How to get good advice on upgrades/renovations before selling

Discussion in 'The Buying & Selling Process' started by AboutToSell, 8th Feb, 2020.

Join Australia's most dynamic and respected property investment community
  1. AboutToSell

    AboutToSell New Member

    Joined:
    8th Feb, 2020
    Posts:
    1
    Location:
    ACT
    How do we best access disinterested advice (happy to pay) on how much upgrading and renovating of house and grounds is advisable before sale?
    Although the unimproved land value of our rather unusual large battle-axe well treed inner city block represents at least 80% of the expected sale value we are inclined to think that it is worth taking the time and spending the money upgrading bathrooms, carpets etc and putting in a new lawn and paving etc in order to attract the wider market. That is, we want to interest buyers who might be attracted to live in the existing house as well as developers eyeing subdivision and home buyers who want to knock down/rebuild. We see the benefit more in introducing more buyer interest and competition and securing a sale than in necessarily precisely recouping the extra outlay. We are not very confident of the quality of advice we will get from real estate agents we approach on this issue - may tend to favour a quick sale to maximise their outcome. We have time.
     
  2. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    10,116
    Location:
    Brisbane
    If you don't want to rely on agents, what about a valuer?

    But I really do think a good local agent is the best one to ask.

    I cannot help but wonder how you'll feel if someone buys it to bulldoze and build their dream home or a developer knocks it down. They won't pay you any more for the money you put into new bathrooms, carpets and new grass.

    Edit: When we found an agent who had developer contacts to get an idea of what our development block was worth, he put it to several developers and next day he brought us a verbal offer. You might find this is the best way forward, especially if you get a valuer in first.

    We are about to have our development block valued by the same valuer who valued the existing blocks before we reconfigured the lots.

    He has suggested our block would be worth more to a buyer who decides to split the newly created large block into two house lots, and that would have a higher value than if he valued it as one townhouse block.

    Different plans mean different outcomes and that means your buyers will value it for the purpose they want to follow, which will mean different values, and this can be ascertained from a clued up valuer and/or a clued up agent.