You do not need to build a house from scratch to make your property development project successful. If you are only starting out or do not want to spend that much time on building, you can buy an existing house and renovate it. Flipping a house might be slightly cheaper. However, you still need to be surrounded by people who understand the process and can help you to maximise the profit. Here are more tips you should follow when renovating a home for sale.
Add Value Where Appropriate
In order to maximise the profit, you should add value to the home during the renovating process. If you notice any empty spaces that have no purpose, you might consider changing them into an additional functional room. For instance, you can create another bedroom or working space with a loft conversion. If you decide to transform it into an office, you might be able to get in more people who are working from home and need a peaceful place to focus. The extra room will help you to attract more potential buyers and secure a good offer quickly.
Keep Yourself And Future Owners Protected
As a property developer, you need to ensure that you and the future owners are protected. To achieve that, you should consider offering insurance with the house when it comes to the sale. Companies such as Build Safe offer thorough builder warranty insurance. That way, you and future residents will be protected in case there are any significant structural problems in the next ten years. By offering extra protection, you might be able to secure more viewing and notice more significant interest in the house.
Ensure That The Home Is Weatherproof
When you are working on a renovation of any building, you need to make sure that it is weatherproof. After all, people who will be using the building will want a place where they will be safe from rain, wind, cold temperatures or even direct sunlight on hot days. Therefore, you should ensure that all the windows and doors are airtight and that there are no cracks or gaps in the house. By keeping the building weatherproof, you will also help future owners to save on energy bills. With the building being airtight, there will be no warmth escaping in winter or hot air coming in on summer days.
Take Care Of The Outside Space
Suppose you intend to sell or lease the property you are renovating. In that case, it is not only about the interior of the house. You need to pay attention to the exterior as well. When you arrange for potential buyers to see the home, the outside space will be the first thing they see. Therefore, you should ensure that there is no construction material left in the front garden and that the house is clean from the outside. You can even decorate the front of the house with flowers and plants to make the buyers feel more welcome.
Choose Your Colour Scheme Carefully
A colour scheme of the property can heavily influence the final decision of potential buyers. Hence you should take special care when you are deciding what the final result will look like. Of course, you need to keep your buyer persona, in other words, your ideal buyer, in mind. However, if you would like to attract a larger number of potential buyers, try to decorate the property with more neutral tones. That will allow future owners to decorate the rest of the home to their liking without having the colours clash. Avoid any colour combinations and patterns that would be disruptive and hard to work with.
Pay Extra Attention To The Kitchen And Bathroom
These days, buyers are mainly looking for properties where they can move straightaway. The kitchen and bathroom are some of the most heavily used areas in any home. Therefore, it is essential that you pay extra attention to their finishing when renovating a home. That way, the future owners will not need to invest in any further renovations and will be able to start living in the home immediately. Ensure that the surfaces in the kitchen are clean and free of any scratches. In the bathroom, pay attention to places where mould could form and invest in a new shower and other fixtures. Even though some changes might be costly, you will be able to see a rise in your profits.
Protect Any Period Features The House Has
Period features can add value to the house and help you to increase your earnings significantly. Such features can often serve as a focal point of the room and can help you to give the house a character your target audience will enjoy. So, if you notice any period features in the property you are renovating, preserve them and use them to your advantage. They can also make it significantly easier to make choices regarding the interior design and the materials you use. There is always a market for houses with period features. Therefore, you should keep them safe and use them to maximise your final earnings.
Stage The Home To Get Better Offers
Staging the property that you are selling might be as important as the effort you put into the renovation process. Filling the house with furniture and decorations will make potential buyers feel more welcome. It can also help them to envision themselves living in the home. Put plenty of care into details as well. Decorate the house with flower arrangements and fill the bedroom with comfortable pillows and blankets. Perhaps, you might even become a source of inspiration for future owners.
Inform The Neighbours About The Construction
Informing the neighbours about the construction process and any disruptions they might experience should be a common courtesy. It will make your work of renovating a home much easier, and you will not need to deal with any complaints later. Instead, brief them on the extent of the work and how long they will need to live with the noise. It can be very stressful for some. Therefore, make sure that you consider their well-being. It can also help future owners to have good relationships with their neighbours. Then, they will be able to be truly happy in the property you worked so hard on completing successfully.
