Property and real estate remain a popular investment. Even if rising interest rates and falling prices are making it slightly more difficult to turn a profit, it’s still more than possible. You might let your property out to tenants, or flip it for a quick return. Let’s take a look at that latter option.
Why renovate an investment property?
If you’re investing with a view to selling the property, then a few choice renovations might help you to maximise the market value, and thereby maximise your profits. Provided that you have some basic DIY skills, you can even do this without involving any other labourers.
Buying the right property
To begin with, you’ll want to make the right choice when it comes to that initial investment. You’re looking for a property with unrealised potential. That is to say, one that can be improved very quickly. Look at the location of the place, and its existing condition. Could a lick of paint make it look much more appealing? Is it in a place that would-be buyers will find appealing?
In some cases, more extensive renovations might be required. You’ll naturally want to ensure that any construction work is performed to a high standard, and in accordance with all of the relevant building regulations. Prioritise structural problems, and then ensure that the place is watertight. From there, you might think about opening up the living space by removing walls – or creating more privacy by throwing a few extra walls up!
Electrics and appliances
Your property will need to be entirely functional if you’re going to fetch the best possible price. If a rewire is required, this will subtract from the value. Make sure that all light switches are working, and that the fuse box is up to modern standards. You might invest in a few basic electrical tools and make basic changes yourself. You’ll need to bring an electrician in, however, to certify the property, and to perform any tasks which involve dealing directly with the wiring. Electricity is potentially extremely dangerous, and best left to the professionals.
Finally, we should consider the superficial elements. When your would-be buyers come to view the property, the colours of the walls and the general state of the décor, will inform their impression of the place.
When you’re selling, it’s generally better to choose safe colours that will appeal to the greatest possible cross-section of the buying public. That means favouring beiges, magnolias and light shades of grey – though if you feel that you have a strong instinct for what would work in a given space, you can still violate this general principle and opt for something bolder and more attention-grabbing.