Is a perfect looking renovation Profitable? Well yes – and no! It depends on the property ‘numbers’ and it depends on the many renovating decisions made along the way.
The problem with renovating is that we all have this romantic idea that the end result should be perfect. Blame it on TV shows and magazines who have the power to make things look much better than they actually do in real life! Magazines can Photoshop imperfections and TV cameras just don’t generally get close enough anyway.
This expectation can be difficult to overcome – especially when one has a fairly limited budget to work with. If renovating your own home, you do have the advantage of being able to spend a little bit extra without the fear that over-capitalizing is going to send you broke (as long as you’re planning to live in the home for some time). Home owners CAN do a bit extra to get closer to perfection than the average property investor.
Investors need to push aside their emotions and just think of the money for a moment. If not renovating your own home (i.e renovating an investment property or a home you’re about to sell), then try to put yourself in the shoes of your buyer or renter. Do you compromise in some areas of your life and home? Your buyer or tenant are the same. They will compromise on some things in order to live in the area they want, have the number of bedrooms they want, the fact that your property has a north facing aspect with huge windows (or fantastic pool or fully secured yard etc) or whatever the main features of your house are for that buyer or tenant. Even million-dollar homes have compromises; it’s just a matter of working out what compromises are deal breakers and what aren’t.
All homes are going to be different, but the common denominator of what people (buyers and renters or You) want, are a great living spaces (kitchen, living) and bathrooms. Well, that’s almost the whole house isn’t it? Back to confusion!
Each property commands a different answer to what should be compromised on and that is one of the main issues we deal with here at Hotspace.
== Where should money be spent, and where should it be scrimped? ==
== Where should you compromise and where shouldn’t you? ==
If there was an easy answer to this, then every single person who had ever renovated a property would have made money – and we know this is not true!
The problem is that the average renovator (not the strategic renovator) is thinking about every renovation as if it were their own home that they are planning to live in for the next 5-10 years.
Instead of starting the renovation process with the question ‘what should we do to this property’, we (at Hotspace) think better questions to start the process with are:
- What is my budget (work this out from current vs future real/sale of property)
- Who is our target market (and what do they want/need)
- What is the current condition of the property and what needs to be done to meet the functional and emotional needs of the buyer or renter
Knowing the answers to these questions will set you in the right direction for a strategic renovation – targeted to those who will likely be living in the property.
This is because people buy practicality and functionality for themselves and their family, way before they buy beauty or perfection. This isn’t to say your renovation can’t look fantastic (we’re Interior Designers so we wouldn’t have it any other way!) – it’s just knowing what to do to off-set those compromises (with the products, colours and materials you use) in the best way.
Perfect renovations are generally NOT profitable (except at the top end of the market), but functional good looking renovations are!
Despite the hallway not really being a room within your home, it is an important and well-used route. Many halls are neglected simply because they are often narrow and dimly lit, and homeowners don’t know how to spark up such a difficult space. Why not give this oft-forgotten area a bit of a boost!
Halls tend not to be a place for lingering or spending time. This means that you can be a bit more adventurous or downright radical in the changes you make to the décor. Add to the appeal of the space by installing better lighting or even a skylight. What about some track-lighting running the full length of the area? This means that the improvements you make will be seen and appreciated by all!
The floor is an area that should lead you through the space. If you can’t change the floor, add a long brightly-coloured or neutral patterned runner.
The walls of a hallway offer plenty of space. Painting the walls in a light low sheen colour will reflect light and give the impression of a larger space. Or paint a feature wall in a strikingly different hue. Try using a collection of mirrors in a collage-type arrangement to increase the impression of light and volume. Hang artworks or photos, keeping to a theme. An end doorway or wall is a great place to hang a feature work, or alternatively, paint this surface a bright colour to suggest a wider space.
Halls are a great place to install a gallery wall, where a collection of pictures add interest and life. The gallery could feature a great collection of family moments, or an arty selection of nature-themed prints. If your hall is wide enough, think about installing a whole wall-full of shelving so you can store those hundreds of books that are piled up in the living area, the bedroom and office.
You may like to place some items of furniture in the hall if the dimensions allow it. Half-circle tables, long narrow side tables and floating shelving can all house items of interest which will make passers-through slow down and pause.
Livening up your hallway doesn’t sound like a thrilling project, but once you put your mind to the task and stimulate some creative flair, you can produce a more interesting space that is not only a pathway between rooms but a functional and aesthetically pleasing area.
With all the home improvement shows on television, it’s hard to resist the urge to makeover your own home. But how do you modernise your home without blowing the budget? What areas should you focus on? What tricks do the experts use?
Well, here are 5 areas to focus on to really make a difference…
1) Painting (of course!)
The most predominant features in your house are the walls and flooring. They have the most significant impact on the overall aesthetics of the house, so it makes sense to consider updating them.
