It may sound paradoxical to spend your own money on renovation work on a property you are planning to sell. But this investment in the property is still worthwhile to get your property ready. What is important is that you opt for the “right” kind of work to be done.
Of course, this work is only beneficial if the additional sales value (proceeds) generated exceeds the level of investment (costs). The difference between the two is your profit.
You should always carry out various small cosmetic repairs before putting your property up for sale. The costs for these are within a manageable range, while cosmetic flaws and defects significantly devalue a property in the eyes of prospective buyers. These include, for example, a fresh coat of paint, possibly new silicone rubber on the windows, new light switches or new kitchen and bathroom fittings if they are rusty.
You could also think about improving the property's amenities, for example, by installing roller shutters or air conditioning, or by adding a smart home system to the house for outdoor surveillance and doorbells. Some of these measures can be implemented on your own with a little technical skill, while others (such as the air conditioning system) require the help of a professional.
Modernisation work on the property costs more, but in return it promises a higher potential for increasing value. Here you also have various options to choose from, including for example:
In an ideal scenario, the modernisation work results in a significant upgrade of the standard of the property, which is normally divided into the categories of simple, normal, upmarket and luxury.
In this context, the location of your property is also important. If it is located in an upscale neighbourhood where other houses and apartments are of a high standard, a property will stand out in a particularly negative/value-reducing way if it does not meet these standards. On the other hand, a luxurious property in a less sought-after part of town would only achieve a much smaller gain.
We are happy to advise you on the basis of our expertise in the southern German real estate market (as well as in Austria and Italy), which type of work is perceived as particularly positive and value‑enhancing by local interested parties.