Renovating for Profit: Getting the Best Return on Your Investment

March 12th, 2013

When you are renovating for profit, it can be difficult establishing what needs doing to maximise the return on your investment.

renovating for profit

Getting it right can reap considerable rewards, getting it wrong results in a waste of your time and money.

Investing a little in many areas of your home can make a real impact when it comes time to sell.How do you know which areas are worth investing time and money into and which ones aren’t?

Here are a few tips to get started.

Top tips on renovating for profit

Firstly, know your buyer. Find out what kind of people are buying in your area and what they are looking for and renovate with this in mind.  This is particularly important when looking at kitchen and bathroom renovations. Ask local real estate agents, valuers or neighbours who have recently sold or moved into the area.

Know your location. Renovate to suit the property type and location.  Large kitchens and functional bathrooms in family homes are likely to add value. Don’t add a five-star kitchen to a three-star home.

renovating for profitConsider street appeal.  First impressions count and you want to get buyers through the front door.

Tidy up the front garden, fix any broken paving or fencing, mow the lawns, put rubbish bins and any other clutter around the back.

Consider adding a feature like a pergola or garden archway. When covered in plants, they can be an effective link between indoor and outdoor areas. For the best results hire a landscape architect.

Fencing.  When renovating for profit, don’t forget the fence! If you fully fence your property, make sure it fits with the style of your house and garden. Consider security gates and lighting. Visit Builderscrack at Pinterest for great fencing ideas.

Clean up.  Your home must be spotless and thoroughly aired out.  Consider using the services of a professional interior/exterior cleaning team.  If you are going to ‘do it yourself’ polish the windows, remove all cobwebs and eliminate mould and mildew. Clean and repair guttering.

Patch and Paint. Patch cracks, gaps and holes in walls.  Sand and fill with a sealant that can be painted over. Repaint in neutral colours.  If you are unsure of colours, consult a colour expert or go for white.  This allows your buyers to visualise their own colour themes, furniture and artworks in your home.

Enhance your property by planning for the future

renovating for profitGo Green. Capitalise on the latest trends in energy efficiency.  Choose native plants that won’t need more watering than natural rainfall.  If the existing water heater doesn’t work properly, consider a high-efficiency model.  Insulate and consider a home ventilation system.  Visit our Pinterest eco-home board for more ideas.

Smarten up Flooring. Polish floorboards for a smarter look than worn carpet. Peek under a corner of the carpet. If the floor looks good, then remove the carpet.  Sand and polish boards using an oil-based stain. If there are no boards, or they are also in poor condition, use a professional carpet cleaning service.

The kitchen sink.  Be wary of spending extensively renovating or replacing the kitchen as you are unlikely to get your money back.  If there are components to your kitchen that are failing, then repair or replace them.  A new bench top, or kitchen cupboards are inexpensive ways of improving the visual appeal of your kitchen.  Consider using a kitchen designer to advise you.

renovating for profitCreate storage space.  Older houses are lacking when it comes to storage space. Be creative and look for areas in the house and garage where you can create storage space.

Hot water cylinder relocated outside? Put the old hot-water cupboard to use by adding some shelving.

Look at the garage and see what dead space there is and add some cabinetry. This won’t cost much but may tip the scales in your favour with buyers.

Renovating a bathroom can pay dividends

Update the bathroom. Figure out which parts of the bathroom can be up-cycled and work your renovation choices around these. Make sure that old and new fittings match in style and colour. Choose warm, clean, neutral colours and a simple style that will appeal to as many different family types as possible.

Re-grouting can freshen up a bathroom along with replacing the toilet, shower curtain and towel rails. Installing an extractor fan and heat lamps also add value. See some more beautiful bathroom ideas here.

Anyone who has renovated for profit before will tell you it pays to use qualified and experienced builders and tradespeople.  They get the job done on time and on budget.  While you can save money doing some work yourself, you’ll save even more on work that really needs the expertise of professionals.  Post your jobs on Builderscrack.co.nz and start renovating for profit today!

Posted In: Auckland, Interior Designers, Project Managers, Ruapehu, Selwyn, South Taranaki

Tags: , , , , ,

%d bloggers like this: