C&G’s Guide to Renovating for Profit
Are you selling or leasing your property and considering a renovation or refresh? Perhaps a style update or improved space design is the action necessary to turn a profit on your asset. In this C&G blog, we highlight important points to consider before the renovation fun begins! Remember - when in doubt about value-adding through home improvement, it’s always practical to consult with an expert. Happily, the specialist team at C&G are here for you.
Consider your buyer
Take time to consider who your property will most appeal to. Think about their age, income, and their interests. If you want your home to appeal to families, designing a floorplan with 3-4 bedrooms with 2 bathrooms would be intelligent. You’ll also need to think about larger kitchen and living rooms, and perhaps a secure outdoor space for kids to play in. Take your time when planning substantial renovations, and balance your budget with the potential return on investment.
Work with your local estate agent or property manager
The expert team at C&G are happy to assist you with our market smarts. We work with buyers and tenants across Bayside constantly, and we understand what they want in a residence. We can provide opinion on potential renovation plans and cosmetic refreshes that will appeal to buyers and tenants, rather than polarizing them. Our experience shows us that fresh paint, bright interiors and easily-customisable spaces are a winner – it’s best to leave idiosyncratic design (like crazy-loud wallpaper or eccentric light fittings) for your own space.
Set a budget
Your budget is critical to the nature of the renovation you undertake. It will determine if you’re making small changes to spruce up the space or going for a larger scale remodel. There are plenty of small, low-cost improvements to try your hand at that may make a difference to your property’s value. We’re talking a fresh coat paint, changing light fittings, bathroom fixtures - even door handles. If you are working towards a substantial remodel, be sure to consider these important elements: ceiling height, room size, access to natural light, appliances and storage.
Storage, storage, storage!
Design storage with functionality in mind. How will the buyer or tenant be using the spaces in your home, and what will they be storing? Families will need large wardrobes and storage for toys, while a young couple will value walk-in-wardrobe space and great bathroom cabinetry. Built-in solutions are becoming a popular design choice, and storage options to cater for technology such as charging cables certainly complement our increased use of technology. These small details – which speak to comfort and lifestyle - could make all the difference to your return.
Of course, there are many other factors to consider in a renovation or refresh - but setting a budget and formulating a concise plan will certainly move you in the right direction. Renovation can be complicated, but it is often also fun and exciting. Never hesitate to contact C&G for advice and assistance with your project!