Tuesday, June 13, 2017

Everything You Need to Know About Renovating Your Property For Profit

Whether you deal in real estate, rent property or are merely planning on putting your own home on the market; you can make a whole lot more profit if you renovate your property. Small alterations or additions to any home can make a place stand out against its local competitors and give tenants or buyers the extra push towards signing a contract. This isn’t as easy as clicking your fingers and builders working their magic though. You need a complete plan of the work to be done. You should evaluate whether changes will make sufficient gains to justify the time, workload and expense put into the renovation. Here are a few things to consider before getting started.
Property Reports
If you are planning on selling a property within 6.5 years of renovating it, you will have to complete an Owner Builder Property Report to ensure that the work is of a good enough value to pass on to another individual. This is otherwise known as a 137B report. Any problems found with work you’ve carried out on a property will need to be rectified. If you have used a good quality construction firm to carry out the work in the first place, this should be no problem at all and the process will be quick and easy.

Renovations take time. Especially if you want high-quality work carried out. You shouldn’t put your property on the market before all renovations are complete, as building works are often chaotic and will put potential buyers off when they do viewings. After all, a house never looks its best when it’s covered in scaffolding and has dust particles floating about left, right and center. So, ask yourself the question: do you have the time to complete all renovations effectively before you need to sell the home? If time is on your side, go ahead. However, if you’re looking for a quick sale, this move might be less than ideal.

Loft Conversions
Loft conversions are one of the most attractive home renovations for potential buyers. Why? They get a whole extra room in their home for their money. This is especially profitable in areas where homes tend to have less space and fewer rooms, such as capital cities or busy inner cities. A loft conversion will, on average, see a 21% increase in the value of your home. It is a big job and will take time and a good contractor to carry out the work correctly. But generally speaking, this is definitely worth the investment of your time and money.

New Kitchens
One of the rooms that holds the most impact on whether someone buys a home or not is the kitchen. It is, after all, said to be the heart of any home. So make sure that it’s up to scratch before viewers come knocking. An up-to-date, brand new kitchen will draw the attention of buyers who would be considering doing the work themselves in an alternative property. It will save them time and effort. 

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