FBathroom Renovations or owners: Is it worth renovating before selling or renting?
Owning a house or apartment also entails great responsibility. Because whether as a rental apartment or personal use, it is not enough to invest a large sum for the purchase of a home or house construction and then to benefit from the home or rental income for the rest of your life. As an owner, you must constantly repair, repair and renovate to maintain property value. If you now want to rent or even sell your property, then the question arises: Is it worthwhile to put in money for a renovation in order to increase the property value and ultimately achieve a higher selling price or a higher rent? The answer is: it depends! When does a renovation make sense?
Many factors play a role in the sale or rental of a property. For example, if you inherit your parents’ house in a secluded, rural neighborhood that your father built with his own hands, but little has been done about it since then, then you will not recoup the cost of a complete house renovation by selling or renting it. In (almost) all other cases, however, you can significantly increase interest in your property and the price through renovation and housing modernization. But where is the limit? Are a few cosmetic corrections enough – for example, painting the walls and replacing broken tiles – or is a complete renovation necessary? How to correctly estimate the real estate value
First of all, you should take a critical look at your property without being guided by memories and emotions. We will be happy to send you a real estate appraiser for an expert analysis and realistic assessment to determine the house value. Age, condition, building fabric, location, demand and many other factors play a role. Then you can estimate how much your house or apartment is worth without renovation. A tip in advance: Cosmetic repairs are always worthwhile! Because for interested parties, the first impression counts. If this is clouded by a stained carpet or a yellowed sink, then potential buyers or tenants primarily see the need for renovation and are rather averse. Your visitors need to feel comfortable from the very first second. By “house staging” you clean up your property and make it presentable. In a comprehensive consultation, we present you with various options for renovation and increasing the value of the property. Often renovations are not as expensive as expected – we help you with the calculation and comparison. Renovations to increase value
Especially if your property is a bit older, some renovations must be made before sale or rental. No cosmetic corrections are enough to cover up damage such as mold. When selling, they must point out all defects or remedy them themselves in advance by renovation. The good news: For many modernization measures, you will receive state subsidies and/or a low-cost KfW loan. In the end, you will make even more profit if you invest in real estate appreciation in advance – plus more interested parties in less time. We have compiled the TOP 6 renovation measures to increase value for you.1. Enlarge living space
Large windows, open spaces and combined kitchens are in vogue these days. Can your property offer this? Otherwise, you should think about a wall breakthrough and adjust the floor plan accordingly with a house renovation. With a conservatory or terrace, you can additionally increase the living space and increase the property value. Further tips for more light in the house can be found in our blog: Large windows & bright tiles bring more light into the house.2. Balcony or terrace complement
For many buyers and tenants, a balcony or terrace is very important – as a retreat, sun space and additional storage space. Here you can achieve a high increase in value with comparatively little effort, without having to tear down walls. Remain neutral and timeless in terms of design in order to meet the taste of as many interested parties as possible. 3. Renovate windows and heating
Especially with older properties, the problem is that heating and windows are no longer up to date and heating becomes a money guzzler. Short- and medium-term tenants do not yet see this so narrowly, but when selling, this pushes the price down quite a bit. Invest in triple-glazed windows with a U-value of 1.3 W/m²K or less as well as in a new heating system and bring your property up to date with energy saving. 4. Retrofitting thermal insulation
Speaking of heating costs: New windows and a new heating system are useless without appropriate thermal insulation. Otherwise, far too much heat escapes through the roof and the outer walls to the outside. Here, too, the one-time investment is worthwhile in order to save the successors expensive energy costs and to achieve a higher real estate value.5. Modernize the bathroom
When it comes to the bathroom, many interested parties are picky, because here feel-good factor and privacy are particularly important. Even if the bathroom is still intact – dark tiles, old fittings and calcified joints are a no-go. Convince potential tenants and buyers with a comprehensive bathroom renovation and turn the bathroom into a thermal bath.
It is best to adapt the renovation to your target group – who do you want to have as a tenant or to whom do you want to sell? A young family needs children’s rooms and enough space, for students a kitchen is important. If you also pay attention to accessibility during the renovation, your target group will be expanded to include seniors and people with physical disabilities. A barrier-free bathroom with walk-in shower not only looks modern, but also offers comfort for all ages. Further renovation options for barrier-free living can be found here: Barrier-free living – How to plan correctlyNo renovation without a specialist
All these considerations around renovation and value enhancement should not be made without a specialist at your side. A complete renovation and real estate sale involves large sums of money and without the necessary professional support, costs can quickly explode. With the right craftsmen, the quality is also right and neither you nor your successors or tenants have to be annoyed about botch-ups or defects. Please feel free to contact us, we offer you:Free initial consultationOn-site visitRealistic assessment of the propertyExpert calculation of renovation costsTime scheduleOne contact person for all tradesTurnkey renovation conceptsBrokerage of financingCalculation of the energy performance certificate