It may seem obvious to most, but many home renovators fail to plan beyond the nuts and bolts of their home makeover project. Before knocking down walls, it’s important to consider what potential buyers are looking for when property shopping. Rather than renovating with ill-informed assumptions, it behooves renovators to study the area in which the home is located and the renovated home’s potential buyers. If these two factors are kept top of mind throughout the renovation process, then less money will be wasted on overcapitalization and areas that won’t receive a return on investment.
After conducting a proper market research, then it’s time to put those actionable insights into practice by localising renovation efforts, maximising a property’s layout and using cost-effective updates. These considerations could include building out an office space in a home if young professionals are the target market. Or, perhaps, polishing timber floors, replacing door handles and re-landscaping the yard — all of which are budget-friendly ways to update a property. Though, the most important advice is to retain the home’s original features. With modern finishes, the home will be a real-estate knockout. Dive deeper into my property renovation tips over on RACV RoyalAuto Magazine.