Sellers sometimes assume that renovating a property before listing it will automatically produce a higher selling price.
It may improve presentation, but that does not necessarily mean the renovation cost will be recovered.
The first distinction is between repairing problems and renovating to personal taste.
Visible defects, poor lighting, damaged finishes or neglected maintenance can distract buyers and create the impression that more work is required than is actually the case. Addressing these issues may make commercial sense.
A major renovation is different. Buyers have their own preferences and may intend to renovate regardless of what the seller has done. Spending heavily on a new kitchen, flooring or interior design shortly before selling can therefore be difficult to justify.
Often, simpler improvements produce better results: decluttering, cleaning thoroughly, improving lighting, touching up obvious defects and presenting each room clearly.
The property's likely buyer profile should guide the decision. An older property marketed primarily for redevelopment or extensive renovation requires a different approach from a relatively new home targeting owner-occupiers.
Our View
Before spending money, ask a simple question:
Is this improvement likely to change the buyer's perception of the property enough to justify its cost?
Prepare the property well. Repair what undermines confidence. But do not automatically renovate simply because you are selling.