To renovate or not to renovate?

People renovate for lifestyle reasons or to try and make profit. If you intend to stay in your property for a long time and wish to adjust your home for your needs then that is money well spent. However, if you are considering renovating for profit – tread carefully.

Some suburbs have a ceiling price. Potential buyers, no matter how attractive the property, may not go over that ceiling price. In these areas, if you spend $50,000 to $60,000 on a renovation for example, you may only increase the value of the property by $20,000 or $30,000. You don’t want to spend money renovating the property and then find that you’ve lost money.

Of course, there are exceptions to the rule. When you can add unique and desirable features to your property, in the right area, you can profit from renovation. For example, if you have a two-bedroom, one-bathroom unit in a suburb where there are many other similar properties, and you reconfigure the unit to fit a second bathroom - you change the property and give it a point of difference. For $15,000 you have transformed your two-bedroom, one-bathroom unit into a distinctive two-bedroom, two-bathroom unit putting it in a higher price point.

If a two-bedroom, two-bathroom unit is actually very rare in your area, your property could be highly sought after and as a result you could increase the property’s value by up to $70,000. Meanwhile, vendors who spend $20,000 or $30,000 on a renovation on a two bedder in the same building, keep the existing configuration and just change the finishes, will typically only break even and sometimes even lose money.

The point is that your money is precious and sometimes you don’t need to spend a lot on your property to get the best price. You have to know the market and know what potential buyers are prepared to pay.

If you are considering selling your property, talk to a market expert and work out what the achievable end price is for your home in your area. You don’t want to overcapitalise by spending money you won’t make back. Do a needs analysis and make sure you don’t overcapitalise.

For more information or to find out what’s your achievable price contact Patterson Real Estate on 02 6584 6400 or call into our office in the Galleria Building on William Street.

 

Regards

 

 

Jason Partridge

0407 009 226
02 6584 6400

 

Port Macquarie Real Estate

I have just purchased a property in East Port and am very happy with the service that I have received from Patterson Real Estate. They have been efficient, timely and courteous and I would recommend them to anyone wishing to sell or buy a property.

We cannot speak highly enough of Jason Partridge with regard to selling our block of land. Jason went far and beyond our expectations, liaising with builders to look at possible land and house packages to help with the sale of the land and alao assisting us with fencing legislation when a fence needed to be erected on one side of the property. Jason's friendly and helpful manner made selling the property a whole lot easier especially as we lived interstate. We highly recommend Jason!

Working with Jason from Patterson Real Estate was like a dream and I can't praise him highly enough. From the very first phone call I knew my villa was in good hands, and right up until the settlement of my property he was amazing. This was my first experience of selling a property and I was expecting a stressful experience. How wrong I was! Jason made the whole process easy, explaining it all as it unfolded and he took care of absolutely everything. He looked after my tenants, created amazing advertising both as fliers and on-line, and produced a property showcase booklet that was nothing short of beautiful. I can highly recommend him and if I ever sell again, I wouldn't want to work with anyone else.

Jason Partridge's communication and follow up during the sale of our house was excellent. He kept reassuring us that all would come together in the end, and it has. Thanks Jason!  Brian & Bev

I found Jason Partridge to be more than helpful both in the sale of our home and the purchase of our new place. He really went above and beyond our expectations. He got us more than we expected for our sale and without his help on our purchase property we would have probably missed out. He was always available and able to answer our questions and had great suggestions. I thoroughly recommend Jason and Patterson Real Estate to anyone buying or selling a property. Integrity and diligence are the hallmarks of this business.   Max & Karen

Following their invitation to have our family residence of some 30 years valued by Patterson Real Estate, my aged mother contacted the company accepting their offer for a no obligation valuation. My mother, after having had a complete hip replacement was already considering downsize; to live closer to family and had actually sighted a suitable property in Sydney. Under guidance of Patterson Real Estate Licensed Agent Sherryl Robinson, the property value was assessed and the mechanics of placing the property on the market were fully explained. The valuation advanced by Patterson Real Estate appeared to be quite reasonable considering the age of the property and its condition and if achieved under sale, the cost of changeover for my mother would be minimal. A number of interested buyers inspected our property prior to first open day – and even though open day was quite busy, one of the earlier buyers indicated interest and in a very short time, followed through with the purchase. Throughout the process of the selling of the property, Sherryl was always available for advice and assurance that things were going to fit our timetable for the purchase of the Sydney property. Even at rather busy times for her, Sherryl returned calls promptly and answered our queries without hesitation. At times, Sherryl called us, to see how much progress was being achieved in organising our move – not to hurry us up, but simply to give us a little encouragement and assurance that things were proceeding normally. We enjoyed the enthusiasm which Sherryl was able to share. It was a pleasure to work with someone who enjoyed and knew what she was doing. We would not hesitate to recommend Patterson Real Estate to anyone wishing to sell or purchase a property. Ina & Terrance Nilsson