It is such an exciting time when you buy a renovator; there is a massive itch to want to get that sledge hammer out early and get cracking hard!
There is no denying I have been a huge fan of smashing down a wall or two, especially in that post buying rush that you get, with all the opportunities that lie in front of you. But before you get cracking, you need to ask yourself a few key things.
When renovating for profit, to sell now, in 12 months or five years, you need to ask yourself, will this change make me money now or long term? If the answer is not a resounding and confident YES then move away from the sledge hammer.
Before you make any floor plan decisions, you need to make sure you have completed the following steps to find out if the change will make you money and if your excited ideas will bring great value to the property.
So here we go…
- What are the changes you want to make to the floor plan? List them out.
- Will this add extra rooms to the property?
- Will this add extra entertaining space to the property?
- Will this provide better utilities to the property?
- If the answer is yes to any of the above then you might be able to get cracking! BUT before you do go that extra mile…
- Will the floor plan changes work?
I know that the floor plan changes work in your mind, but to truly see if they will work, you need to take your design concept to completion, to make sure that it works on all levels. For example, there is no use creating a new en suite in a master space if when you go to plan the bathroom, after you have already started the work, you realise there is not enough leg space on the en suite toilet! This applies to all spaces. I have seen too many times when people renovate a property and then they are unable to get furniture through a door, or around an awkward corner in the hall or they can’t find enough vertical space in the kitchen for a fridge and pantry.
Finally, check that the costs associated with the floor plan changes will return at least five times this amount in return on investment.
(A video showing one of Naomi’s floorplan changes)
Quick floor plan changes can sometimes be a huge value adding exercise and I personally do it a lot in renovating for profit. But there are some instances when a property is better left as is or extended rather than just have the floor plan manipulated.
Now that you have worked through the check list, if you have the green light, grab that sledge hammer and get cracking!
For more help on increasing your property value, why not head over to our free 30 tips to help you increase your property value?