By Naomi Findlay
While purchasing a run-down property presents a fabulous opportunity to make a tidy profit, sometimes it can be difficult to see beyond its flaws. From overlooking dodgy carpet, dated kitchens, wallpaper and awful paint colours, your imagination is vital when unlocking the potential of a fixer-upper. Simple cosmetic enhancements can vastly increase the value of a property.
While good bones are important (if you’re not planning on remodelling), many aesthetic aspects of a home can be easily (and often cheaply) updated. New carpet, paint, bathroom fixtures and window treatments are all relatively affordable renovations that deliver serious bang for buck.
You may be looking at the home of a deceased estate, or the owners may be mad hoarders, but you need to see past the clutter and imagine the space as an empty shell. When you have done that, draw out a simple floor plan with pen and paper, and furnish it the way you would. This will help shift your mind set from what you are currently seeing to what the full potential of the property really is.
A home’s layout can be one of its most valuable aspects, but it can be a significant drawback too. Firstly, consider whether the current layout works and whether you can add value by reworking the space. For instance, can you remove walls to create open plan spaces, or walls to increase the number of rooms?
If the property’s garden is an overgrown, ramshackle mess, there is often significant value in a simple tidy up. A neat, manicured garden adds significant value and it’s also worth noting that the presence of a large, established tree can add up to $10,000 in value to a property.
Get some distance
Some properties are so overwhelming that the only way to move past their appearance is to physically remove yourself from them. After leaving the property, draw up a floor plan and make a list of the home’s current assets to help clarify its potential.
–—Australia’s rapid renovation expert, Naomi Findlay is an internationally renowned renovator, award-winning property stylist and speaker. She’s an industry leader in creating healthy wealthy spaces and creating wealth and profit from renovating property.
Photos of one of Naomi’s own renovations to sell.