Renovating for your target market
When it comes to renovating your home, you might already have lots of ideas about what changes you want to make. But knowing who your target buyer is should be at the forefront of your mind if you’re renovating for profit. After all, a dark colour scheme in the bathroom may seem luxurious to you, but will it to your buyers?
Finding the right real estate agent for your property is an important part of the process. They will help you identify your market, and will have the expertise to attracting these buyers. Your agent should be on the same page when it comes to your target market and what you can do to draw them in.
To predict which improvements to your home will be worthwhile, you’ll need to research your market. Just as brands should have a clear idea of their audience, you should identify who your target demographic is. Once you’ve established who you’re looking to attract (perhaps a family, a young couple or downsizers etc.), hone in on what they’ll be looking for.
What’s important to them? If you want to appeal to a family, pay attention to shared spaces such as living rooms, dining rooms and the yard if you have one. Would a swimming pool be of value, or could it be considered a hassle? Extending the kitchen area could make it more marketable for larger families looking to fit into the space. Good fencing would make the home more pet-friendly. Multiple bathrooms would suit families with teens. A bath and internal laundry will be attractive to younger families.
Looking at trends can be fun and will make your property seem more modern and fresh. However a timeless design is better in the long-term. It may take longer than you expect to sell your home, and last year’s hottest colours or features might not date so well.
Being savvy when it comes to what materials you use in your renovation can save you a lot of money. Talking to builders or interior designers is a good idea, as they have many tips and tricks they can share with you. While sometimes you do get what you pay for in terms of quality, you can nab bargains by requesting trade discounts and buying secondhand.
While renovating costs do add up, it’s important to not overcapitalise. Concentrate on features that will add value to your home, rather than outpricing your market, making it hard to recoup the costs. As well as researching online, ask an interior designer about what is worth spending time and money on.
By being targeted and methodical in your approach, your renovation is more likely to result in a profit and a flurry of interest within your demographic. Keep their wants and needs ahead of your own tastes, and enjoy the process!