MAXIMISING SALE PRICE (& CAPITAL RETURN) IN APARTMENTS

05-Sep-2016

/

Author: 3004 Magazine - St Kilda Road News

Whilst most prospective sellers understand that a positive first impression is paramount, many are opting to take this to the next level for buyers by creating a unique proposition through updating or renovating their apartment. With all apartments within a complex largely built to the same specifications, any cosmetic changes made allows your property to stand out amongst others on the market. A bespoke offering can translate to greater interest, more offers and ultimately extra dollars when selling. According to Victorian agent of the year Baden Lucas, “sellers who have opted to invest in the presentation of their home are seeing good return on their money. There is no question that homes that have been cosmetically updated, and also professionally presented, sell faster and better than comparable properties in original condition.”

When undertaking any home renovation for profit Lucas advises planning renovations with a broad audience in mind, rather than injecting too many personal tastes and preferences. “Neutral or muted colours generally work best and allow the property to be the focus of attention.”

For those with a limited budget, repainting is the first recommendation he suggests. “Painting is always a great option to give any home a lift. You can instantly modernise and refresh a tired property with a coat of paint in a contemporary colour scheme.” Updating window furnishings can also be a great start to changing the style of a room. Blinds can be replaced, but also consider the use of plantation shutters to add extra warmth and style, and curtains to add luxury.

Another cost-effective update is to update light switches and fittings – with most parts available at hardware stores, the major cost is hiring an electrician. Lighting is crucial to creating an inviting atmosphere - ensure all lights are working and install bulbs with a higher wattage in any dim areas of your home. Consider installing pendants to create a feature over the dining area, kitchen or lounge.

Whilst professional carpet cleaning can make a huge difference to the look of a home, there is no easy-fix for flooring past its use-by date. Whilst floorboards can be re-sanded and resealed, carpet will need to be replaced. A popular and cheaper flooring solution is bamboo, which is easy to install and extremely durable, however where possible an investment in a hardwood like French or Tasmanian oak can add a texture and warmth that can be enjoyed for many years.

As with any major investment, it pays to seek professional advice before undertaking any significant renovations. Lucas imparts that “a second opinion is also a fresh set of eyes. The advice can also help correctly allocating a renovation budget to where it counts.”

Published in the 3004 Magazine