Renovation Tips

Renovation Tips

When considering a renovation, the first question to clarify is the end goal. Are you planning to make this your personal residence, or are you aiming to flip the property? By “flipping,” I mean renovating the property and selling it right after completion, maximising its appeal and value when the property is in peak condition.

Essential Tips for Flipping Properties

The golden rule of flipping is to avoid making personal design choices. Instead, focus on broad appeal. Hiring a professional contractor with an interior design team on hand who understands market trends will ensure that the property has a universally attractive style. A well-experienced contractor and designer is worth the investment, as they are not only skilled at curating appealing spaces, but they often have access to discounts on materials like tiles, cabinetry, sanitary ware and other finishes. Leveraging their expertise will ultimately make the property more marketable.

The key objective is to appeal to as many potential buyers as possible to achieve a strong sale price. Consider the local market dynamics: Who is buying in the area where the property is located? What is the community’s primary appeal? For example, if you’re in an established area like Arabian Ranches, buyers are typically drawn to the spacious plots and the large built up areas. However, the recent regulation from Emaar of capping extensions to 10% of BUA means it is really important to creatively utilise the available space of the property. Buyers are looking for a totally turnkey solution, where zero work is required from their side.

So it is important to look at all aspects of the property and make sure you finish the job!

Location and Layout Considerations

Location is critical in flipping success. Ideally, purchase the most affordable property on a desirable street, and turn it into a standout with a great “wow” factor. Indoor upgrades like kitchens and bathrooms are, of course, essential, but outdoor space is just as important. Seek properties with a rectangular plot, plenty of space at the back, and minimal road noise, as these features are highly appealing to buyers.

Timelines and Permissions

When planning your renovation timeline, remember that getting approvals from Developers and Dubai Municipality can be time-consuming. Each community has different requirements for drawing submissions, contractor passes, and work permissions, which can delay the start of renovations. You need to be prepared and organised in order to stay on track and not waste time, as the longer it takes to start the work, the longer it will take to sell the property which can potentially affect your final sale price! It is important to finish the design process of the overall project and submitting for approvals at once, otherwise doing this stage by stage can cause significant delays.

Budgeting and Quality

Quality is essential when targeting high-end buyers. To attract this market, you’ll need to invest in premium materials and focus on the finer details, which discerning buyers expect. That said, it’s crucial to budget wisely. Factor in all costs, including purchase price, renovation fees, contractor and designer costs, and your own time if you plan to manage the project yourself. The numbers need to work out; otherwise, there may not be enough profit left for the buyer, making the flip less appealing.

Profit and Market Conditions

Lastly, assess the potential profit carefully. Look at the current market and anticipate potential shifts—it’s not always guaranteed to stay favourable. Calculating realistic profits and understanding market trends will help ensure that your renovation and sale efforts are worth the investment. Look at favourable layouts and types in the community, make sure to purchase a layout that is widely popular.