Home owners undertake renovation projects for a variety of reasons. If your reason for the renovation has something to do with increasing the equity in your home or selling it sometime in the future, we’d like to offer a few tips that would help ensure that your renovation project would be profitable when the time comes.
Always plan your renovation project
Before undertaking any renovation project, you should always have a plan. You can’t just decide to renovate without one. Renovating for profit involves time, energy and most importantly, a lot of money, and embarking on one without a plan is plain and simple – risky. It’s always smart to carefully consider how your renovation ideas will fit into your long-term goals before starting work for a profitable renovation.
Consider your target market when renovating for profit
Not thinking about a target market is the most common mistake committed by home owners who are renovating for profit. If anything, a home owner who looks to sell his/her home in the future should always consider how big the house is or if its suited for just an individual, a couple or an entire family. Once you have a clear idea on who your target market should, creating a theme that will attract that target will be a lot easier.
In keeping with your theme, here are some specific suggestions on the kind of renovations you can do to ensure a profitable renovation.
Add a room
As long as it’s done within the property’s existing footprint, adding a room usually increases its value. In most cases, adding a room is possible if you have the space and ability to split one large room into two for another bedroom or better yet, an office. Your existing floor plan will also be getting some added flexibility when you add a room.
Take a look at every single room in your property and try to see if some of those rooms can be retooled to serve another purpose in order to increase the value of the property. The laundry room, for instance, can actually be moved to the basement, and be used as another bedroom, office or even a bathroom if you like.
Create an open floor plan by removing a wall
When you remove a wall you are giving your property an open and airy feel, which is what some house-hunters are going for today. With an open floor plan, whoever purchases the property can do anything they want with it. Just make sure that only a qualified builder removes any structural walls.
Change minor details
A renovation project doesn’t really have to be about tearing parts of the house down and building new ones. Just giving doors, cabinets and sinks a little facelift or a room a fresh coat of paint, or re-polishing floor boards also count towards value-added improvements. They may be less dramatic than the ones we mentioned above, but these minor renovation touches can go a long way in boosting the value of your property.
To make the renovation experience more exciting and a little less stressful, why not use the free Tradebusters concierge service to help you find a builder and any other tradesmen you may need? All you have to do is give our team a call or complete our simple online form for us to call you back shortly.