finder – The Interiors Addict

Renovating for a quick profit: how to sell the second the paint dries

There’s an art to property renovation, particularly when your focus is on maximising value (which it should be). With most things in the modern age, sometimes you simply don’t have the time or resources to become a master – but there’s nothing stopping you from faking it till you make it. So, if you have a fast-approaching deadline and need to see dollars soon, here are four key considerations that can up your property value without also increasing your wait-time.

1. Create space

We know that a higher ceiling can rake in a few extra dollars when it comes time to put your property under the hammer, but going for the visually opening abilities of white walls can also add to making the room feel more expansive – it also allows you to mix-up the colour scheme while not setting you back as much time during the renovating process. Mirrors also assist with creating the illusion of space; enlarging an area is a great way to create atmosphere, as well as value.

If working with oddly shaped rooms or spaces, avoid large pieces of furniture that may make the area appear cluttered, and accessorise with asymmetrical rugs and rounded furnishings.

2. Be practical and functional

Take a quick glance at that spare room: how quickly can you turn it into another bedroom? Buying a secondhand mattress and shifting a few ornaments into the new space could add hundreds to your overall value – after all, a three bedroom home is always going to be worth more than a two bedroom + study.

This is only the case if the space room already exists and only needs a few minor tweaks – if you don’t have this potential, focus your efforts on the key rooms in the building instead. The bathroom and kitchen are the rooms that are most likely to see a return. This doesn’t mean replacing your current kitchen with a brand new one – instead, get quotes to change-up your benchtops or replace the cabinet doors only for a brand-new look for less.

3. Be strategic with your upgrades

If you’re contemplating a new full-length window, take a deep breath and assess the alternatives. While some upgrades – such as a whole wall of glass – can be flashy, they might not actually be the smartest when viewed in terms of utility and value. A discreet, quiet and hidden air conditioning unit might actually achieve the same outcomes you were hoping for in the massive window, it will likely cost you far less and doesn’t have to change the entire vibe of the room. Similarly, ripping up worn carpet and polishing the original floorboards is cheaper than getting brand new ones, and exponentially quicker than knocking down a wall in an attempt to provide more space.

4. Pay attention to the outside, too

If you want some extra eyeballs when it comes to auction day, make sure you’ve ‘curled the ribbons’ on your property – get some extra mulch, make sure the lawn is short and have your plants in order. It sounds niggly, but if potential buyers know you’re attentive to the little things they’ll trust anything bigger has been resolved. Besides, first impressions can make or break a deal.

Happy renovating, and good luck when it comes to auction time!

— Bessie is a property commentator at finder.com.au, one of Australia’s largest comparison websites. She’s passionate about real estate, renovating and helping Australians find better.

How does murder affect property price?

If you’re not reading this out of curiosity (fetching title, isn’t it), then you’re probably either looking at buying a property with a cloudy history, or have already bought one and you’re just finding out about it now. In any case, could purchasing a property that’s been home to a murder kill your property value too?

The short answer to this murder-mystery is yes, at least in the short-term.

This series of The Block is being filmed at the Hotel Saville where a crime scene once took place

If someone has taken a hit in your local area recently, your potential property value is likely to as well, according to research by finder.com.au. A 2014 study by the University of Technology, Sydney, revealed that properties within a 300 metre radius experienced a 3.9% price drop the year after a murder or sex offence. To give you a ballpark figure, this means a $504,000 property could see nearly $20,000 ($19,600 to be exact) shaved off it’s value following one of these tragic events.

This isn’t the only consideration, either – the second things get real on the streets of your neighbourhood a few key things also happen:

The local crime rate increases, which is never a good thing.
Your ‘walk-score’ may decrease as a result.
Some residents in the area may be spooked and look to sell their property – increasing competition if you just happen to be selling also.

These are all aspects local property owners – or potential owners – need to factor into their property options. You know that your property value is likely to take a hit. So what can you do to brace or adjust for this change?

If you haven’t yet bought in the area, but still want to:

You’ve decided to stick with a place in the local area? No problem, just look at ways to improve the property to balance out any potential negatives. Some ideas include:

Renovate one of your ‘power rooms’, such as the kitchen, main bathroom or living area
Assess your landscaping options: could levelling out that scraggly back lawn provide a new summer entertaining area?
Turn the spare room into a studio to let: the rent earned could easily offset the sub-four percent you might lose from the recent loss of life.

The other bonus here is that, by law, real estate agents need to inform you if there’s been a death in your property – this has been the case since 2004. Rest assured you won’t walk into a death-trap unawares.

If you’ve been spooked:

The thought of resting your head where someone lost theirs may be a bit much, and that’s also understandable. A key consideration here is to look at the property regardless and determine exactly what it was that initially drew you to it. Detail what you love about the property and the neighbourhood – and just as importantly, the property prices in the area – and try to aim for a similar set of aesthetic compliments in a nearby location. A bit of flexibility in your house hunting journey can go a long way, and save you money (and headache) in the long run.

— Bessie is a property commentator at finder.com.au, one of Australia’s largest comparison websites. She’s passionate about real estate, renovating and helping Australians find better.