Saturday, Mar 06
Property Market Valuation: Interior designs baiting value on the hook of developer’s properties

Property Market Valuation: Interior designs baiting value on the hook of developer’s properties

Earth is our very own "Goldilocks planet”. Just like the story of little Goldilocks who aimed for perfection and loved everything to be just right in her little world, the tallying of humans to planet earth is Providence’s innate understanding of His creation, made in His ultimate likeness and their well-intentioned desires to glide on the sidewalk of flawlessness and balance.

Like a pen to a paper, a rhythm to a song, a life to a yarn, a brush to paint and a lit match to a tinderbox, every single individual is born an artist. Our expressions in these arts may vary but the outcome are the murals which liven the world. Rioting for space in minds are ideas waiting to find expression in the next masterpiece which will transition and inch the world closer to its complete cycle of evolution, but like a full circle, evolution never really ends. Immaculately driven to test runs, unbridled trust and living in a forever state of improvement, the life of an artist or designer conceptualizes the ‘abnormal’ and may have the enigma of Banksy to validate innovation.

 The Unsung Hero in Real Estate

Similar to historical scrolls being dusted off to bring perspectives to modern culture of a people, we better appreciate the character of a nation and better grasp their future endeavors through relics of its dominant civilization. Structural edifices of buildings barely cause stares and jaw-dropping awe like the regal interior and almost surreal designs of its inner aesthetics and appeal. Discussions centered on real estate and owning a home seldom incorporates how the interior, colours, choice of curtains or drapes, and the functionality of the space, as this usually comes as an afterthought. Much like unsung heroes, designers work from the shadows, albeit quite silent, remain indispensable.

Interior designers are the quill in the ink bottle, telling the story of the personality and character of homeowners. It may be easy to miss the indiscernible engines of the internal look of a building that keep the wheels of modernity turning on the axis of its splendor. It does come at a cost regardless of how thrift and elaborate your desires are, however the purring sound of its ignition in taking guests on a journey to the character, personality and interests of the homeowner are unraveling in its elemental glides yet curtsying to the modesty of sophistication.

A progressively prevailing role within the property market is that of the interior designer. This is true across the entire real estate landscape, from building a successful career in design to joining teams of investors and developers.

Without a shred of doubt and beyond any frills and fetters, one’s experience in interior design is likely to be warmly welcomed by the real estate sector. Realty Biz news asserts that, “the power to unite buyers with their dream home or business with the perfect premises is a power that’s highly regarded by all those involved in property investment. Or at least, it should be”.

Based on such profound leanings such as the knack of proficient interior designers who are well placed to assist both real estate investment groups and individual investors who might be in the market to buy, renovate sell or finance properties in order to make a return, talented designers have become the compass leading these individuals to the “North Star” of homey yet sophisticated comfort.

Invariably, through their ability to identify unique features and artistically dreamy skills that enable them to visualize potential revisions in designs; “interior designers are better equipped to present multiple visions of a property to multiple clients. This is the very practice of real estate interior design”.

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“Now the odds tend to even out for a real estate investor and the parade of interior design basically functions as a hook. What this means is that, an aptly designed property with an interior to die for will bait visitors and makes it easier to picture themselves living in the property. It pulls potential buyers in, and makes them feel connected.”

 Drawing the blinds of interior designs in Property Market Valuation

Value addition to homes are just the preliminary introduction to the colossal benefits of having a solid interior design. In the words of Nate Berkus in The Things That Matter, “your home should tell the story of who you are, and be a collection of what you Love”. With this, a simple real estate rule applies; a well-designed interior adds value to your property. While some collection may come in the manifestation of actual furnishings with a tangible value, others are more subtle and perceptibly appreciated.  One thing is however certain, your ability to sell the property for more is predicate on a well-designed interior.

If you’ve added value by incorporating strategically beautiful elements into your home, you’ll succeed in increasing the immediate appeal of the property to any potential buyers. From the pictures in advertisements to their first impressions on entering the property, potential clients will see a beautiful and well-thought-out interior.

