When you decide to make renovations for profit, you do not simply make a few changes or paint some walls and expect real returns to come out of it; what you are aiming for is to add value to your property for the long-term.
It takes time, planning, and patience to pull a project of this magnitude off. Here are tips to breaking it down to smaller tasks.
Do your research.
Study the local market and determine the type of improvements that would most likely add value to the specific style of your property. Remember, no matter how fancy the changes you make to your home are, they will not be of any value to buyers if they do not fit the trend.
One common theme you could use to your advantage is the fact that Australian homes are some of the biggest in the world. Since Aussies love having enough room to move around in, consider adding more rooms or enlarging spaces in your home to create a bigger and more appealing atmosphere.
Get a change in perspective.
When it comes to renovating for returns, you cannot and must not be self-centred. You need to let go of your personal tastes and preferences and put your target audience in focus. When it comes to the design, it is better to keep it neutral instead of personal.
Set a budget (and stick to it).
This is all part of the planning process. Before you set out to renovate, get a professional valuer to help you create a rough estimate of the possible costs and determine a disciplined budget. Do not forget to set aside extra spending money for unexpected but necessary expenses you will encounter along the way.
When budgeting, keep your eye on the prize and remember the returns you will be making out of the investment you are entering into now.
Keep it simple.
Never underestimate the value of simplicity. The simple and low-cost improvements you could do yourself at home, such as coating the walls with fresh paint, making lighting additions or improvements, adding more modern or elegant bathroom fixtures, replacing door handles, and many more can all add greater appeal and value to your home.
Form a team.
Get a team of workers to help you carry out the job. Depending on the scope of your renovation project, you might need cleaners, painters, plumbers, electricians, roofers, etc. Having professionals onboard will help ensure you are going in the right track and following safety regulations. Finally, get in touch with local agents in your area and share your goals with them so they can help you reach a wider audience and land a deal before the competition does.
Renovating for returns is a fantastic profit-making venture that will help you get maximum value for your property when the time comes that you are ready to put it up for sale.
