Things To Remember When Renovating Old Homes To Sell
Old homes can be full of character and charm that you don’t find in modern cookie-cutter homes, especially in multifamily real estate. If you’re looking to get into renovating and selling these properties, here are some things to keep in mind as you’re deciding what you need to change.
1. The Master Suite
Families 100 years ago weren’t focused on the same things families today are. They had less stuff and kept their belongings in furniture pieces like wardrobes instead of in closets. Running water was a relatively new commodity as well, so people were happy to have at least one bathroom in their homes—having one for everyone probably never crossed their minds. As a result, often older homes won’t have the typical master suite with an attached, roomy bathroom and closets that modern buyers are looking for. When you’re planning your renovations, make sure you make adding these features a priority in order to make the space sellable.
2. The Living Area
Modern houses have living areas built around the assumption that families are going to want to have the TV as a focal point. Old homes probably don’t have an obvious space for this, so you will have to create one. Whether you add a built-in entertainment center or simply create wall space, make sure that prospective buyers can visualize where their belongings will go. You’ll also need to make sure there are enough outlets in the room to plug in the TV, gaming systems and other electronics. If the home isn’t wired for wifi and cable, leave room in the budget for that as well.
Many times appliances like washers and dryers were added long after the house was built, which means that they are often hooked up in less-than-ideal places. Find a spot for them that your buyers will appreciate, and then take note of other missing or out-of-place appliances. Make sure the kitchen has a space for a dishwasher, a spot large enough for a modern refrigerator, and a power outlet available for a microwave. Even if they’re small, families will want to know they can have all of the standard appliances that they could find in new home.
When updating old multifamily real estate, it’s important to add the features that most homebuyers will want. This may mean getting creative to keep the integrity and beauty of the house intact, but it can be done, and it’s always worth it.