In our City, property development can be if not the most, one of the most profitable businesses to be involved with; either buying a property for a quick sell after refurbishment or keeping it for investment benefiting meanwhile of the rent, in both cases design plays a very important role in the process.
The question is how far to go.
To answer this question you will need to consider several aspects:
_How much did you pay for the property?
_How much that property once refurbished will cost (market price)?
_How much are you happy to spend on the property to get the market price?
_How keen are you about quality?
_What is your personal/company vision in regards of what sort of property you want to create and offer?
_How easy is for you to find the perfect client?. You just need one.
Of these six questions, five will be influenced by your understanding and appreciation of design.
Design has different layers: Floor plan layout, Furniture layout, Finishes, Furnishing, Soft Furnishing, Art and Technology.
Knowing your target market and how much you are keen to spent you can decide how far you can go in every one of these areas.
For the quick selling of the property this probably is one of the more difficult challenges as it is proven that good design increases the asking price of the property; however good design can mean different things for different people: if you are selling a flat/house for a family the amount of money you need to spend on the kitchen is much higher that if that house/flat is thought to be for a couple or single individual.
Now for renting purposes this is a bit more complicated as you will need to think of two situations in parallel: Getting now the best possible floor plan layout, finishes and detailing as this will affect the price of the property if you decide to sell and on the other hand spend a reasonable amount in furnishing, soft furnishing and art if you are going to rent it.
In both cases the difference will be made in hiring a good designer so to get the best possible outcome.
If due to the pressure of the market the furnishing and soft furnished cannot to be of high quality you still can achieve a great outcome getting the design right choosing items that create an atmosphere and style.
This is exactly the experience I just have with a client of mine, property developer, who bought a property for renting purposes. We analyzed the floor plan layout, what is possible in the area, the quality he wanted to achieve and the kind of tenant he has in mind once the project is finished.
All these points combined created an outcome that I will share with you the next week.
The only thing I can say in advance is that I proposed a Scandinavian Style as the source of inspiration due it fits very well with the brief of the property and the potential tenant.
Meanwhile the next week arrives please have a look at how the flat looked before the modifications.