She’s an original baby!
She’s an original baby!
I LOVE renovating these original properties… honestly, ANYTHING you do is an improvement!
That said, you need to make sure you renovate to upgrade with consistency!!!!
I will say it again…
What is your plan here?
This is the very 1st place to start for ANY renovation!
If it is to sell as renovated… you have to upgrade it all!!!
If it is to sell as a renovators delight… don’t touch a thing!!!
See here is the “back end” that you need to know.
If you sell as “renovated” your ideal tenant or buyers want a “nothing to do” situation. Obviously there is upgrading and then full blown renovating! This decision in regards to an investment property, comes down to numbers. I’ll get back to that is a second. 😉.
If you sell as “renovators delight” we will want it to stack financially! X amount in renos… X amount in Purchase Price (PP) and then the hidden costs and there are a few and of course… the profit, will all be taken into account when making an offer! Hint… probably won’t be the offer you want!!!🤷♀️
If you tenant a property in poor condition, what type of tenant do you think you will attract?
If you want to sell the property while it’s being rented… how will this help or hinder your sale?
So back to selling/renting as renovated!
Tell me… do you think if I just did the kitchen but left the laundry, bathroom and toilet as original, you would see a renovated home?
You see a suggestion of what it can be but still money to spend and work to do. This is where you will go back to attracting the renovators!
As I found myself explaining on site AND what I have understood from a very young age…
The house will tell it’s story if you just LISTEN!!!
It will show you where it needs the love and where it is doing fine!
So much so… you will be able to see it in your mind of how it will look when it’s done!
If you go to the gym… visualise yourself from head to toe.
If you go to a formal event… visualise yourself from head to toe.
See properties are EXACTLY like this!
Just as you wouldn’t wear your stilettos with your gym gear, you wouldn’t wear your thongs with your ball dress!
So when you renovate to upgrade…
Make sure the outfit matches!
Obviously there are different price points and quality ball dresses. Fake diamonds and then real ones!
When applying this theory to your reno… make the decision on your area, plan for the house and… end sale price!