Undertaking a renovation is exciting, especially if the end product is an improved home for you and your family to enjoy. But, if you intend to renovate and sell, you must be strategic in your approach. The aim of the game is to improve the home’s appeal without eating into your profit.

To help you avoid the common pitfalls of over capitalising on a renovation, we have compiled a list of tips – 5 top tips, to be precise!

1 Focus On The Right Areas

While you might love the idea of a wine cellar in the basement, not everyone will. So, focus on the areas of the home that are going to add value.

Traditionally, these areas are kitchens, bathrooms, living spaces and outdoor areas. These are the spaces in which people spend the most time while at home. They are also the spaces that catch peoples’ eye when finished well. Or turn them away if they are rundown!

Dedicate your budget to these focus areas as they will deliver you a good return.

2 Set a Budget and Stick to It

As with any project, the detail is in the planning. Taking the time to map out your renovation goals and all the associated costs, including a contingency fund for unforeseen expenses, will enable you to set a realistic budget. 

Remember, you are renovating to make a profit, so you must think practically about every purchasing decision. Any spending over the budget could mean that you are overcapitalising and therefore eating into any return you hope to make. 

3 Shop Wisely

With profit top of mind, steer clear of purchasing decisions that will derail your budget. Practicality, functionality and quality are your criteria – tiles, laminate flooring, glass splashbacks, and carpet are budget-friendly options that will deliver fantastic results and keep your project on track.

Note – shopping wisely does not mean being frugal. Sure, grab a bargain where you can but avoid making choices based on price alone. Potential purchasers will be looking for a quality finish. A whiff of anything to the contrary will leave them questioning the entire home and negatively influence their decision to buy.

4 Plan For The Future

Make sure you future proof your renovation with these considerations:

Sustainability

• Quality insulation, double glazing, home ventilation systems, and solar panelling ensure an energy-efficient home. Not only will these features appeal to potential buyers, but they will earn an excellent return.

Technology

• The smartphone revolution has given rise to the smart home, so it would be prudent to consider all aspects of modern technology when planning your renovation. A powerpoint placement plan, climate control system, centralised wiring, a data and communications hub and vehicle charging ports will all fetch a great price at sale time.

Storage

• Clever storage solutions are never a bad investment, especially if you aim to appeal to buyers with a growing family. Consider storage solutions in every bedroom and additional storage options throughout the home, especially in the kitchen. If you have a garage, extra storage in this space will have enormous appeal.

5 Get Expert Advice

As tempted as you may be to chart your course, turning to an expert for guidance about navigating the renovation process can be valuable, especially if your game plan is to make a profit. 

A discussion with an experienced builder, architect, or interior designer could see you building a list of simple hacks, things to avoid, and absolute must-dos that could save you time and money and pay dividends come sale time.

Renovating can be stressful and exhausting. Avoid the pitfalls. Follow these five simple steps to ensure that you pour your time, energy and money into all the right places and reap the profits you deserve.