Real estate renovation is a vast term, and can totally change the outlook and demand for your property. While the obvious things like a new paint job and plumbing are a must-do, adding a little detailing and modernising can make all the difference between a successful sale and a near miss. However, how much is enough and how much is too much? After all, you don’t want to go too overboard withthe renovation, because the risk is always there that it can end up giving little or no return on your hard earned money while sapping your precious time.
When prepping your property for prospective buyers or tenants, here are a few tips to spend smart and select the right upgrades –
Plan, Plan, Plan
Whether you have a vast investment portfolio, have specifically bought a property to flip or it is your own home that you arerenovating – don’t act on a whim and plan your choices for refurbishment accordingly. Renovations and upgrades vary from property to property – and you will need to consider everything fromthe existing condition of the home, the market competition as well as the buyer mindset. Always plan the upgrade with a checklist and decide why are you upgrading, who you are targeting and what will you be gaining by spending that much money on the project.
Get in the Buyer’s Shoes
So you like an upscale grill in the yard and pizza maker in the kitchen – doesn’t mean your buyer will give it a priority too. Don’t go overboard with your budget, adding features that don’t make much of a difference to the buyer. For investmentproperties, it is best to give functionality an edge over modern interior design.One of the main points to consider here is to let go of your own preferences and instead think with the buyer’s perspective of what theywill be looking for in their future home.
Decide Your Target Market
We just discussed buyer preferences inthe previous point and how they make an impact on your renovation strategy. However, it is equally important to consider the type of buyers you are targeting as well to make the most out of the deal. While there are some things that will universally appeal to buyers from all backgrounds, specific features entail to a specific group of audience. For example, the preferences of a retired couple looking for an upscale modernplace will differ from a small family investing in their first home. Research accordingly and get some professional help regarding the location and structure of the propertyand the demand for such features in the market atthe moment.
Get SomeInspiration!
Running short of ideas on what to include and what to leave? Take a stroll down the neighbourhood and through some home opens where you’ll have visual examples of what you and your buyers are looking for! Check out what features are common in all the homes nearby and what is it that theyare missing out on and can make your property a lot more appealing. The more functional you try and make your home, the better it will be suited to most buyers. That goes for everything, from kitchen appliances toair conditioners and much more.