Look at the overall colour scheme of your home and decide on the colour and tone of paint you are going to use. Some colours have warm tones while other colours have cool tones. If you’ve got all cool tones in your house, it won’t complement the colour scheme to choose a warm cream colour as the primary paint scheme and vice versa.
Even white has warm and cool tones; just compare different whites on a colour chart and you will be able to see the variety of tones. It’s easy enough to paint the walls yourself, but make sure you prep the area well first.
2) Floors
Your flooring choice will depend in part on the type of foot traffic through the house, the climate and your budget. You also need to give some thought to the colour scheme in the house; going too dark or light can have a significant impact on the overall look.
If you want some information on different flooring types and costs, this article will help.
3) Kitchen
The next area I would look at updating is the kitchen. If you want to keep costs down, you might be able to refresh the kitchen by just replacing the splashback, benchtops and taps. If you want or need to do more than that, you could buy a good quality flat pack and install it yourself or have a tradie install it for you. Then all you need to do is co-ordinate trades like plumbers and tilers as needed.
Of course, you can go the whole way and have a specialist kitchen company design and install the entire kitchen, but you will be paying a lot more for this.
4) Bathrooms
The bathrooms are next on the list. They’re usually one of the more expensive areas to renovate, but you can get away with updating a few things rather than doing an entire renovation. The first thing you should get rid of is old style shower screens; they really date a bathroom. Install frameless or semi-frameless screens to give a clear, seamless look.
Replacing the vanity is another way to update the look. Timber vanities add softness and warmth to cold, sterile bathrooms so consider this as an option over the usual white vanity.
Hanging a beautiful pendant light or installing downlights over the vanity can often add the perfect finishing touch.
Don’t forget about the vanity mirror too; a replacement here can go a long way towards modernising the look of the entire bathroom.
5) Lighting
Last, but not least is lighting. Depending on what you already have in the house, ensure all lights have the same type of globes (cool or warm tones), then look for places to add feature lights. Underneath overhead cupboards, over kitchen island benches, over stairwells and in hallways are some places that may work well.
The one thing to keep in mind throughout your makeover is that doing more is not necessarily better. You’re better off seeking to do a few things really well, rather than aiming to do a lot but doing them badly.
Does your home or investment property look tired or lack curb appeal? Take advantage of these 5 cool ways to update the façade. See photos of these concepts in action on our Before and Afters page… http://hotspaceconsultants.com/portfolio.html
1. Focus on the front door.
You can give your home a new look quickly and easily by creating an inviting entryway. When you paint your front door a colour that contrasts to the rest of the house and surrounding it with plants, you are saying, “Come on in.”
2. Freshen up the paint.
A new coat of paint gives your home’s façade new life, even if you use the same colour as existing. That sparkling clean finish makes a big difference. You can create an even bigger impact by changing the colour; just make sure to coordinate it with your home’s existing style and interior design.
Not ready to tackle painting the whole house? Try starting with the trim for an easier update.
3. Update your windows.
By adding exterior plantation shutters or awnings to your home’s windows, you can achieve several things; Awnings add visual appeal and depth to your home’s façade and they also create shade. If you aren’t a fan of awnings, try plantation shutters in your preferred style for a facelift with impact that also adds a splash of new colour.
4. Add some landscaping.
This technique changes the look of your home without actually changing anything about the home itself. You can add trees for shade and beauty that will increase as they grow. Bushes soften the lines of your home and can be trimmed to suit different styles. Other plants can be used to add colour and texture to your home’s façade. Check with your local nursery to find out what plants will work best in your yard. If you don’t have a green thumb, consider adding a rock garden or water feature together with some succulents that ‘never die’.
5. Frame your property with a fence.
Front yard fences tend to be decorative rather than functional, so they usually make a significant impact on the overall appearance of your home. Think of it as the frame around the picture and choose a fence that will coordinate with your home’s style while setting it off and adding to the visual appeal. Fencing is available in a wide variety of materials and colours, so there is something available to suit your exterior design and your budget. Check your local zoning laws before you begin.
Homeowners wanting to do a makeover on their home before selling, often fall into the trap of the snowballing renovation. You know the sort, it starts with just doing up the bathrooms, but that makes the kitchen look out of date, so you have to do that too.
Then you realise that giving the kitchen a bit of love makes the colour scheme in the living areas look a bit tired, so the paintbrushes come out. Before you know it, you’re talking about ripping up the carpet and putting in new flooring.
The next thing you know, your bank balance has plummeted, you’ve blown your budget, but you still haven’t got a property that will attract buyers.
So how do you avoid overcooking your renovation? Here are five tips to assist you in working out where to start and when to stop.
1) Start with the exterior
Almost always. You might have heard it said that people are more inclined to buy if the kitchen or bathroom are done up, but I have a different perspective. (See my previous article Renovating to sell – Don’t listen to the Experts). What’s the first thing people see when looking for a house? It doesn’t matter whether they’re looking on the internet or physically driving around, the first thing they view is the exterior. If your exterior is uninviting, buyers won’t even bother to look inside.
