Managing a deceased estate property can be a complex and emotional process. In Melbourne’s competitive property market, making informed renovation decisions prior to sale can significantly influence buyer interest and final sale price. When approached strategically, deceased estate renovations can enhance presentation, improve compliance, and maximise overall return without unnecessary expenditure.
This article outlines how property owners, executors, and beneficiaries can effectively manage deceased estate renovation in Melbourne to achieve the best possible outcome.
Understanding the Melbourne Property Market
Melbourne’s real estate market is diverse, with buyer expectations varying across inner-city, middle-ring, and outer suburban areas. Deceased estate properties are often older homes that may not align with modern buyer preferences or current building standards.
Buyers typically seek properties that are structurally sound, well-presented, and compliant with safety regulations. Renovations should therefore focus on improving liveability and visual appeal rather than extensive redesigns. Understanding the expectations of buyers in the specific suburb is essential before committing to renovation works.
Conducting a Property Assessment Before Renovating
A thorough property assessment should be completed before any renovation begins. This process helps identify essential repairs, compliance issues, and opportunities to add value. Engaging a licensed building inspector or renovation professional familiar with Melbourne housing styles is highly recommended.
Key areas to assess include roofing, plumbing, electrical systems, insulation, and moisture damage. Addressing these issues early reduces the risk of unexpected costs and ensures the property meets minimum standards required during the sale process.
Focusing on Renovations That Add Value
Not all renovations offer the same return on investment. For deceased estate properties, the goal is to enhance buyer appeal while maintaining cost efficiency. In most Melbourne markets, the following improvements tend to deliver strong value:
Cosmetic updates such as fresh paint in neutral colours, new flooring, and improved lighting can significantly modernise a property at relatively low cost. These upgrades create a clean and well-maintained appearance that appeals to a broad range of buyers.
Kitchen and bathroom improvements are particularly influential. Rather than full renovations, minor upgrades such as new benchtops, modern tapware, updated cabinet handles, or tile regrouting can refresh these spaces without excessive expense.
Addressing Safety and Compliance Requirements
Safety and compliance are critical considerations when preparing a deceased estate property for sale. Buyers are increasingly cautious, and non-compliant features can result in reduced offers or extended time on the market.
Common compliance upgrades include electrical switchboard updates, smoke alarm installation, handrail repairs, and addressing asbestos where necessary. Ensuring the property meets Victorian safety standards provides buyers with confidence and reduces the risk of negotiations falling through due to building inspection findings.
Improving Energy Efficiency Where Practical
Energy efficiency has become a key selling point in Melbourne’s property market. Simple upgrades such as installing insulation, sealing draughts, and improving heating or cooling systems can enhance comfort and appeal.
These improvements can also align with Victoria’s energy efficiency expectations and may make the property more attractive to environmentally conscious buyers. While not all energy upgrades are necessary, targeted improvements can positively influence buyer perception.
Avoiding Overcapitalisation
Overcapitalisation is a common risk when renovating deceased estate properties. Spending beyond what the local market supports can reduce overall returns and delay the sale.
Consulting with a Melbourne-based real estate agent prior to renovating can provide valuable insight into buyer expectations and price ceilings in the area. This advice helps ensure renovation decisions are commercially sound and aligned with market demand.
Working With Licensed Melbourne Professionals
Using licensed and insured local contractors is essential for quality workmanship and regulatory compliance. Melbourne-based professionals understand Victorian building codes, council requirements, and heritage overlays that may apply to older homes.
Local contractors can also complete work more efficiently, reducing holding costs such as council rates, insurance, and utilities. Clear communication and realistic timelines help keep the renovation process controlled and cost-effective.
Enhancing Presentation Through Staging and Landscaping
Once renovations are complete, presentation plays a critical role in maximising buyer interest. Professional staging can highlight the home’s best features, define spaces, and help buyers visualise the property as their future home.
External presentation is equally important. Basic landscaping, pressure cleaning, and exterior repairs can significantly improve street appeal and create a strong first impression, which is crucial in Melbourne’s competitive market.
Considering Legal and Tax Implications
Before undertaking renovations, executors and beneficiaries should seek professional advice regarding legal and tax considerations. Capital gains tax, probate requirements, and estate obligations may affect renovation decisions and timing.
Engaging an accountant or estate solicitor familiar with Victorian property law ensures compliance and helps protect the interests of all parties involved.
Conclusion
Deceased estate renovations in Melbourne require a strategic and measured approach. By focusing on essential repairs, targeted cosmetic upgrades, and compliance improvements, property owners and executors can significantly enhance sale outcomes without unnecessary expenditure.
Understanding local market conditions, avoiding overcapitalisation, and working with experienced Melbourne professionals are key to maximising property value. With careful planning and informed decision-making, deceased estate properties can achieve strong results in Melbourne’s dynamic real estate market.