In order to appreciate property's value, it is dependent on its demand (the desire or need for ownership supported by the financial means to satisfy the desire), its utility (the ability to satisfy future owners' desires and needs), scarcity (the finite supply of competing properties) and transferability (the ease with which ownership rights are transferred).

Dissimilar to many consumer goods that are quickly used, the benefits of real property are generally realized over a long period of time. Enhancing a property’s appeal isn’t just the preserve for those looking to sell, basically, the philosophy is simply, potential buyers aren’t just looking for a house, they’re looking for a home, a well decorated home helps a potential buyer to imagine your home as their own and increase their willingness to pay for it.

According to Investopedia, estimating the value of real estate is necessary for a variety of endeavors, including financing, sales listing, investment analysis, property insurance, and taxation. But for most people, determining the asking or purchase price of a piece of real property is the most useful application of real estate valuation.

It further noted that, value is not necessarily equal to cost or price. “Cost refers to actual expenditures – on materials, for example, or labor. Price, on the other hand, is the amount that someone pays for something. While cost and price can affect value, they do not determine value. The sales price of a house might be $150,000, but the value could be significantly higher or lower. For instance, if a new owner finds a serious flaw in the house, such as a faulty foundation, the value of the house could be lower than the price”.

What interior design does can bolster significantly, add-on value to a number of properties, especially those being sold to first time buyers. First time buyers don’t always have the inclination to carry out work on a property and often want to see a property finished and staged to get a vision of how the property will look with their possessions in it. Some buyers won’t have the money to perform work that is unlikely to be funded by a mortgage.

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Know your market target as a seller is the condiment in ensuring smooth sailing transaction. Although it may serve as a precursor to establishing contact and eventually clinching the deal of a cool sale, the makeup of your home and its highlighted features contoured to perfection is incumbent on an “unsmudged” interior. One thing is certain when you’re looking to sell a home; you don’t have to break the bank, otherwise how would you rake in the extra monies for which you’re selling your home. Basically, redesigning your home doesn’t have to be too costly, but it can have a huge impact on its value. To ensure that any financial investment in a redesign is in line with your expected return, renovate in accordance with the location.

The first thing to consider is that the way you sell your home will be very different from the way you live in your home. When you decide to put your property on the market, it’s important that you change your mindset and start thinking about the property as a financial asset, a commodity you’re going to sell to help you realize your dream of living in a new home. The good news is that it’s possible to stage your home on a budget whether you go down the do-it-yourself route or seek professional help.

According to luxury interior designer, Mark Howorth of Callender Howorth, to find out how clever interior design can not only attract a buyer, but also improve the value of your home, he stated that whether for investment purposes or the demands of a family, these interior design strategies may help you boost the value of your property when it's time to sell up.

Predict who your buyer might be and consider things like storage, special features, and finish when deciding on the best interior design.

It is a good idea to consult an estate agent in your area before investing in large-scale improvement projects, as they can advise you of what features buyers are looking for, ensuring you only carry out beneficial upgrades for yourself and future buyers.

Going the extra mile and designing a spa-like bathroom with well-positioned mirrors and lighting similar to that found in modern hotels can instantly boost the quality of your home’s finish and in some cases, its value. Likewise, investing in a power shower with a stylish glass enclosure can make your home more desirable yet practical.

It’s not just live in homeowners who are hiring interior designers, private landlords are also ensuring that their properties are decorated well to ensure the best returns. Interior design for your property, really is a no brainer for landlords, ensuring it looks great can often command the rental income they want for their property as well as avoid long voids where the property will be empty between tenancies.

More than a tune, more than colours, more than hues and certainly more than the fluttering awe of captivation, the creative musings and mind of an artist is like a stroll through a library, except in this case, pit stops at compartmentalized thoughts, ideas, feelings, emotions and context are pertinent on the need and purpose of the moment. The art of an artist is trapped in the heart of inspirations glazed with a pair of distinct set of eyes different from the breaks the banks of the mundane and passé.

Amanda Talbot better puts it this way, “our interiors are an insight into our brains. It is a collaboration of design, art, humor, irony, functionality, and the street and understanding the person or people living in a home is a far greater need in design than focusing purely on the aesthetics. The home is designed around emotional needs”.

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