How Property Investors Should Renovate Old Homes
By Financial Desk
Thursday, July 14, 2016.
When you’re a property investor, your job is to make money on the homes you buy. This means buying them at a lower price than you go on to sell them for. So, buying old and unloved homes is one of the best ways of finding cheap properties that can then be improved. Renovating an old property is a huge task though, and you have to plan how you will approach it. If you want to take on a career as a property investor, then this is how you should renovate old homes.
Fix Up the Exterior
First of all, think about how the home looks from the outside. This will make a lot to many people. Remember how influential first impressions can be when people are looking to buy a home. People want to be instantly impressed, but that can only happen if you are offering people something that looks great. So, stand on the curb and look for any faults that stand out.
This could mean upgrading the old windows, fixing up the roof or touching up the peeling paint. Anything that makes the home look better and more appealing from the outside will help you to sell the home. Without a great looking exterior, a home becomes much more difficult to sell, especially if you want to sell quickly.
Make Practical Upgrades
Then you should think about what practical upgrades can be made inside the house. If the home is old, then there will probably be lots of things that are out of date or simply past their best. You should think about the heating system. As well as other things that can make the home more energy efficient. If the insulation needs to be updated, use insulation from fiberglass insulation plants.
You might even want to add renewable energy options to the home, such as solar panels. Making sure that all the plumbing and electrical wiring is in good working order is vital too. The home will need to be fully functioning and up to date if you want anyone to hand over their money and buy it.
Decorate with Target Markets in Mind
When it comes to selling the property, you will be targeting certain demographics. If you are going to be successful in doing this, you need to know who you want to target. You should make sure that the kind of home you’re selling is suitable for the people you’re targeting. For example, a four-bedroom house in the suburbs should be sold to a buyer with a family. It’s common sense, but it’s important to remember it.
So, when you decorate the home, make sure that you do it in a way that will appeal to the people you want to target. You don’t want your ideal buyer to be put off by the design and decoration choices that you made. It doesn’t really matter whether you like the decoration choices you make. What the potential buyers like is always much more important.