Benefits of Renovating your Luxury Home before Selling

The Benefits of Renovating your Luxury Home Before Selling

Let’s start with a few facts first- Today, 90% of people looking to buy a luxury home will begin their search on real estate sites. They will also form their first impression about a home in less than 10 seconds. People who stage their homes get 343% return on investment. Unfortunately, it just isn’t enough if you really want your home to look exclusive and unique. Take a look at the benefits of renovating your luxury home before selling.

Benefits of Renovating your Luxury Home

#1 Value Add

The simple fact is that the first thing a luxury home buyer looks for in a property is luxury. They do not want to be saddled with a project- they want a home they can move into and one that will require as little work as possible. Upscale buyers are very discerning in their taste and requirements. What this means is, all those negatives you have ignored or have just learnt to live with, in your home, may be significant “no-no’s” from a buyers viewpoint. Making the right kind of renovations will add value to your home.

#2 Increase Salability

When someone looks at online listings and photos, they will not even consider buying a home, unless they are convinced that the property meets their standards. However, with the right type of renovations, you will be able to up the value of your property and it will sell faster too. For instance, converting an attic into an additional bedroom or making a few simple kitchen renovations goes a long way in increasing the salability of your home

#3 Increase Curb Appeal

If you are deciding to renovate the exteriors of your home, it increases the curb appeal of your property. This first impression matters a great deal. You can spruce-up the landscaping, renovate the main door or add an extension to your home and it will create a positive impact on the buyer

#4 Functionality

The kitchen & bathrooms are 2 areas that make a significant difference to the manner in which a property sells. It’s important to have new fittings, and old tiles and cabinets should be replaced before a sale. If the additions you make are purely aesthetic in nature, serious buyers are not going to be impressed.

So yes, that infinity pool you have added to your property looks great but if the paving around the pool area is shabby or slippery, buyers may have second thoughts about buying your home. On the other hand, if you have beautifully landscaped outdoor spaces with a functional outdoor kitchen that becomes a feature people would be more interested in. These are the kind of spaces they will be able to use in a more practical manner which adds value to the place.

#6 Square Footage Matters

When you add square–footage to your property, it increases the value of your home. If you are able to add a new deck, a sun room or an extra bedroom to the existing space, go for it. These additions are definitely something people are attracted to and will be willing to pay a higher price for.

#7 Energy Efficiency

This is one aspect that a number of buyers look for in a home. They want a space that is energy efficient; and so, if you have added solar panels or solar tiles to the roof, energy efficient windows and have insulated siding and a well-ventilated home, it will sell faster. Energy efficiency translates into lower electricity bills. Even when you are selling to upscale buyers this becomes a major selling point.

Function and Space

Making an impact on a genuine buyer is about being real. A home that is staged with luxury furniture and fancy artwork is not going to impress buyers. These are the things they will be bringing into the home in any case. They are looking for features that add value in terms of functionality and space, and to the overall look of the home. This is why, if you are selling your luxury home, it’s a good idea to consider a few well-planned renovations even before you contact a real estate agent. An updated and well renovated space will always sell faster!

Thanks for reading,
David Miniter
0414 998 727

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