But before you make any changes, remember that you are basically selling a product – and that product will attract specific types of buyers. Contingent on where your house is located, these buyers might include young couples, families with young kids, families with older kids, one-parent families, retirees, students, investors, renovators and others.
Identify your target market
The first thing that a good agent will discuss with you is the matter of identifying a property’s target market. Renovating your property to maximise your sale price is not just about making it pretty – there’s more to it than that.
It is also important to make sure that your property meets the ‘functionality’ requirements of your buyers. You can make a few minor and low-cost changes that will attract the people you are targeting, and thus lure in more interested purchasers.
By doing this, potential buyers can imagine themselves moving in and residing there without being required to make modifications prior to doing so – and this is especially sought after by families, executive couples and retirees.
The first thing you do is identify who your target audience is. You may know this already or you may need to do a little research. For example, if your location is near or home to two primary schools and you have a four bedroom home with two living areas, then your target market would likely be families with young kids. If you still don’t know who your target audience is, look up the profile of your suburb on the internet or talk to a trusted real estate agents who understands the area and marketing.
Making improvements with your targeted market in mind
Contingent on how much renovation you are planning to do to make your property beautiful, you can make it just a little bit more appealing using a number of ways. Here are some renovation options available to you:
Families with young kids:
Playroom or space that can be seen from the lounge
Easily accessible bath
Secure property (side or front fences to secure yard)
Low maintenance yard
Families with older kids:
Separate TV or rumpus area
Additional off-street parking
Storage area for scooters, bikes, etc.
Fans, heating, air con and other climate control systems
Low maintenance yard
Outdoor entertaining area
You may not be able to meet all items in the ‘wants and needs’ list of your target audience, but you can change your property in minor ways to fulfil some of their requirements making your property a lot more in demand and maximising the selling price.