Ensure your property appeals
Maggie had just purchased the new in-style, egg shaped bath tub for the bathroom which she was about to start renovating. She rang me in a panic with a number of questions.
Blogger: Laorence Nohra, Tradebusters
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“Have I made the right decision in buying it? I just love this egg, but my friends think I should go for the standard modern line shape. What do you think?” I responded “It depends!”
Maybe not the answer Maggie wanted but it was a starting point for our discussion around a common dilemma faced by many homeowners when renovating - should renovations be based purely on personal taste in the knowledge that it may not appeal to the majority of other people? OR should personal preferences be set aside and wider preference choices considered?
To help lead Maggie to a decision I tried to understand her future plans for this house. Was she planning to sell it within a short time frame after completing the renovation, say 6 or 12 months? Did she plan to live there for several years? Alternatively, was this the home she envisioned living in for the next 15 or 20 years?
When selling a house the research is pretty clear, success rates in securing a prospective buyer are higher and faster if the home appeals to the broader population, regardless of whether it’s an apartment suited to a single professional or a suburban home for a family with three children. Generally, it’s easier to appeal to most groups of buyers with timeless features like neutral wall colours, open space living, and probably a modern line bathtub – sorry Maggie!
I shared with Maggie a story about another client who had just secured a new house for $100,000 below its original asking price. The house had a bright blue and red kitchen, which was only three years old failed to appeal to the majority of prospective buyers. As a result, it remained on the market for more than nine months and out of desperation the owner was forced to drop his price considerably to sell it.
When planning a renovation, it pays to consider the following:
• Know your short and long term plans.
• Think timeless, not trendy. Whilst the latest trends may look impressive now, they could end up costly to change when the look becomes outdated in a few years. On the other hand, a timeless designed kitchen or bathroom will still look great in 10 to 15 years from now.
• If you intend to sell in the short to medium term then consider strategically tailoring a renovation that targets prospective buyers in a key demographic group. By doing so, there is an excellent opportunity to maximise the price.
And by the way, about Maggie…she was renovating to create her dream home and she planned to be living there and enjoying it for many years.
So with complete confidence and excitement she went with her first choice, the ‘egg’, and has never looked back.
About Laorence Nohra
From the jet setting corporate world of accounting and finance, Laorence Nohra is the CEO of Tradebusters, one of Australia’s first personalised tradesmen service providers.
Based on the principal that the best way to find good tradespeople is through a quality ‘referral’, Tradebusters aims to help homeowners take away the time, guesswork and risk of sourcing good tradespeople.
As an outsourcing and operational efficiency expert, who has held a number of international posts with global corporations establishing shared service centres across the world, Laorence now works actively with homeowners, real estate agencies and trade businesses across Australia to unlock and realise the benefits of effective outsourcing.
Tradebusters has been featured in The Sydney Morning Herald, The Daily Telegraph as well as various online, local and industry related publications.
“Tradebusters is Tradeblogging” is aimed at sharing with you real life experiences so that any home improvement or renovation job, whether it is big or small is stress-free, positive and rewarding. That’s all part of Tradebusters difference!
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