Today we talk about how to cater your renovation to your buyers.
So by now, you've worked out what your target market is. For your patch, strategy and property type, this is the group of ideal buyers who are going to be buying your post-renovation home.
But what if there are a few different types of potential buyers? How do you make sure your renovation suits all of them?
Realistically speaking, there will be more than one type of buyer. Catering to all these groups of people is tricky.
Your job is to find the perfect middle ground in planning your renovation. That, way you can maximise your profits at the end of the day!
But how do you do this?
Well today we will be going through the elements you need to consider to cater your renovation to your buyers.
Keep reading below as we share a few pointers or simply listen to the full podcast here instead…
The good news is that you've already cut the list down to a specific element of people. Now you need to put yourself in your target market's shoes.
How will the target market live in the property?
Think about your finishes. The colours and the materials you end up choosing will hugely impact your project's final look and feel.
Whatever you have in mind, ensure that they do two things with the finishes and the look.
TWO ELEMENTS TO CONSIDER WITH THE FINISHES AND THE LOOK
Element #1 ENSURING THE FINISHES SUIT THE STYLE OF THE HOUSE
Make sure that the finishes actually suit the style of the house and that they highlight the highs of your property.
For example, if it's in the form of an art deco, use finishes that will complement and enhance the sought-after features of the art deco period.
Element #2 ensuring your finishes match with your target market
Ensure your finishes match with your target market and what they are looking for. You want to find that middle ground when it comes to the finishes.
For example, using a white marble countertop will appeal to the target market of young families, empty nesters or young bachelors.
If it's an empty nester or a young family you're after, a graffiti feature wall isn't going to fit the bill, right?
But if the property is near the beach, you would cater for a relaxed, coastal vibe with timber floorboards.
On the other hand, using carpets in living spaces would be impractical for a beach-side location.
There are so many considerations in working out your finishes!
Next, what sort of floor plan does your target buyer want?
TWO ELEMENTS TO CONSIDER IN CREATING THE PERFECT FLOOR PLAN
ELEMENT #1 WHAT YOUR TARGET MARKET NEEDS
To cater your renovation to your buyers, it's so important to look at what your target market needs.
Do your potential buyers want open plan "everything", stove bench tops, a giant laundry, or a huge outdoor planning space?
When putting yourself in your target buyer's shoes, you still have to consider your budget, right?
You need to differentiate what your potential buyers want when they are looking at your house. AND what you can include from a budget perspective.
ELEMENT #2 YOUR TARGET BUYER'S USE OF THE SPACES
You need to also think about how your target buyers are actually going to use the spaces.
For example, what will a huge open plan area with double storey ceilings mean? This space will be hard to keep cool in summer and warm in winter.
Your spaces might look awesome. But you'll miss out on potential profits if your target buyer realises the space is going to be hard to clean.
So keep your spaces functional as well as visually appealing to cater your renovation your buyers. You'll have your target market jumping over one another to hand you their money!
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