We all know the value-boosting magic of a well-executed renovation.
But beware, property pros! Jack Bristow from JS Advisory has highlighted some common pitfalls that could turn your investment property into a value-losing venture. Here’s the lowdown:
1. Removing the Bath
Thinking of ditching the bath for more space? Think again! Families, especially those with young children, see baths as essential. Instead, opt for a space-saving two-in-one bath and shower unit.
2. Bold Colours
Love bold, garish colours? Potential buyers might not. Stick to neutral tones to appeal to a broader audience. Think plain walls and functional spaces that buyers can easily personalise.
3. Textured Walls and Ceilings
Textured surfaces are so last century. They can make a property look dated and might signal hidden imperfections. Smooth, non-textured walls are the way to go.
4. Converting the Garage
Extra rooms sound great, but not at the expense of parking space. Many buyers value a garage for parking or storage, so think twice before converting it.
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5. Removing Period Features
Modernising is tempting, but don’t strip away period features like beamed ceilings or fireplaces. These elements add character and can be a significant selling point.
6. Outdated Kitchen or Bathroom
An old kitchen or bathroom can be a deal-breaker. Invest in modernising these spaces but keep the design simple and minimalistic to appeal to more buyers.
7. Converting Bedrooms
Turning bedrooms into hobby rooms or offices can deter buyers. Ensure any conversions are easily reversible to keep the bedroom count intact.
8. Inconsistent Flooring
Different flooring in every room? Not a good look. Consistency is key. High-quality hardwood flooring in high-traffic areas is preferred for its durability and ease of cleaning.
9. Poor DIY Craftsmanship
Shoddy DIY work can drastically reduce your property’s value. Invest in skilled professionals to ensure high-quality finishes and avoid the amateur look.
By steering clear of these common renovation mistakes, you can ensure your investment property retains or even increases its value.
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