When renovating an investment property, you do not need to think about your personal preferences. In fact, the best solution is to forget about your personal preferences all together. Of course, your personal preferences are a factor when remodeling your own home, but in the real estate business, it may not be the best idea.
If you are interested in renovating properties as a hobby, it is fine if you want to paint with your favorite colors, or use your favorite materials. However, if you truly want to profit in the real estate investment business, do not waste the effort on personal preference. The real estate market is no place for emotions and personal stuff, so save all that for your primary residence instead of your investment properties.
Many problems can arise if you decide to choose personal preference over practicality. For example, your investment property needs new carpeting. You really like the dark green carpet that they have at the home supply store, but a nice light brown would really open up the room. If you go with the dark green, the home will seem dark and small, which will not attract tenants or buyers ready to make you an offer. You run the risk of your property sitting vacant for much longer than you would like.
Try to stick to the colors and materials that are universally accepted by most potential buyers and renters, especially when selecting paint and carpeting. Instead of choosing the things that you like the best, try to keep your prospective buyers in mind and renovate the property in a way that you believe will draw their attention and attract more offers to buy your investment property. It is not a problem if the house is not exactly as you would like to see it, as long as it attracts buyers.
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Tags: investment property, Property Options, real estate investment, renovating properties
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Hi Sean,
I think the thing I’ve heard the most is to stick to neutral colours. That way, the colour scheme will go with most people’s furnishings and you appeal to the widest possible group of people.
Hard wearing carpets and neutral colours are what you need for tennants definetly…cheap to repair or match. In terms of selling the property you have to leave something for the next owner to do as everyone wants their own canvas to paint.