Should You Renovate or Sell As-Is? A Smart Seller’s Guide

Deciding whether to renovate or sell as-is can be a tough call for homeowners looking to put their property on the market. The right choice depends on your property’s condition, the local market, and your financial goals. This guide will help you weigh up the pros and cons to make an informed decision.

Assess Your Property and Market Conditions

Before making any renovations, it’s essential to assess your home’s condition and research the current market. Ask yourself:

Is my home structurally sound but just needs cosmetic updates?
What are comparable homes selling for in Liverpool and Western Sydney?
Will my target buyers prefer a move-in-ready home, or would they rather renovate to their taste?

If buyers in your area are looking for fixer-uppers, investing in major renovations may not be worthwhile. Conversely, if updated homes sell for significantly higher prices, making strategic improvements could boost your returns.

When Renovating Makes Sense

Some upgrades offer a strong return on investment and can make your property more appealing. According to realestate.com.au, “Laying some new carpet in the bedrooms is one of the cheapest ways to add extra value to your sale price and make a big impact for a small amount of effort.” A buyer’s first impression can be greatly improved by making simple updates.

High-Impact, Low-Cost Updates:

Fresh Paint: Neutral colours create a clean, inviting look.
Recarpeting Bedrooms: Worn carpets can turn buyers off, but new carpet is a cost-effective fix.
Updating Fixtures & Hardware: Modern tapware, cabinet handles, and lighting make a big difference.
Landscaping & Kerb Appeal: A tidy front yard and fresh mulch can boost first impressions.

Bigger Renovations That Can Add Value:

Kitchen & Bathroom Refresh: Rather than full-scale renovations, consider repainting cabinets, replacing benchtops, or updating tiles.
Ducted Air Conditioning: In homes priced above $750,000, buyers often expect ducted air conditioning, which can increase buyer interest.
Open-Plan Living Enhancements: Knocking down a non-structural wall to create a more spacious living area can appeal to modern buyers.

When Selling As-Is Is the Smarter Move

Renovating isn’t always the best option. If the cost of upgrades outweighs the potential return, it may be better to sell as-is and let buyers make their own changes.

Signs You Should Sell As-Is:

Your home needs extensive repairs that could be costly.
Buyers in your area prefer fixer-uppers and plan to renovate themselves.
The market is hot, and homes are selling quickly regardless of condition.
You need to sell quickly and don’t have the time for renovations.

In some cases, major renovations can be a risk. As Mooney Real Estate principal Peggy Wilcox notes, “I’d probably be telling them not to do anything to it, because you’re more than likely going to have a first home buyer that’s going to want to come in and put their own touches on the property.”