First and foremost, a renovation should make your home cosier and more welcoming. Your house is your castle, so it should be an incredible place to live. However, most property owners can’t forget about added value, either.
Real estate is an excellent investment, especially if you need a nest egg for your golden years. Therefore, selecting the right renovation could allow you to sell your home for more money further down the line.
The problem is money – you can’t guarantee that contracting work will increase your property’s value. So, how do you swing the odds in your favour?
Savvy Ways To Renovate For A Profit
Research What’s Popular
Too many homeowners see an article about a feature that’s trendy and assume it will work in their home. It’s not the case. The elements that add value are the ones that are in demand by buyers, and they come in different shapes and sizes. Therefore, it’s vital to research the market to see if you can spot a pattern. A fantastic option is to copy your neighbours. If houses are selling for big profits in your community, you can use their blueprints to stand out from the crowd. The golden rule is that space is always welcome because it has potential.
Only Borrow What You Can Afford
Your budget will dictate how much money you make if you decide to sell. Remember that every expense, whether it’s labour and materials or interest rate on a loan, is offset against the amount you receive. As such, your bottom line will be smaller if you have bigger fees. This is problematic if your budget is already tiny as you may need to borrow. If so, it’s best to consider bridging loans. As well as competitive interest rates that allow you to save money in the long run, many don’t include broker fees. Again, this is another excellent way to cut costs while boosting your bank balance.
Secure Written Approval
Usually, you can do anything you want to your house as long as it’s on your land. However, there are occasions when you require permission. This is generally because an extension, for instance, could limit your next-door neighbour’s right to privacy. If you’re unsure, it’s smart to check which projects don’t need planning so that you can carry on your merry way. But, if you find that your building work requires permits, make sure you secure them beforehand. Lots of homeowners have started work only to realise they’ll have to stop and tear it down.
Get It Right
Finally, you must get the interiors right in the first attempt. Otherwise, you’ll reinvest your money into issues that shouldn’t exist, which ruins your profit margins. The only way to do this is to choose a contractor that you trust. They must have a flawless track record, reliable customer reviews, and brilliant listening skills. The latter is vital as you need them to hear what you’re saying to ensure your dream becomes a reality.
Do you think your renovation will leave you in or out of pocket?