It’s a known fact that renovating your house or apartment can increase the value and attract more tenants and buyers. But with a thousand ways to renovate a property, where should you actually begin?
I’ve renovated four properties, and have concluded that, there are three key features of a house and an apartment which have the greatest impact on a buyer or a tenant’s impression of a property.
These three features are the bathroom, kitchen and flooring.
Why are the bathroom, kitchen and flooring so important?
If your property is old or poorly kept, a well-presented bathroom, kitchen and flooring will make buyers and renters more likely to ‘oversee’ the other ‘bad’ parts of the property.
That’s because the bathroom and kitchen have more fixtures and fittings than other rooms in a property.
The other rooms, such as the living room, bedrooms, dining room, attic, basement and garage are essentially empty spaces filled with removable furniture and items.
Contrarily, you cannot remove fixtures and fittings, such as the cupboards, tiles, exhaust fan, shower, bathtub, toilet, sink, taps, railings and shelves from the bathroom or kitchen without manual labour, or paying for manual labour.
If your bathroom or kitchen is in a bad state, a buyer will estimate an extra renovation cost on top of the purchase price, making your property appear more expensive than what you are selling it for.
Additionally, the flooring is one of the largest single component in a building. It’s one of the first thing a person sees when he or she enters a property.
A bad first impression of the flooring could devalue your property because people know it’s expensive to replace. A dirty floor also makes a house feel unclean.
Renovate the interior before the exterior
If budget is an issue for you, renovate the interior of your house or apartment before the exterior, unless, of course, there are urgent structural problems to the building.
It’s true, the first impression one has of a property is that of the exterior. But I believe, the lasting impression of a property will be that of the internal living spaces. People spend more time living inside a property than they do looking at the actual building.
If you invest in high crime or poorer areas, you should renovate the exterior of your property when the town regeneration plans begin, or when you plan to sell. You don’t want to attract thieves to your house. This is why I haven’t renovated the exterior of my properties yet.
Keep an eye out for my future posts on how to renovate your kitchen, bathroom and flooring on a budget.
So, what renovation tips do you have to share?
Sign up for weekly property investment tips.
Please note, though I own a few properties, I am not a legal, financial or professional property expert. I’ve written this post to share my personal experiences and would love to hear your opinions and views.