When it comes to updating and renovating residential investments for sale, be it a house, a condo unit or similar other structure, it is important to make sure that the improvements made not only add function and aesthetic to the asset but also help in further increasing its value.
It doesn’t come as a surprise that residential units depreciate over time. Their financial worth diminishes after use as a result of wear and tear. There are many ways to flip the coin and encourage appreciation instead and one of these would have to be renovations. But then again not all of these efforts turn out to be valuable and it is an investor’s job to make sure that should they be taken, the action is worth every single dime.
Now, we’ve got a list of 4 valuable renovations for residential investments for sale and you better make sure to take down some notes.
- Kitchen Upgrade
Everybody loves a good kitchen and it’s not surprising how an upgrade can boost up value. Of course, this is only applicable when things are done right. During a kitchen renovation, make sure to always uphold mobility, ease in cleaning, space, lighting, storage and appeal. One doesn’t have to break the bank though as even the tiniest upgrades such as changing up the cabinet doors can do wonders.
- Bathroom Remodel
Next up to the kitchen will always be the bathroom. The same rules apply here: space, storage, lighting, function and aesthetic.
- Attic Transformation
Another valuable upgrade would have to be the addition of new rooms and we don’t mean having to extend one’s property but rather transform an idle and often unused area into something more useful. The attic is one often overlooked but very promising room. It can be turned into an extra room, a home office or even a trusty storage area that’s useful and so unlike the ones you see in horror movies.
- Deck/Patio Addition
Lastly, the addition of a deck or patio can add value to a residential property investment. What makes this addition a pretty sweet deal is the fact that it expands living space at a fraction of the cost. Plus, al fresco activities and even dining has become a huge trend in the market for the past decades up until today and is something that many buyers are always looking out for.
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Renovations, whether for maintenance or upgrade purposes, are crucial both in increasing an asset’s value and in ensuring its functionality and durability. However, not all renovation projects get a ‘thumbs up’. Some of them actually do more harm than good so to find out which is which we came up with a list of do’s and don’ts in investment property renovations.
Do make it a point to measure everything. It would be particularly painstaking to realize that things do not fit as they should be. Before installing anything or buying furniture, she to it that you measure the space first and see if the item is a yes or a no-go.
Don’t forget to budget. These renovations come with a cost and therefore will require a significant amount in one’s finances. The expenses will vary from one asset and project to another. Regardless, always plan and allocate the use of resources.
Do find a great contractor. Apart from their services being reasonably-priced, they must also come with a team of experts who are easy to work with. They need to be experts at their craft and reviews about them should be nothing short of sterling.
Don’t make do with substandard materials. Costs are a certified ‘pain in the ass’ but just because they are doesn’t mean that one will have to sacrifice quality just to save on the expenses. Substandard materials are not only dangerous but they do not last long too. Over time they are more expensive in the long run.
Do stay organized. With so much happening, clutter in places and people going in and out of the property, things can get hectic. To avoid losing your sanity and to keep everything as systematic as possible, organize tasks, label boxes and stick to schedules.
Don’t forget to clean. Although dust shall become your tenant for the time being and living with it is a must, one will still need to bust out some vacuum cleaners, brooms and rags. Cleaning not only takes away the mess but it also keeps it from piling up to the ceiling. Plus, it makes work easier.
Do look for expert opinion. As mentioned earlier, not all investment property renovations are good. Some are only costly and wouldn’t even make the value on the asset budge a little. Others are too risky or unnecessary while some may even be dangerous and unfit for the current structure and condition of the asset. It pays to ask questions and seek advice.
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Marketing a commercial property for sale London is essential in its disposal. It would be tremendously hard to sell something when potential consumers don’t even know that the asset is up for grabs. Moreover, advertising and spreading the word widens the market and helps increase demand which is great in terms of appraisal values. Remember that the higher the demand and the lesser the supply, the bigger the price.
But as much as marketing has its benefits, there too exists the other side of the coin. When done wrong, it can lead to unfortunate events and even a series thereof. What are they? Here, take a look.
Mistake #1: Employing the wrong methods.
The use of the wrong types and medium is not only useless, they’re also costly. They fail to achieve the purpose by which they were made primarily because they don’t fit right. Depending on certain factors like budget and market, the type of advertising will vary. This is not a one-size fits all concept.
Mistake #2: Overspending and poor budgeting.
Marketing should be well incorporated into the budget. There are costs attributed to it and such costs are part of the financials therefore if one will overdo it in this department, it can significantly affect one’s returns or profits.
Mistake #3: Failure to target the right market.
Who are the consumers or potential buyers of your commercial space? What do they want? What are they looking for? Demographics? How are they reached? These questions must be answered in order to be able to choose a marketing method that jives with the audience. For example, if your commercial property is situated within the food district, obviously a food establishment would be the most suitable client. If one’s chosen advertising is, let’s say residential related it would be futile.
Mistake #4: Insufficient information provided.
Always see to it that all information and data within the ad is complete. Of course brevity is important here but let us not forget that despite an ad’s briefness, it also has to be concise or in other words short and complete.
Mistake #5: Use of lackluster pitch.
Last but not the least, marketing a commercial property for sale London must come with a punch. The market is sprawling with many sellers and agents alike so competition is expected. One has to be interesting enough to be noticed. Your ad has to stand out.
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