One of my favorite HGTV shows is Love It or List It, and I recently had the pleasure of attending a workshop led by the one and only, Hilary! In the workshop, she discussed her 10 Rules of Renovation. Check out our five favorite rules below to learn smarter ways to invest in real estate. You can view the full list here.
Stop Right There
Before Hillary dives into the rules, there are a few things she highlights that you should remember. For starters, when it comes to real estate investments, you have to banish fear! “Fear of the unknown will cause you to make bad decisions and miss opportunities,” she says. Learn everything you can about the fundamentals of a successful real estate investment and find a good team to work with. This should help you put some of those fears behind you. Hilary also brings up the importance of knowing your market and understanding how financing works. This will require you to research your area as well as lenders. Lastly, don’t expect it to be a slam dunk the first time, or even the second time. As long as you do not lose money, consider every time you invest in real estate as a lesson on how to do it better next time. Now for the rules…
10 Rules of Renovation
- Curb appeal – This is always important when you are dealing with any sort of real estate transaction. Before you start worrying about the inside, make sure you are making a great impression as soon as people pull up to the house.
- Walls and floors are the largest spaces in a house – Repaint all of the interior walls in a color that would be appealing to most people. Say no to strong colors and “builder’s beige.” Hilary recommends soft greys.
- Bathrooms sell houses – This room has to be super-clean and functional. If you are on a tight budget, keep the existing layout to save money on plumbing. However, make sure you upgrade the lighting and add in elegant touches such as new towel bars with white fluffy towels. If you can steal space from a room adjoining to enlarge the bathroom, it is worth it. A smaller bedroom is better than having a small bathroom or not one at all.
- Storage is everything – If you can, make sure every bedroom has a good closet, even if it makes the room smaller. This is especially important in the master bedroom! Don’t only think about closets though. Make sure you have great storage in the kitchen and laundry room as well.
- Let the sunshine in – Add-in windows or enlarge existing windows to let in more natural light.