The property provides a roof over our head but it also can also make us money too. Whether you are buying somewhere to call your home or purely for investment purposes, picking the right one could safeguard your future. First-time buyers start at the bottom of the property ladder buying an easy to maintain unit that will incur minimal outgoings.
As their income increases throughout their career and property values head upwards too, the owner will have more capital to move to a bigger property. However, you cannot solely rely on the market to give you this increase, and there are other ways that you can do this instead.
Refurbishing a property is not for everyone but it does come with its rewards. Any properties that require a bit of TLC will have a price tag to match. Typically, the amount spent on refurbishment works is less than the increase in the property’s value after they have been completed ensuring a tidy profit.
If you are not afraid to do some hard work then this is an obvious option. Ideally, you want to find a property in poor condition in an already population location. This will guarantee that once the works have been carried out that there will be resold demand.
The extent of how much you want to improve the property by will depend on the existing condition of the property, your ability and budget. Sometimes a quick lick of paint will suffice, however, this will not generate a huge return.
Replacing the kitchen and the bathroom are the big money spinners and reconfiguring the unit to a more usable space even more so. Open plan living is a popular way to live, therefore opening the kitchen to the dining area is one such idea to create a social living environment.
There are even smaller renovations that you can consider such as by building more storage or moving the washing machine onto the balcony to free up space in the kitchen or bathroom. Even replacing soft furnishing to more modern trends will instantly lift a property such as the window dressings.
Remember most people buying property want to instantly imagine themselves living there. Often they might not be able to see beyond any required works or a dated taste or style. Make it easy for them to picture life in the unit, reflect the style of the building in the unit and be sure to check out the latest interior design trends.
Thinking about the end user when refurbishing is imperative for a successful resale. A smaller unit close to popular hangouts for young professionals needs to reflect the personality of the people that are living there.
Finally, it is also worth remembering that mandatory taxes related to the purchase of a property are based on the property’s sale price. The lower the price, the less the taxes and the bigger the profit you can enjoy.
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