When it comes to renovating a property for profit, there are a number of factors to consider in terms of how to go about your renovations.
The first and most important step before you start is to detach yourself from the property, you can’t make choices based on personal preference, you need to consider how other people can live and use the home. Secondly, conduct some research. Find out the prices of surrounding houses and any developments that may be happening, this may also be a good time to get a realtor involved. Not only can you then build a solid relationship with them before you want to sell, but they can also provide guidance and an insider perspective on the area.
As with any construction project, creating a budget is essential and should be done very early on. You don’t want to overcapitalise on a renovation that may not have been necessary. Again, do some research and create a realistic budget to work with. Don’t forget to consider any unexpected costs.
Create a list. Establish what is a necessary renovation and what could be left alone. You may find that your property is in a popular area, so people could be happy to buy the home no matter what state it’s in. This could then mean you only need to ensure it’s functional, covering the basic repairs etc. Sometimes, even a good paint job can make enough of a change to encourage buyers.
We are experienced in a wide range of construction projects, so even small projects can be accomplished. These could include updating doors and windows or fixing the flooring. Small details can make a significant difference and could be all you need to bring in a profit.
However, for many people, there is going to be at least one element of the home that requires more than a tidy. Here are some things to consider when it comes to renovating specific rooms for profit.
The facade of a house is the first impression that potential buyers will see, making it one of the most important elements when it comes to renovating. Whilst the facade of traditional Queenslander homes can’t be changed, a simple repaint and fresh front yard can make it seem brand new.
Bathrooms are often the most critiqued room. An unrenovated or dated looking bathroom risks presenting as problematic. People can take one look at a bathroom and assume there are a number of deeper problems if the surface isn’t to a high standard. We understand that bathrooms can be a costly renovation, however, you may not need to conduct a complete overhaul of the room if the only problem is its appearance. Updated tapware and vanity can sometimes be enough to create a fresh new look. Plus, some people might want to create their own designer bathroom, so it’s best to create a blank, but functional, canvas for the next owners.
The living room is a space that can often be left untouched. Unlike the bathroom, a living room is spacious but has no extras to cause problems. New flooring, paint and lighting can be enough to create a fresh room. One significant edit you may want to make is the creation of an open living area, connecting the kitchen, dining and living rooms. Many people are wanting this in their home.
Kitchens are another deal-breaker room. There’s nothing worse than a small and cramped kitchen. Renovating the kitchen is a number one for many homeowners. We recommend avoiding trends, just because it looks great on Instagram doesn’t mean that everyone will love it. Stick with neutral colours, people can then add their own pop of colour and style with decor. Another great addition to a kitchen is an island bench, if you have the space to accommodate one, it can be a great addition that many find appealing.
Bedrooms are the room that many want to see themselves in, so it’s best to make these minimal and easy to personalise. Sticking with neutral tones and new carpets is an efficient way of updating bedrooms.
Overall, when you need to renovate your home to make a profit, stick with neutral tones, paint the walls and redo the flooring. From there, it’s possible to expand and do more in-depth changes to improve the home and increase your profit.
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