Renovations require a lot of hard work, money, and inconvenience. Whether it’s for personal use or for an investment, you have to admit, renovating is not for everyone. With the proper renovation, your hand is on the wheel. You take charge and doesn’t have to wait for the market to deliver capital growth over time. You can earn a fortune with property renovation, but it isn’t as simple as choosing the right color of paint, or how expensive looking the flooring looks like.
To be successful in this field and gain the right amount of profit, you’ll need to know where it’s best to put your attention to. It’s not just what is trending right now. You have to research and learn how to spot an opportunity as much as you can, otherwise, you might see yourself at a loss.
You’ve got the property. Your money is ready to be spent to make this place appealing and have that “Wow” factor. What’s the next step? Well, the easiest is to make sure that you pull in prospective buyers inside your property. It’s keeping them inside the property and continuously captivated with the interior of it is the hardest. Don’t worry, here are a few tips that will help you with renovating your property for investment.
Avoid Over Capitalising.
There are plenty of strategies you can use to avoid spending too much on renovation. First, you can call for a real estate agent to check the value of the property. Next thing you can do is to compare your property to similar properties in your area that have already been renovated. Just make sure to compare it with the right one. If your property has 4 bedrooms and 2 bathrooms, don’t compare it to a property that has 4 bedrooms and 4 bathrooms. Take into consideration how big the floor/land size is as well. You wouldn’t want to miscalculate your range because of it.
Know who you want to attract.
Research what is around your property. Is there a school or a daycare nearby? How about a grocery store or a market that people can easily go to? Does the park around the corner have a playground? If that’s yes to all three, expect a family or a young couple as your prospective buyer. This, in turn, will help you determine how your property should look and feel. You can also think about adding more rooms or to make the property spacious inside.
If you must choose, focus on the kitchen and bathroom.
The kitchen and bathroom are what most house-hunters will check first. An attractive, clean and open-plan kitchen is essential to most. It’s like what they say, the kitchen is the heart of the house, everyone flows through it from time to time. Before renovating the whole area, look at what you already have and consider the original features of it and work through it. The kitchen should look inviting and has enough space to work on. Imagine what activities other than cooking can be done here. It can be an area to entertain guests or an area with enough space where owners can sit and eat. Think about How much appliances need to fit and how much of the item items can be salvaged.
Bathrooms are equally as important. A fresh looking bathroom is a selling point. A grumpy and sad looking bathroom can immediately retract buyers or lower the value of your property.
Lastly and certainly not the least, don’t get too attached. You may have always imagined living in your dream house and you may even subconsciously incorporate your own personal style to the property you’ll be selling but, try your hardest and keep the style of your property neutral which will appeal to a wide range of people. This will help you avoid making any unnecessary expenses which will then save you money for YOUR own dream house.
Is the property too far gone? Consider a knockdown-rebuild
Sometimes properties have become structurally unsound, have poorly designed layouts or are just plain ugly. Throwing money at a renovation might only get you so far, when you can instead do a rebuild. To contain costs you can consider using a building broker who can help you shop around to find the right plans, builder and price for your investment.
If you want to get the right advice on how you can properly finance any renovations on your home from an experienced mortgage broker in Perth, contact Jess today!