When renovating your property to sell, or maybe rent out as an investment, you should be willing to invest some money in order to provide you with a profitable return. But spending this valuable budget on the right things in the right places is very important and this is where understanding your target market is crucial to ensuring you with the best return possible. Flicking through lifestyle magazines may already have provided you with great ideas on the look you hope to achieve, and this should always relate back to the budget you have available. But since this property is not where you are going to live, it may be important also to tone-down some of those 'fantastic ideas', as your target market will not always share the same taste as you.
your taste may not suit everyone, agreed?
There is a great difference between the home we live in and the house we are going to sell. The former should satisfy your taste and suit your personal or family needs, the latter must be of wider appeal and attract the largest market possible. You want the demand on your property to be high, ensuring offers compete with each other and therefore increase your sale price. There is no point in creating a 'rare beauty' that will struggle to sell just because it is waiting for the 'right buyer'. A property struggling to sell will sit empty and provide no return, it will place a hold on your future investment options and ultimately will end up costing you lots of money.
bathrooms and laundry have a strong influence on a good sale
To understand and target buyers, to see what it is that purchasers in your area are looking for, you need to research your market!! This will take a little bit of leg work and some time, but it is just as worthy of investing your time as it is your money.
Look to other homes in your area, talk to real estate agents, people often choose to invest in a certain area because of its general looks and 'feel'. Try to pinpoint which market to target, and finally renovate accordingly.
choose styling and colours that will appeal to a larger market
Maximising the potential of every property is about increasing the look and feel of the street scape, creating a beautiful suburb where people want to live, and maximising the benefits of your home, while maximising your eventual profits.
The process of understanding your target market is such an important stage it should be something you do before you begin any renovations. For further details on how you can understand your target market, as well as important tips and tricks on renovating and preparing your property for sale using clever interior design solutions, go check out my Interior Design For Profit online course.
James Treble is an ambassador for Planet Ark and firmly believes in sensible purchasing, recycling and creative re-purposing. James Treble has more than 25 years of experience in the Building Industry and Interior Design. His knowledge and experience in adding value to homes, through clever design & styling, is now published for all to learn and benefit from. Interior Design For Profit is now available online.