renovation tips, property renovation, how to make money in renovations

8 Sure-Fire Tips To Make Any Renovation Profitable

1. Make it “pop”
Making it “pop” simply means giving houses you’re renovating the “wow” factor. While you don’t need to make the entire property “pop” (for reasons that will be explained later), you will need to focus your efforts on 3 key areas in the house which are the: entrance, kitchen, and bathroom.

2. Call in the experts
A lot of people crazy about DIY projects, because countless home renovation “experts” have on TV give us the impression that painting and installing are “easy” to do on your own. Newsflash! It’s not.

Most of time, rather than saving money by doing things yourself, you end up spending more in fixing up the damage you created in taking on a project by yourself. That’s why it’s advisable to call in the experts when you’re doing a renovation. If you’re really on a tight budget, get a quotation from different contractors and find out who can produce the best result for the least amount of money.

3. Clean everything
Don’t just wipe off the dust with a feather duster, scrub every inch of the property until everything is sparkling, spick and span! Not only will this help the place look more fresh and inviting, but it also eliminates any weird smells which may turn-off potential buyers. If you want better results, you can hire cleaning professionals to do this for you.

real estate renovation

Spending too much on a renovation can hurt your chances of making profit

4. It’s not about you
When doing a renovation, never invest too much money on aesthetic improvements for the home, such as fancy carpets and paint, since you’ll never know if the buyer that’s coming in will love your design choices. What’s good or bad is subjective to every person, and buyers tend change the appearance of the house to their taste when they move in.

However, do a great job with the bathrooms and kitchen, because they are the selling points of every home, and, more often than not, a buyer’s redecorating efforts are focused on the bedrooms and living room and not on these areas.

4. Light it up
Bringing in more light to a home is one of the secrets to making it more inviting to buyers. Installing skylights and replacing walls with windows are just some of the ways renovators can bring in more light into properties.

5. Add more space
Adding extra space to property is a long-term solution for adding more value in it. A clever way to do this is through building a loft. You can add an extra bedroom or bathroom in one, without disrupting the projects that are being done in main house.

Just don’t forget that when if you’re planning on giving a property more rooms or what not, try to balance the number of bathrooms that go with it. No one wants to live in a house with 5 bedrooms and only 1 bathroom.

6. Two words: Parking Space
It’s almost impossible to find great parking areas, especially if you’re living in the city. So its plus points for your investment property if you give buyers a safe place to park their vehicles, and (not forgetting to mention) it adds £5,000-£50,000 to the value of the home (if that detail interests you, just in case).

7. Make the Most of Online Resources
There is a myth that Summer is the best season for selling a house. This myth, however, has recently been debunked with the rise of online estate websites. Buyers now have the liberty to look at houses without leaving their homes, and even without the help of estate agents. That’s why, right now, anytime has become the best time to sell.

8. Do the Math
Compute everything! Although it’s a nightmare to deal with the numbers involved in every project, it’s important to track ALL of your expenses down to the very last pence to know if you really are going to earn anything. Take note that if your expenses exceed the value of the property, then all your hard work would be all for nothing at the end of the day.

2 comments

  • Sandy Dyson

    How do you make space for a parking space if you’re renovating a small place just off the street?

    Thanks,
    Sandy Dyson

    • Bruce Goulburn

      It’s difficult to give a concrete action plan without first seeing the actual property. But if you have a bit of a front yard, that can be modified to create a small parking space

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