3. Over-indulging
Average loss: $25,000
Choosing expensive fittings and fixtures such as imported cook tops, taps, door handles and tiles don’t necessarily translate to higher selling price.
What impress buyers is light and space as well as good construction and zero faults. That’s what they’ll happily pay for. Some renovators believe expensive fixtures represent good design, but purchasers often don’t like the previous owner’s choice.
Middle-priced Australian-made products are often more serviceable and will bring the same price when you sell. Some renovators spend $15,000 to $20,000 more than they should, therefore, they’re not giving themselves the chance of getting those expenses back.