selling and upgrading to a nicer area.
List of stuff we've already done: put in a new kitchen, re-tiled the bathroom, sanded and polished the floorboards, repainted the interior and added an outdoor pergola - all done with our own labour and materials for next-to-nothing (it's not what you know, it's who you know!!). We also had the place restumped and rewired originally, when we first moved in, out of necessity.
We have lived here for nearly 4 years and have enjoyed the place as well as knowing that what we've done has added to the value of the property.
However. There are still a few things left that need doing, and a few of these are going to cost us some $$$ - which is why we haven't done them yet (ie not wanting to overcapitalise). They driveway is very run-down and cracked and needs replacing; and both the font and back yards need re-turfing. The front yard is not such a big deal as it's not that big, but the back garden is HUGE!
We also have the option of turning the back sunroom into an extra room for next to no cost, as we have most of the materials and can use our own (and relos) labour to get it done. Will mainly just need to pay for permits and wiring.
Obviously, we want to get the best possible price for our property. My question is this: given what's already been done, what's left that's still worth doing?? Agents I've spoken to say that the renovations left to be done (driveway, turf) are cosmetic things that won't actually INCREASE the price that we might get, but would help the house sell faster in a slow market.
As for the extra room, we are divided about whether or not to go ahead. We would be doing it as a continuation of the existing roofline (of the sunroom), which means that the room will have a sloped roof - so obviously an add on, even though it will look quite nice inside. My FIL actually did this on one of his investment properties, so I have an idea of how it looks when complete. One of us thinks that the extra room will add value regardless (ie make it a 3 bedrooms + study, or 4 bedroom house); the other one of us thinks that, given the sloped roof, people might actually see the 'add-on' room as something that needs to be knocked down, ie a disincentive to purchase the house.
Even if we stop at what's already done, we are likely to make a nice profit, considering what we originally purchased for.
How do we know if these extra renovations are worth doing or not??
Your thoughts welcome!
