Renovating a property can significantly increase the value and attract more tenants and buyers. But with a thousand ways to renovate a property, where should you begin?
I’ve renovated four properties, and have concluded that, there are three key features of a property which have the greatest impact on a buyer or a tenant’s first impression.
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 the 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 belongings.
Contrarily, you cannot remove fixtures and fittings, such as 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 immediately estimate an extra renovation cost on top of the purchase price. This will make your property appear more expensive than the original selling price.
Additionally, the flooring is one of the largest single component in a building. It’s often 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.
Renovating a property: Start with the interior before the exterior
If budget is an issue, 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 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, renovate the exterior of your property when the town regeneration plans begin, or when you plan to sell, to avoid attracting thieves. This is why I have delayed renovating the exterior of my house.
So, do you have any tips on renovating a property to attract more buyers and tenants?
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