Insights

Summer is a popular time for home renovations, but before you start it pays to do your research. Julian Augustini, Director of Hodges Brighton, Sandringham and Beaumaris, was recently interviewed by realestate.com.au on the importance of considering your demographic before undergoing a renovation.

“Even if you’re not looking to sell for five years, it’s important when renovating to ensure the home is right for the future,” he says. “Many home owners make the mistake of tailoring their renovation to their own taste and current needs rather than considering potential future buyers,” Julian said.

It is important to know your area and demographic. For example, if a future buyer is likely to be a family, then you need to consider that when planning your renovation.

“If you have a home where families are the main demographic, research shows the key areas will be the kitchen and living rooms, the backyard, a good feeling of flow through the house, being able to see the kids from the kitchen and so on,” Julian added.

Julian also goes on to talk about the importance of not overcapitalising and knowing what to spend comes down to your demographic too.

“For a house in the suburbs worth $600,000, you’d complete the kitchen very differently to a kitchen in a house with a $2 million price tag in an expensive suburb. It’s about understanding the expectations of the demographic and ensuring you don’t overcapitalise,” Augustini says.

WBP Property Group Executive Chairman Greville Pabst says while investors may look for slightly different things than regular buyers – such as lower maintenance requirements and more bedrooms to maximise profit – they ultimately need to rent the property, so many of the same rules apply.

With all this in mind – and if you’re about to start renovating your home this summer – make sure you’ve done your homework and know what your target demographic are looking for in a home.

From the team at Hodges, we hope you have a safe and enjoyable holiday season with friends and family.

Check out the original article: http://www.realestate.com.au/advice/renovating-for-a-target-market/

Feature image credit: Domain.com.au