We recently published a blog about making the most of your budget when renovating a property for sale. While nailing the internal alterations (pun intended!) is very important, so too is presenting an appealing exterior… After all, first impressions count!
So, if you’re planning to renovate and sell your property for a profit, how should you spend your ‘outdoors’ budget?
1. Street appeal
If you’re keen to maximise your profit by selling for a top price, pay close attention to what potential buyers see when they first approach your property.
Iron Bridge Property Group Sales Partner, Paul Foster says street appeal makes a huge difference to the number of potential buyers your property attracts.
“A fresh coat of paint or cedar stain to the exterior, a new fence and even a new letterbox can improve street appeal dramatically. No matter who your target market is, this kind of effort makes a big impact because it gives the impression that the home is well maintained,” he says.
Spending a fortune on landscaping is not usually a great investment, because most people are looking for a low maintenance garden to enjoy.
Having said that, a good tidy up, pruning or removal of large trees and the strategic placement of attractive, easy-care plants will add polish to any outdoor space.
Occasionally there is value to be added by landscaping – for example adding retaining walls to a steep site or creating off-street parking. However, before you get your landscaper underway, get a second opinion about what buyers really want from an experienced real estate salesperson.
Decks can be a very valuable addition to a property. If they’re well integrated with the home, they can act as another room and make the living areas seem much larger.
Before you invest in decking, consider the location of your property and the climate. If yours is a south-facing home in a cooler climate, you’re probably better off spending your money on cosy-ing up the lounge. On the other hand, if your property is north-facing, adding a deck should generate plenty of bang for your buck.
No matter who your target market is, privacy will be important – especially for outdoor living. Plant strategically along your fence line to block the view of your neighbours or add attractive screening around key outdoor areas to create privacy.
Depending on where your property is, extra off-street parking can be a huge asset. Having space for guests to park off a busy road or up a long driveway is very valuable, and a redundant area of grass can easily be changed into a turning bay or extra carpark for little cost.
When it comes to your property’s exterior, there is a lot to weigh up against your budget for improvements.
Taking the time to understand what potential buyers are looking for will pay dividends come sale time. Our real estate sales team has plenty of experience in this area so, if your goal is to renovate a property for sale, talk to us about how to maximise your profit.
Download a PDF of this blog here.