2) Prioritise
Do the ‘must do’ things first. If your exterior doesn’t need too much attention but your bathroom is atrocious, then it makes sense to spend a bit of money here. If everything is passable, spread your budget around by doing a light cosmetic makeover on several areas. This might be as simple as freshening up the furnishings, doing a bit of landscaping and painting the exterior trims.
3) Research
If you’re not sure exactly where to spend your makeover budget, contact a few real estate agents and ask them for an estimate on your property and tell them what you’re thinking of updating. They should know what buyers are looking for and be able to give you a few ideas on where to spend your renovation dollars. Don’t be talked into putting the house on the market without doing it up; you might get a quick sale, but you won’t make the same profit as you would after a well thought through makeover.
4) Know who your ideal buyer is
If you’re not sure, ask your real estate agent. It’s no good spending all your money doing up a trendy little main bathroom if your buyer is more interested in a well-appointed ensuite. If your most likely buyer is a young family, they’re probably okay with everything not being perfect, so long as functional spaces work for them.
5) Get a different perspective
Approach your makeover from your buyer’s viewpoint and work out what they are most likely to focus on. There is a vast difference between renovating to sell and renovating to live in. You know all the quirks of your house, but a potential buyer is only looking at the appearance and functionality of spaces, so try and see things through their eyes.
Using these tips should have you well on the way to a successful makeover and financially rewarding sale. For advice from our expert team to get you the best make-over result and ultimately the quickest, most profitable sale, read more about our Renovating to Sell service here.
Conclusion
Finally, making over a home before selling can increase its value and appeal. The right renovation not only piques the interest of potential buyers, but can also help your home sell faster. Small improvements like paint, lighting, and attention to facade design can make a big difference.
With Hotspace Consultants, get professional guidance to make your home look its best. Our design approach is designed to enhance your home’s beauty and saleability while staying within your budget.
Renovating the facade of a two-storey home is entirely different to renovating the facade of a one-storey home. Use these top tips to make sure your two-storey home reno looks the best it possibly can…
Create a visual anchor
If you were to stand on the road and look along the driveway towards your house, you should be able to get an idea of how your property presents, and how much ‘visual anchoring’ it needs. To visually anchor a property is to give it a sense that the house is anchored in place. It is quite a subtle thing but when done well, it makes an enormous difference to the overall aesthetic of the entire property.
If you are having difficulty grasping the concept of visual anchors, imagine the difference between a house with brick on the bottom and timber on the top. This style of house looks more anchored than a house with timber on the bottom and brick on the top.
A great and easy way to visually anchor a house is to use landscaping and/or pot plants.
• Choose dark coloured plants with thick, heavy leaves.
• Plant densely and aim for a solid effect.
• Steer away from dainty plants like roses.
• Mondo grass is a bit too delicate but can be used if blended with heavier plants.
• If planting is not an option, use planter boxes and large pot plants around the base of the house.
Update the balustrade
• Many older style houses have illegal balustrades and/or handrails. Update these to not only to modernise the house but also ensure it is legally compliant.
• Ensure your balustrade matches the ‘visual weight’ of the house. For example, if you have a brick home, ensure your balustrade is also made from a visually heavy looking material (ie chunky or substantial style that ‘holds its own’ against the brick).
• Contrast the colour so the balustrade doesn’t fade into the background of the house (unless this is your objective – which it could be)
• Tension wire and other lightweight materials often don’t work with brick houses as they are visually too light.
• Lightweight materials like timber (fine designs), some powder coated metal or tension wire will work on timber houses
• Mix and match to create the right effect. Try a metal balustrade with a timber handrail or vice versa.
• Ensure you choose a balustrade design that works with the architectural style of your house.
Breaking up the plane
If the façade of your double-storey house is all on one plane, the house can look flat and uninteresting. Many double-storeys with the front facing windows all on the same face have this problem because there is nothing to break the tedium of the block-like surface.
• Add a portico to create a defined entrance, create shape, interrupt uniformity and give front-to-back depth. Pay attention to the architecture of your house when choosing materials and style.
• If a new portico is not in the budget, consider adding awnings to break up the regularity of the facade. Choose from canvas, timber or corrugated iron. Ensure the materials match the style of your house. Cool and funky, or sedate and traditional? Again, let the style of your house be your guide.
Fencing
A front fence or prominent boundary can go a long way towards improving your house. It frames, defines and demarcates the property.
• Make sure the style works with your house.
• Match the visual weight of the house by choosing materials that are of similar visual weight.
• If you don’t want a fence, consider a hedge, a low wall, or even a small garden in line with the letterbox.
These concepts of visual weight, anchoring and cohesion may sound foreign to you, but they are critical for a well designed home. They’re the difference between a designer looking house and a DIY hail-mary (pray that it looks alright when it’s done!) design, so definitely worth getting right.
