5 Reasons Investors Should Hire Interior Designers
When you’re spending time and money on a property and your goal is to maximize your return on investment, the last thing you want are additional expenses. You might have figured an Interior Designer is an unnecessary cost, but in reality hiring a designer will actually save you time and money. Designers help you avoid costly mistakes and increase the value of your home, which makes their fee more than worth it. You might think it sounds strange that paying an Interior Designer can actually make you money, so here are the top 5 reasons why you need an Interior Designer on your next investment project!
1. Space Planning
It does not matter how beautiful your finish out is, if the floor plan does not flow and the space is not functional buyers will pass and move onto something else that fits their needs and lifestyle. Perhaps one of the greatest areas of benefit to hiring an Interior Designer is their ability to space plan. They are trained to think spatially and are able to see the entire project as a whole and envision the end space well before the demo ever begins. They will rework the space to flow correctly and address the needs and wants of today's Buyers. They are able to provide full construction documents including floor plans, reflected lighting plans, and detailed elevations that are easily understood to be handed off to your contractors.
2. Value Engineering
While space planning, Designers are cognizant of major structural changes and existing plumbing, electrical and HVAC locations and can rework spaces with minimal MEP work keeping costs down and making a large transformation. Aesthetically, Designers are able to identify areas where you should splurge and where you should save. They are able to take a budget and best disperse that to areas and details that will give you the best bang for your buck. They are savvy on products, brands, and prices so they can make selections to help keep you within budget, and eliminate any low return improvements to maximize your profits.
Designers are continually building their knowledge and keeping up with current manufacturers and sources. They know exactly where to go for every material, finish and fixture based on your project budget and location. Many resources are simply only available to designers and not the general public. Designers can introduce you to their sources, and keep you out of the big box retailers to help you save big bucks. Depending on your contract they can pass along their discount, which can be up to 40% or even 50%.
For most Real Estate Investors finding reliable, quality contractors and subcontractors can be the hardest part of the project. In addition to the wealth of resources Designers posses, they also have many contacts in the home improvement industry. When choosing the right contractors can make or a break a project, referrals become key in finding people you can trust. Since Designers are contracted to work with different builders, investors, clients and contractors they have built a great rolodex of sub contractors that they can recommend based on quality, timeline, and pricing that is right for your particular project.
5. Wow factor
The home has to have that “wow” factor if you are asking top dollar in your neighborhood and Designers can help get you there. They are continually keeping up with the hottest trends and are able to create a cohesive design that will stand out among the other Investor designed properties. Thinking outside of the box is what Designers do best and their professional trained eye is able to create dramatic transformations for even the most challenging spaces. Buyers notice a well-designed home and a Designer knows exactly how to bring a cohesive and beautiful design together that is both highly functional and well thought out.
WHERE TO FIND AN INTERIOR DESIGNER
Look for a Designer that is Investor friendly, meaning they are current on the Real Estate market, if the are licensed that is even better as they have readily available information and access to the competition. Find a Designer that is willing to work with you on fees for a long term working relationship and commitment for future projects. Interior Design is an art that enhances spaces, both functionally, to meet the needs of today’s Buyers and aesthetically to tell a visual story. A good Designer can make all the difference between Buyers walking into a flipped house and their future home.
Images by Howie Le Photography