Refurbishment: is it really boosting total profits of your property?
You’ve decided to rent or sell your house. Putting it up on the listings is simple enough but what about setting a right price for the value you are offering? You take a look at some of the other houses on offer and something doesn’t feel right. The asking prices are higher than your own yet the places look just like yours, but different in a way you just can’t put your finger on it. Refreshing your home and giving it a spark of new life can go a long way in making it warm and welcoming for someone who sees it for the first time. You’re used to that front lawn fence being bended, sure, but it leaves a bad taste in the mouth when someone sees a photo of it. We’re here to help you come up with a few ways to refurbish your place and give it a modern flair capable of attracting tenants or buyers at a higher asking price.
Asses the situation
This is the first and foremost thing you should do. Bring in an expert or an old friend who renovates for a living to come and check up on the house. Paying them a dinner later and discussing your house can go a long way into giving you insight into what next the concrete steps are. The most important thing to ask him is “Is it worth it?” People spend a lot of money looking for a quick turnaround only to find out their asking price stays the same. Think first.
Set a budget
The name of the game is “don’t overspend.” It’s easy to spend more than you originally planned just because you noticed another problem worth fixing, but making sure you stay in budget and actually make a profit should be the priority. Try to put on paper all the possible fees you might have for additional workers, materials and such. It’s always a good idea not to do this alone, so you can put ideas back and forth about what you’re trying to accomplish.
The first two areas you should take a look at are the kitchen and the bathroom; this is where couples and families pay the closest attention. Adding new handles to the cupboards, having the windows give off light and having new frames, checking the plumbing and similar can go a long way into making your house hospitable to families. It’s the small decorative details that sell the most when it comes to first impressions; so for example, putting a flower in a vase on the kitchen table is a nice plus.
Keep an eye on the costs
It’s easy to get carried away and overspend on a single room without thinking about the others. Always keep tabs on what you already did and what else is there. For example, the total cost of your renovation should be 10% of your current property value. So if your house is worth $30,000, you shouldn’t go too far away from spending $3,000 if you’re planning to make a profit.
Put it out there
Make sure people know you’re renovating and planning to sell/rent. As soon as you start renovating, try putting the place on the listings to make sure you have candidates ready as soon as you’re done. Word of mouth goes a long way, and by the time you’re finished renovating, you’ll have people lining up to check the place out. Even though it may not look like much now, day by day you’ll get the old place to spark, and that’s what people like to see; a heartwarming place to call their own.
Today’s real estate market is vast, challenging and somehow, risky. Not all property owners know how to sell; and not all buyers know what to buy. To increase the overall cost of your property and boost its value, you might want to renovate it before putting it up for sale. Whether you’re selling a flat in New York City or you have villas for sale in Turkey, the same rules apply. Give it a fresh coat of paint to make the place smell new and look polished, and make sure the kitchen and the bathroom are in good conditions. These tips are vital when attempting to sell a property for a good profit.