Across the UK average property prices continue to hover at all-time highs. Keen to make the most of skyrocketing demand, developers are increasingly setting their sights on affordable ‘house-flipping’ opportunities.
In particular, picking up auction properties at bargain prices and selling them on for profit has become a popular option. Fast-access development finance is enabling investors to make time-critical purchase decisions, while specialist refurbishment finance facilities are helping cover the costs of property improvements nationwide.
If you have limited capital available but would still like to maximise profits, how can you transform a small refurbishment budget into a healthy return?
1. Maximise Storage Space
One of the best ways of making a smaller property look and feel larger is to focus on intelligent storage solutions. Keeping as much clutter as possible out of the way naturally creates a feeling of spaciousness. Maximising storage space should therefore be a priority when looking to present a smaller space in a more positive light. Furniture and fixtures that double up as hidden storage solutions come particularly highly recommended.
2. Install Premium Appliances
Giving an entire property a super-premium makeover can be as simple as upgrading a few key appliances. When prospective buyers enter a kitchen loaded with Bosch, Neff, AEG, and Siemens electronics, they see a space of pure luxury and prestige; something that applies around the rest of the home where the addition of just a couple of premium-branded appliances can make a huge difference. It is also a much easier and more cost-effective tactic than performing conventional renovations.
3. Fit a Bigger Shower Cubicle
Irrespective of how small the bathroom may be, there is no room for a cramped and uncomfortable shower cubicle. This is the single most prominent and important feature in the room, so it needs to be big enough to at least turn around comfortably in. Again, remember that this is most likely the first thing most viewers will see when entering the room. Fitting a bigger shower cubicle means taking up additional floor space, but it is still better than presenting a bathroom with a painfully small space in which to shower.
4. Maximise Lighting Quality
The way a property is lit plays a major role in how it is interpreted by prospective buyers. Upgrading to higher-quality lighting can make a real difference when looking to present interiors as attractively and convincingly as possible. The use of feature lighting can be particularly effective - i.e. using a multitude of lamps and smaller lights to accentuate the room’s best features. Smart lighting control systems can also be surprisingly influential over potential buyers and can also be quite simple to install.
5. Manicure the Garden
First impressions are everything when presenting a property of any kind for sale. With residential properties, this means the garden and the home’s exterior spaces in general. Be mindful of the fact that long before they enter your home, most viewers will have already made much of their decision. If they are not convinced by the time they walk through the door, there may be little you can do to bring them around.
6. A Fresh Coat of Paint
Nothing breathes life into a tired interior space better than a fresh coat of paint. As far as interior designers and realtors are concerned, interior painting offers the best ROI by far when selling a property. Keep things simple and neutral, with the aim of presenting your home as a blank canvas to prospective buyers.