Selling a property: Is it worth renovating or refurbishing?
Has it been a few years since your property was last renovated? A damp cellar, outdated heating systems or worn-out rooms can put off potential buyers and make the Significantly reduce the sales price. But is it really worth investing time and money in renovations before selling? Here you can find out which measures really pay off.
Renovation or refurbishment: what's the difference?
- Renovation: Decorative work such as wallpapering, painting or renewing floor coverings. These measures are comparatively inexpensive and improve the first impression of the property.
- Remediation: Technical work such as renewing the heating system, windows or insulation. These measures are more expensive, but increase the value of the property in the long term.
Is the investment worth it?
Whether a renovation or refurbishment is worthwhile depends on the increase in value compared to the costs. A rule of thumb is: The increase in value should be higher than the investment costs. A professional valuation by a property expert is advisable to avoid expensive mistakes.
Equipment standards: Simple, normal or upscale equipment?
The property sector distinguishes between three levels of equipment:
- Simple equipment: Lack of floor coverings, outdated bathroom or lack of central heating.
- Normal equipment: All basic standards are met, the property is habitable, but not necessarily modern.
- Upscale equipment: High-quality materials, modern standards and additional extras such as underfloor heating or parquet flooring.
Changing from a normal to an upmarket property can increase the value of the property by 15-20 Increase %. Simple equipment, on the other hand, can reduce the price by around 15 %.
Renovations: Small effort, great success
Simple improvements are often enough to noticeably increase the sales price. Examples of this are
- Fresh wall colour and new wallpaper
- Repairing minor damage such as scratches or stains
- Replacing floor coverings
Such measures improve the first impression and appeal to a broader group of buyers. Many prospective buyers estimate the cost of renovations to be higher than it actually is and are put off by supposed defects.
Refurbishments: Increasing value through modernisation
Refurbishment may be worthwhile if there are serious defects that affect the quality of living. These include
- Modernisation of the Heating system
- Renewal of Windows and insulation for energy saving
- Refurbishment of Moisture damage in the cellar
Although refurbishments are more expensive, they make your property more attractive and considerably shorten the time it takes to sell.
Conclusion: Professional advice pays off
Whether renovation or refurbishment: a Individual counselling by experts will help you make the right decision. In many cases, even a small investment pays off in order to sell your property faster and at a better price.
