Are you looking to make money from renovations? Sometimes it’s not just as easy as slapping a layer of paint on a house and thinking it’ll boost the value. Renovations and alterations need to be specifically targeted to certain areas of the home to make a profit.
Renovation specialists Redline advise all their clients that changes made to a home should be done with focus and precision. You may not need to make a full home upheaval. Not all renovations are built equal.
In fact, it’s important to note that in practice, not all renovations increase a home’s value. This means that you may be wasting precious time and money, for no reason. It’s important to take into account what you actually want from a renovation. If you’re doing it for your own personal enjoyment, you don’t need to worry about how it affects the value of your home. But if you are, take special care in only working on what you need to. Don’t waste time where you don’t.
Here’s a simple guide to renovating for profit:
- Before you begin, engage in conversation with professionals such as real estate agents or home owners that have engaged in this practise before to see how you can optimise your renovations for profit.
- Focus on the smallest jobs that have the biggest impact. For example, painting. Painting is relatively easy to do, it’s cost effective and it can have a huge impact in the look and feel of any home.
- Outdoor areas can also be easily updated. You don’t have to be a professional landscaper to do this either. Simple additions and tidy-ups can make a world of difference when you’re selling your home.
- Focus on areas of the home that people place a lot of value in. This means, kitchens, bathrooms, master bedrooms and living rooms. This is what people like to focus on, and it’s what changes potential buyers minds about a home.
When renovating a home it’s important to remember that the money you put into the place doesn’t proportionately equate into your sale price. For example: if you make a change in one room of the house costing a few thousand dollar, you may have a large impact on the sale of the house. This is because the longer your home is on the market, the more likely you are to reduce the price in hopes that it sells faster. When a home is prepared, more ready for sale, it’s more likely to sell faster.
Tactical focus on essential parts of the home will put you in the best position to make money on your sale. There’s a huge amount of advice on each individual room of the home available online. Make sure you do your research and learn what you need to know about changing up your property to make money.
June 23, 2017