Renovating For Profit

Yes, renovating can be profitable provided you follow some basic rules about how to increase the value of your house by avoiding creating a perception of a cost to a new owner to either rectify or replace the area you just renovated as this undoubtably will be an issue when finalising the negotiations on the sale price with a buyer.

Many years back, homes were somewhat predictable because there was limited supply of goods especially window furnishings, carpet and even furniture was in short supply so most homes you visited were somewhat predictable how they looked and how they were presented inside.

But move forward to 2023 and what a difference between styles, colours and even shapes of homes we see to-day. We have such a large selection of home furniture and finishing to choose from and you can even get goods manufactured with specific features or patterns in mind.  

There is nothing more exciting than renovating your home particularly when you are creating a feature somewhere that is your personality stamp on the home.

Showing your personality is a satisfying feeling but leave room for improvement or change for the next owner.  

Consider seeing a home where the whole inside of the home is painted white including using white tiles and white furniture everywhere but by striking contrast, imagine placing a large square bright red carpet in the middle of the lounge room. This is of course an extreme example but imagine the controversial conversations that visitors would have, it would also impact negatively towards buyers and the house could remain on the market unnecessarily for many months more than usual before a buyer was willing to see past that contrast.

This example does illustrate an owner’s uncontrolled personality stamp on the home, but the question is, would this be considered going too far? I’ll let the readers determined that, but this was a true example and became an impediment to selling even when the property market was hot.

So, remember when considering renovating your home keep it toned down, try to use neutral matching colours and compatible colour tones.

Think about areas that can be improved that will increase the value of the home, outdoor living and entertainment areas for the adults or safe recreation spaces for children.

Those are just a few suggestions of areas that can be economically renovated and will be considered adding value to the home especially from a buyer’s perspective.