Steps to A Renovator’s Dream–Part Two

As we mentioned in our previous article, an investment property with a little room for improvement can not only yield fantastic returns, but can be purchased for a bargain for the shrewd buyer. We have already covered structure and location, but what else should you look for in a renovator’s dream?

Layout

The layout and dimensions of a house are elements that should factor heavily in your decisions to buy a home and renovate it. It’s advisable to choose something in the most popular property bracket for the area–for example, if an area is heavily populated with families, 3 or 4 bedrooms with 2 bathrooms (or space for you to add one) with a backyard is probably the kind of property that will yield the best returns. A house with good dimensions (large rooms, a large kitchen) is a great choice, as this will require less structural change and more superficial renovation. On the other hand, however, a poky kitchen might be what turns off other buyers, pushing down the price for you, which means you may be able to inject the extra money into expansion.

Be Realistic

One problem often encountered by would-be renovators is that in their excitement to score a bargain, they forget to realistically consider how long it will take for their new project to be brought up to a livable standard, and how much that will impact on them financially. The cost of a renovation includes finding somewhere to live in the meantime, and if the renovation is major, your family may be renting somewhere else for some time, substantially increasing your costs.

Blend Style and Functionality

Renovating a house can be an exciting time, and there is a lot of temptation to choose ultra-modern, display-home qualities. Keep in mind that the home also has to appeal on a livable level, and a lot of modern renovations (open plan bathrooms with only a glass-brick partition, loft-style living etc) look very stylish but fall short on functionality. Always consider the long-term uses of changes you make, and choose quality, sturdy materials that both look attractive and can stand up to everyday use.

Make Use Of Existing Features

The best way to do a renovation is to enhance the existing features of the property that you do like. For example, a house may have a huge set of windows facing the morning sun–instead of working against the existing design, work your changes in around it, playing up to the strong points and saving money at the same time.

Property investment can be an uncertain process at times, especially when you can’t immediately see the final product. Research, education and persistence, however, are a home-buyer’s greatest tools, and if you plan well enough and make wise choices, the chances of a good return are high.

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