Home Renovation for Profit

The success or failure of home renovation for profit depends on careful planning in two key areas:

• spending money on renovations that add value

and

• controlling the project in terms of cost, time and quality.

It is also important to be clear with yourself at the beginning on the end purpose of the renovation project – do you have an interest of earlier investment return by selling the property after work is complete or do you intend to have it as your residence ? This distinction is important when embarking on a renovation project as it will have an impact of how you spend your money.

Home Renovation for Profit: How to Spend Your Money

For people that embark on renovation projects for investment purposes, it is key to not spend more than needed to and to be as neutral, but tasteful as possible. It is not worth being too innovative or original – unless you are very confident of your designer skills. For example, if you’re going to renovate a bathroom, do it in neutral creams or whites or subtle blues. There really is no point either in installing a whirlpool bath, as you are highly unlikely to recoup this cost.

Fitting a high-end kitchen with all mod cons imaginable might not be the best idea either as it all will cost a great deal of money but will not add significantly to the worth of your property. It will make much more sense to put in neutral kitchen units, or even simply leave space for units.

Similarly, don’t bother putting in the most expensive flooring, stairways or timber doors. In Italy, prices for the best quality for each of these items are very high. Once again, you are not likely to recoup your expenditure.

Do not fit cheap and nasty either. Instead, aim to appeal to the greatest number of people. And for this, you only need to do the basics - mainstream layouts, designs and fittings.

The Five Don'ts in Restoration Work

This leads us to the restoration five don'ts to always remember:

• Don't be too original


• Don't do anything out of character with the property


• Don't waste money on top-of-the-range items


• Don't take on a property unless you are quire clear about the work that needs doing


• Don't renovate/restore everything. If possible leave something as it is. Buyers like to feel they have room for some potential.