Renovation is not an easy feat especially if you are planning to make a profit from it. Simply improving your home is not that simple, and it is definitely more daunting if you are planning to make a profit as there will be the added pressure of not wasting money. However, don’t let this added pressure remove the joy of planning your renovation. Let’s discuss how to properly plan your renovation to profit.
Why is planning important?
The biggest mistake people can make when doing a renovation is diving head first into it thinking that they will save time and money by doing so. What usually happens is the total opposite. When people don’t plan properly, a lot of things that could go wrong actually will, costing them more time and money than they initially intended. Since you are aiming to make a profit out of your renovation project, it stands to reason that you should spend as little money as possible while still aiming for the best possible results to get a bigger return of investment.
What are the proper steps in planning a renovation project to profit?
First, you need to set your goal. You should have a clear idea of what your final renovation results should be in terms of design and the amount of money spent. Setting a goal may not always be a quick and easy task, but it could be if you list down your ideas in a project book. You can start with specks of ideas, rough sketches, and even photos for inspiration. It may take some time to get a clear vision of what you want and you may even change your mind every now and then, but the important thing is you have all your ideas documented.
Once you have set your goal, you can then lay out the step by step procedure of your project. The clearer those steps are, the more organized you will be. You can also determine all the possible scenarios that could happen during renovation, as well as all the variables. This means you can minimise the things that could go wrong, saving you time and money in the process.
After mapping out the steps of your project, it’s time to get help from people who are skilled, experienced and reliable. Depending on the size of your project, these people may include service engineers, project managers, architects, interior designers, structural engineers, and principal contractors. Make sure you shop around to find the best people you can find. Clear and constant communication with your helpers is essential.
Watch the market.
It would be helpful if you take into consideration the real estate market while making your renovation plans. You can spend all your resources to create a work of renovation art, but if the market is on a slump, you might not even get to sell it.
Focus on selling points.
Make sure that you focus on building the best bathrooms and kitchen that you can. These two areas are usually the main factors that buyers consider when purchasing a house. New flooring and a fresh coat of paint are also very attractive for buyers.
Be prepared to spend and make money. You can increase your chances of making money if you set your goals, document your ideas, hire the right people, and enjoy the whole process no matter how daunting it could be.