Calibre’s Principal, Alice Hagen bought her first property, together with Top Calibre Sales Agent and now husband Justin Hagen, when she was just 24 years old. Since then, the couple have collectively bought ten properties and renovated eight of them. It’s fair to say that Alice & Justin well and truly have their finger on the pulse when it comes to all things real estate, particularly in South East Queensland. Alice has kindly revealed to us her expert tips when renovating for a profit.
“Prior to setting up Calibre Real Estate, Justin and I were first introduced into real estate when we started renovating properties for a profit. Our lessons over the past 11 years of actively being in the real estate industry and profiting from real estate is that we treat every project individually and focus on the greatest value adding items.
We would firstly look at a project holistically. We obtain a floor plan and speak with local experts and architects about our intentions. Getting their opinion on our proposed project goes a long way to ensuring we are spending our money wisely.
Expert Tips When Renovating For A Profit
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1. Engage an experienced real estate agent and/or architect for their advice on your upcoming project. Advice from the right people will definitely impact your sales price.
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2. Instead of trying to squeeze in an extra bedroom, which will potentially only fit a single bed in it anyway, consider using this space as a second living space. We find buyers typically appreciate more living spaces than having an additional smaller bedroom.
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3. Shop around for prices, remember, if you engage a builder, there is generally a 17% to 20% margin on top. Consider removing appliances, lighting, sanitary items from the builders’ quote and purchasing these items direct from the retailer yourself.
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4. Once your project is completed, engage a stylist to furnish your property. Only 5% of buyers can visualise how they will use a space! And professional stylists always create beautiful spaces that resonate with potential buyers. This helps to ensure you can achieve a premium sales price.
In a recent online article from Domain, we are told that “No matter how impressive the house, an empty property tends to turn off potential buyers, while homes that are furnished sell faster and achieve higher prices.”
For other articles featuring tips and quotes from Alice Hagen, see :
- Know Your Buyer : The 7 Profiles Of Property Buyer Demographics
- How To Charge Your Tenants For Their Water Consumption
- Insiders Advice To Short Term Leasing Your Property
- Real Estate Power Couple Acknowledged For Their Entrepreneurial Success
- Ten Tips For Buying Real Estate That Will Save You Money
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