An Investor’s Guide: Is It Time to Renovate or Sell?

With Spring in full swing, the new season brings a fresh wave of opportunity to the Victorian property market. With longer days, warmer weather and buyers actively searching, it’s the ideal season to decide whether to breathe new life into your investment through renovation or capitalise on demand by selling.

Within Melbourne’s inner circle, demand for quality homes remains strong. A well-located property with good land value can attract buyers as-is, while others may benefit from targeted updates to stand out.

Wondering whether now is the moment to renovate or sell? Our leading sales team has gathered exclusive insights to help you make the smartest move this spring.

When to Renovate

When a property has strong bones but is starting to feel dated, a well-planned renovation can unlock its full potential. Even modest, thoughtful updates can transform its appeal, captivate buyers and tenants, and significantly boost its value.

Key opportunities include:

Modernising kitchens or bathrooms with updates such as a new benchtop, re-honing an existing surface, refreshing taps or improving layouts can instantly lift a property’s desirability.

Cosmetic updates to boost rental returns. Celebrated Interior Designer Simone Haag suggests: “Make a bold statement by re-painting a room or consider draped curtains.” Fresh paint, lighting and window treatments can transform a space.

Adding functional space, such as a study nook, an extra bedroom, or converting underutilised outdoor areas into another living space, can significantly broaden buyer appeal and rental potential.

Enhancing street and garden appeal. Simple updates such as adding fresh black mulch, trimming back overgrown trees, and opening up the backyard can create a sense of space and light, making the property more inviting to both buyers and tenants.

Tip: Before renovating, it’s important to speak with your agent about where they see the greatest value. Sharing your renovation plans early can help ensure your investment aligns with local buyer expectations and avoids unnecessary costs.

When to Sell

Selling can be a strategic move when timing, market conditions and your personal circumstances align. If buyer demand is strong, renovation budgets are out of reach or you’re ready to unlock capital for your next opportunity, listing your property could deliver a rewarding result. Well-located homes often spark competitive interest even without extensive updates.

Key scenarios where selling can make sense include:

Strong buyer demand in your area: When market activity is high and competition among buyers is strong, properties often sell faster and attract premium prices. This can be an ideal moment to bring your home to market, as multiple interested parties can drive up the final sale price and reduce the need for prolonged time on market.

If renovations costs are out of reach: Rising construction costs, extended timelines or supply chain disruptions can reduce the financial benefit of renovating. If essential renovations become financially unfeasible, selling your property as-is may be the smarter option, especially when buyers are willing to take on projects themselves.

A shift in your investment strategy: Whether you’re looking to diversify into a different property type, capitalise on growth in another suburb, or simply unlock equity for new opportunities, selling can be an effective way to realign your portfolio. This allows you to stay flexible in changing markets and maximise long-term returns.

Even without major improvements, presentation remains critical. Professional styling can highlight your property’s best features, while quality photography and a targeted marketing strategy can help it stand out online and in person. Together, these steps can create a sense of urgency among buyers and lead to a stronger sale price.

How RT Edgar Can Help

At RT Edgar, we offer more than just real estate advice, we provide the insight, network and strategy to ensure your property stands out.

Market intelligence grounded in data to guide every decision with confidence.

Connections to trusted trades and stylists who can elevate your property’s appeal.

Tailored marketing campaigns designed to capture the right buyers and achieve the best possible result.

Whether you decide to renovate, sell or explore both paths, our focus is on helping you maximise your return this spring.