Renovating a house is a decision that comes with a wide range of added expenses and risks. While you may have ideas about the changes you’d like to make, it is important to realise that these changes may not necessarily add value to your house. However, this doesn’t always have to be the case! Understanding a few key attributes about renovating a house for sale can help you avoid overcapitalise and minimise risks.
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Thinking About Your Potential Buyers
Before renovating a house, the question you need to ask yourself is who will be your potential buyer. A little bit of research into neighbourhood houses can help you identify your target demographic and market. If your potential buyers are investors, they will be looking for houses that require less maintenance. In this case, a pool may not be appealing to them. On the other hand, if your prospective buyers are families with children, making shared spaces like the yard, living room, and kitchen more appealing while renovating will invite their attention. Similarly, building a front porch for buyers that are primarily retirees can add value to your house.
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Knowing Your Location
Understanding the area in which the house is situated in can help you factor in the expectations of prospective tenants in your renovation plans. Tenants usually look for the functional utility of the house. If your house is situated close to a university, you don’t need to splurge on hardwood floors or a bathtub. A study area will be the wiser choice and add more value to your house. Alternatively, the study area can also double as a workspace for work-for-home professionals.
Reviewing The Floor Plan
Whether you’re looking for tenants or potential home buyers, reviewing your floor plan will be a long-term investment. You don’t want to have the kitchen situated close to the bathroom or a low ceiling height that makes the house look smaller. While every buyer has a different need, a one-size-fits-all approach would be to have an easy flow between the rooms. Natural light in shared spaces such as the living room and kitchen are increasingly popular amongst buyers.
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A Successful Outcome
Planning for the future should be a key consideration when renovating a house. You will be aiming to recuperate the costs of renovation when you sell or rent the house. Here, consulting an interior designer can be beneficial for you to implement cost-effective solutions. The best thing you can do to ensure a successful outcome is to thoroughly research your market before you begin. Accordingly, budgeting for purchases that will add value to your house will prevent you from overcapitalising and mitigate any unexpected expenses.
Thinking of starting your own renovation project? Our team at iBuildNew can help you! Contact us on 1300 943 640 or customerservice@ibuildnew.com.au for free assistance in finding a builder.
Let us do the legwork for you.
- We’ll ask the right questions to better understand your needs
- We’ll create a recommended shortlist ideally matched to you
- We’ll answer specific questions or concerns related to home building, land purchasing or financing
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