When it comes to renovating a property, many make the mistake of overcapitalising and spending too much money in areas that don’t necessarily add much value to the home. This is why it’s important to know your demographic when renovating to ensure you appeal to your most important audience – the buyer. The first consideration you should be sure to make before starting renovations is your market. Take a step back and think about the demographic and your surroundings, who lives there and who will most likely be attracted to your area and home. If you’re in a family area, a renovation should be approached with children in mind. The kitchen, living rooms and backyard should be well presented, and there should be a nice flow throughout the house.
Also, consider the local area. For example a pool in Brighton, VIC is expected and people are willing to pay for that, but farther out in the suburbs, people don’t expect a pool and it may not add any value to your home. A functional floor plan is another factor that will impact whether or not your home will sell. Common problems with layout include not placing the living and kitchen areas on the northern side of the building that gets the sun, having the kitchen tucked away in a separate room, or having a bathroom that comes off the kitchen, not the hallway. For more on how to renovate for your target market, head to Homely.com.au to read the rest of the article.
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