Each property is unique
Real estate is individual and so is the decision as to whether a refurbishment will achieve the desired success. The choice depends on various factors, among which, in particular, the current condition. If the electrical system is outdated, the heating is defective or mold appears in the basement, it is high time for renovation. In case of minor defects, you can upgrade your property with cosmetic repairs.
Consider target group
What is the location of your property and who is your target audience? This question is particularly important because you have to meet different wishes and requirements depending on the buyer clientele. The higher the standards of the target group, the more upscale and cost-intensive the refurbishment should be.
Plan for the renovation of a property in the medium price segment about 500 euros and in the luxury segment about 1,000 euros per square meter. It’s worth it – depending on the location, a maximization of 1,000 euros up to 12,000 euros per square meter is possible. Consult with real estate experts and calculate the potential increase. You will be amazed at what is possible.
In any case, find out about subsidies. The Kreditanstalt für Wiederaufbau (KfW) has attractive subsidies available that can bring you much closer to a profitable sale.
Is the rough plan of the redevelopment in place? Compare quotes from different tradesmen and make sure that communication is reputable and reliable. This gives you conclusions about the later work in your property and protects you from unpleasant surprises.
Set the scene for your property
You are still unsure whether a complete or partial renovation is the right thing to do? We at WEISS IMMOBILIEN advise you comprehensively and find the optimal solution with you. Please feel free to contact us.