Moving out of a house in the capital city of New South Wales is a significant life event and among the most stressful times for the residents. So many things need to be done within a stipulated time. Despite hiring professional removalists in Sydney, the process takes a toll on you mentally.
The pressure and challenge of moving is especially higher for homeowners selling their real estate in a market severely impacted by the COVID-19 pandemic. Besides planning for the move, they have to consider their property’s appeal then chart a course of action to increase its saleability.
If you are planning a move and need to sell your house, here is your complete guide outlining the current property market trends and why updating your house will help along with information on the best renovations to get a higher sale price.
Current Property Market Trend in Sydney
Due to the COVId-19 pandemic, the property markets across the major cities of Australia were highly affected. According to the Australian Bureau of Statistics (ABS), the average Residential Property Price Index (RPPI) of the eight capital cities fell by 1.8 % from March to June 2020. In Sydney, the RPPI reduced by 2.2 % with house price falls significantly observed in the middle and upper market segments. ABS noted that the pandemic had affected the prices of houses negatively across most segments.
Why Update Your House?
Selling your house is a challenge even under normal circumstances. Thus when the market is affected by the pandemic, and house prices are falling, upgrades are required for making your house attractive for potential buyers. One of the best ways to increase your property’s sale price is to get renovations done to increase the attractiveness of the interiors and curb appeal.
Home Renovations to Get a Higher Sale Price When Moving
Considering the difficulties you can face to get a good price for your residential property for sale in Sydney, here is a list of renovations and upgrades you can make to increase its selling price.
Fix the Windows
Windows significantly affect the curb appeal of a house. These fixtures are among the first things potential buyers see when they visit the property. You need to fix the windows if they have the following issues.
• Cloudy, scratched, or broken window panes
• Cracked window hinges, frames and tracks
• Discolouration and chipped paint
• Torn window screens
Repair Built-in Cabinets and Wardrobes
With repeated use, the built-in storage units such as cabinets and wardrobes in the house can look worn. Inspect your house and check the units in the bedroom, living room, kitchen, and bathroom to determine their condition. If any of the cabinets or wardrobes need repairs and refurbishments, then get them done.
Renovate the Bathroom and Kitchen
The kitchen and bathroom in a house are the most visited and commonly used areas. Therefore, these areas may need repairs and renovations done to the floors, fixtures, walls, etc. Besides this, your kitchen and bathroom may need an update to look more modern and in-tune with the latest interior designs preferred by people. Remodelling these areas can significantly impact your house’s sale price.
Add a Deck in the Outdoor Space
People prefer houses with ample outdoor space and a deck. If the current exterior of your house doesn’t have a deck, see if you can get one. Take help from professionals and get the space remodelled. If you have heavy furniture taking up a lot of room and adding nothing to the décor, get rid of it by donating or reselling. It will help reduce the packing and moving load for your hired professional removalists in Sydney too.
Get the Exterior and Interiors Painted
A freshly painted house looks fantastic and attracts the attention of property hunters. Don’t expect a potential buyer to shell out extra money for a house that is not well painted and which he/she may have to get refreshed. Due to wear and tear, paint on walls, ceilings, doors, windows and other parts of the house can fade or chip which is noticeable. If your house was painted recently, then consider getting a touch-up done to make it look freshly painted.
Fix the Flooring
If you have been living in the house for years, then the floors would be worn and may need replacement. For example, with wooden floors, dullness, chipping, and moisture damage is common and looks unsightly.
Similarly, if you have carpeted floors in any area of the house, it may be extremely dirty, torn, or its shelf life is over. Take the assistance of professionals and get the floors of the house analysed. Ask if replacing or repairing the floors would help increase the resale value of the house, then do what is required within your budget.
Research to Know What Buyers are Seeking
To know what renovations you may need to perform in your house, the best solution is to research about buyer’s requirements. Ask professional realtors and property managers what buyers look for in a house and inspect your house to see what changes may be required.
This activity will help you create a renovation plan and set your moving budget. Creating a budget is essential because moving is financially draining as well. You need to think about the cost of packing supplies, fees of hired removalists in Sydney, and getting new things etc.
The Bottom Line
Judging by the current property market trends in Sydney, selling your house is challenging but not impossible. Consider getting the renovations mentioned above or any other required changes done to increase the sale price of your house. Upgrades can make a lot of difference and will help make your house more attractive to potential buyers.
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