Are you renovating your home to live in or renovating with future buyers in mind? This is a question you need to answer before you start any planning. The answer to this is crucial, as it will govern the route you take for this renovation project. If you are renovating to sell at a later date, here are a few factors we recommend you to consider during the planning and designing stage. This will determine whether you are able to easily or struggle to sell your home at a later time.
Understand your market
Don't get caught up in the excitement of diving straight into renovations without a professional opinion and researching the area the house is situated in. What kind of people does this area or suburb mainly attract? Are they first home buyers? Elderly couples? Families with young children? Does this house lie in the district of one of the top schools in the area?
To have a successful renovation, you must identify the target market of the area and adapt to their needs. For example, a young couple looking to have children may want to move to this area to ensure their kids can go to one of the top schools located in the neighbourhood. As a renovator, you may also want to focus on the living room, bedrooms and backyard as those are main selling points for any home.
Each area has certain expectations or "pre-requisites" before home buyers will even consider purchasing or leasing. This varies widely among different areas and not all expectations are the same. For example, many people in a particular suburb may expect a home to be a double-storey and have a backyard pool. In another area, however, these two characteristics may not be a determinant factor on purchasing a new house. In fact, these characteristics may turn some potential home buyers off from purchasing the house as they do not find value in those features.
The biggest takeaway from this blog post is to consider your target market and who you are wanting to appeal to. Research what homebuyers expect from homes in this area or suburb and ensure you get those elements perfect. An area which commonly houses elderly couples will most likely not be expecting double-storey homes and backyard pools for when summer rolls around. Yes, these factors WILL increase the value of your property, but it may not attract your main target market. The most important areas to focus on are definitely kitchens and bathrooms. These two rooms receive the most foot traffic and renovations will be highly appreciated.
Plan and budget your renovation well, so you can avoid unexpected expenses for areas that buyers may not find value in. Simple renovations, such as repainting the walls or changing the tapware can make all the difference in the world and spruce up a room on a budget. Read up on more ways to effectively refresh your kitchen on a budget here. Don't forget that the exterior of the house should also be well presented i.e. well-maintained grass and an even coat of paint as first impressions count.