Undergoing a renovation requires serious hard work and some specialized knowledge, especially if you’re renovating for profit. Inexperienced renovators can often underestimate the costs and overestimate the selling price, and can be unaware of what changes actually add value to their property. This can result in lower profits, or even worse, a loss.
To help you get the most bang for your buck when renovating, we spoke to Rapid Renovation Expert Naomi Findlay who has compiled a list of 10 ways you can add some serious value to your home! Try these:
Create an entertainer’s kitchen
The kitchen is the heart of today’s home, and it’s one of the rooms buyers are most focused on when they step inside a property for sale. The good news is that you don’t always have to re-do the whole thing from scratch.A new bench-top will give your kitchen a major lift or if your budget is a little tighter, try refacing your cabinets and replacing your hardware for an instant update.If you want to really create the wow-factor, you can give your kitchen an additional work-space and more storage with an island. It will draw the kitchen out into an open-plan living or dining space and create the perfect entertaining area.
Check out one of Naomi’s renovation student’s results below – she nailed the entertainer’s kitchen!
Find retreat in the bathroom
Bathrooms are now considered a retreat room, not just used for bathing. A great way to add value and opulence is through a new or updated vanity. It’s important to choose a quality piece with a durable finish that will last the distance. It should also include plenty of storage so you can keep surfaces clear and tidy.
If you’re working with a smaller bathroom, you can create a sense of space by adding a mirror that extends as wide as possible, making the bathroom feel brighter and more welcoming. Consider modernizing the room with updated fixtures, shower-screens and even a new toilet.
Don’t forget the Outdoors
I truly believe your outdoor area is just as important as your kitchen and bathroom to a buyer these days. It’s essential to have a functional and stylish indoor/outdoor area to use all year round and it can be a great extension to the footprint of your living space. Think shade and fans in summer and heating in winter.
When renovating an outdoor space, think about weather-proofing it for wind, sun, and rain and ensure there’s plenty of ventilation. Also consider privacy – you don’t want to be looking into your neighbour’s bedroom.
Paint fixes almost anything
A fresh coat of paint can make all the difference in the world to your property. For the exterior, it can increase your street appeal and inside it can brighten and update every space!
Be mindful of your buyers when choosing the colour palette. For your interior walls, stick with neutrals that are unlikely to date, such as white, grey and beige.
When you hear people talk about “street appeal,” they’re referring to all of the little bits of information prospective buyers take in when they first look at your home from the street. This can include your landscape plants and your house’s paint job, but even things as small as the humble letterbox and house numbers you’ve chosen make an impression.
Never underestimate the impact of a clean driveway and a well-paved walkway to the front door either!
These Rapid Renovation Formula™ students nailed the street appeal of this property!
Let’s face it, we’re a technology-driven society. Older homes often only have one or two power points max so adding more of these is an instant winner with buyers.
Also consider building in a tech hub or concealed cabinets for modems and chargers in your home – the kitchen can be an ideal spot for these additions.
Light it up
Natural and artificial lighting are one of the best ways to open up a space and bring warmth to the room. The best rooms to add natural light to are kitchens, bathrooms, laundries and hallways, consider skylights if you can’t have windows in these areas.
You can also accentuate your property with feature lighting like pendants or even install function lights on shelving and under cabinetry in the kitchen. Choose warm bulbs so the space doesn’t get that clinical glow.
Style to sell
Styling your property for sale can draw people to the highlights and diminish some of the low-lights of a home without having to renovate or change the structure of the property at all.
A well-staged property is one where placement is perfect, styling is perfect for the target market, and the most wonderful assets of the property are highlighted.
Storage is always a winner with the buyers. Unfortunately so many people get it wrong by not creating functional spaces or by not thinking about storage at all!
Your storage space should be integrated into your home so it feels like it belongs there and is not just an afterthought. Think clever, your storage should be well fitted out so you can maximise its efficiency.
Match all of the above with the market
If you go through the trouble of transforming a house, but don’t match the new style to the surrounding market, then it’s likely you will face some massive challenges when selling.
Inexperienced renovators can often get in to an unrenovated property and overcapitalise. So, in order to avoid this, you need to be aware of who your buyer is, what they expect the property to be like, what other properties in the area are doing, and how much similar properties are selling for.
So there you have it – the 10 tips to help you add value during your next renovation project. If you can apply these tips, then you’re all but guaranteed a solid result when adding value to your home.
If you’re ready to learn the specific strategies Naomi teaches her students for renovating to create wealth, you can find out about her Rapid Renovation Formula™ here.