Maximizing Profit: What To Focus On When Renovating A Fixer Upper

You are renovating a home that needs extensive work and wish to focus on the most important aspects of the project. Keeping expenses down and making a profit on the sale of this home are your number one priorities. The issues and areas to focus to accomplish this should include the following:

Emphasis on the Kitchen

The main area buyers and renters look at when considering a home is the kitchen. Yes, this is also the one area that costs the most to renovate as this room has plumbing, painting, tilework, countertops, cabinets, and flooring to be done as well as appliances purchased. Putting most of your energy and focus on this one room can reap huge benefits.

Getting Bids and Comparing Prices on Everything

During the course of the work that is being done, it is extremely important to get bids on every service and item that you use or purchase. Thousands of dollars can be saved if you just keep a really close eye on what is spent. Simply watching for great sales on appliances can save you hundreds of dollars. Purchasing paint in bulk and tile and carpet at discount centers can also save large sums of money.

Watching the Trends

You will want to get a competitive price for your property when you finish your renovations. Therefore, it is a good idea to keep a close eye on current trends so there will be interest in the home. For example, at one time, stainless steel appliances were very popular and highly desired. You would not want to outfit this home with basic white appliances which might deter buyers from placing a bid on the house. Countertop materials are also very important. Do your homework by reading magazines, touring model homes, signing up for workshops at home improvement centers, and attending home shows.

Staying on Schedule

The longer your project takes, the more it is going to cost you. Wages, supplies, and unexpected problems can pull your work way over budget. Draw up a simple schedule or plan as to how you would like the work to progress. Plan for interruptions and unexpected problems. Share these plans with your vendors and contract workers so they know you are serious about completing the work within a set period of time. Hold yourself accountable by comparing what has been done to the schedule. If you do find yourself falling behind, it may be necessary to step up the pace by working longer days and on weekends.

Paying close attention to these main parts of your project will help you in maximizing your return. The project as a whole will go smoothly and after it is complete you will be ready to take on your next challenging one.