9 Reasons that Real Estate Investors Have Started Hiring Interior Designers
Updated: Sep 9, 2021
Most investors' main goal is to maximize their return on investment and avoid additional expenses. Many wouldn't even consider an interior designer as a necessary cost, but in reality hiring a designer will actually save you a lot time, money, and stress. They are master planners, keep you from making costly mistakes, and increase the value of your home. Here are the top 9 reasons why you need an Interior Designer on your next investment project!
1. Added Value
A good interior designer knows how to make your property more valuable in a multitude of ways. Typically, they focus on bringing in value through the kitchen, bathroom, and general finishes/appliances. They don't just add value through beautiful finishes and up to date appliances, but functionality of everything as well. Your built-in door swings will never encroach on existing structures, the kitchen layout will make sense for users, and everything will be aligned perfectly. Functionality also comes into play when they work with builders to knock down walls, create large windows, install built-ins, and change lighting. These updates can transform the space from cookie-cutter to personalized and unique, which can result in a higher property value.
2. Balance Trends and Timeless Design
It is imperative that the designer knows how to create a balance of trends and timelessness. It is the goal of a great interior designer to find the place where current trends, upcoming trends, and a client’s style preferences meet. Depending on what kind of investment property that is being flipped, timeless design could better suited than trendy design. You don't want something that's too far on either side of the spectrum. You will either end up with a house that doesn't catch the eye of the contemporary buyer or a house will end up outdated very quickly.
3. Objective and Researched Design
An interior designer will be able to see and curate your space objectively. If you’re not trained to do otherwise, you will most likely design your rental property based off of your own tastes and preferences. Professional interior designers know all too well the purpose and goal of design are to fulfill the needs of those who will reside in the space. They are trained and have experience in creating tasteful/updated interiors that are incomparable to the design capabilities of the investor.
As much as you may love that builder-grade tile you have been using for the last 6 years in your flips, a good chunk of your rental market will connect better with something more on trend. Interior designers, on the other hand, work with the big picture in mind. They’ll design your space to have a universal appeal with a diverse pool of renters.
To enhance any real estate investment venture, the interior designer can help to guarantee the property stands out from the crowd whilst appealing to a diverse group of homebuyers.
4. Saves Time & Money
Interior designers are some of the most skilled planners around. They can help you save money and lots of time by creating and following a strict project timeline and budget. Not only do they advise their clients on how to allocate their time and money, but can pass along hefty discounts for quality products as well.
5. Space Planning
One of the main reasons I urge investors to hire a designer is because of 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, lighting plans, and detailed elevations that are easily understood to be handed off to your contractors. Check out some examples of a flip that I have created myself here!
Hiring a professional to create floor plans could be the difference between a buyer signing or passing on your property. Even if you have the most beautiful finishes, when your floor plan isn’t done well, it will be much harder to sell the property for the price you want. It all comes down to functionality.
6. 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. A very common technique that designers use for MEP layout is keeping all of the plumbing stacked in one section. Sectioning off an area for bathrooms on each floor could save you thousands!
Designers are continually building their knowledge and keeping up with current manufacturers and sources. This is a competitive part of their profession. That being said, they know exactly who to go to for any finish, furniture, and equipment 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 50%. A highly regarded professional interior designer will be able to hook you up with all the must-have resources needed for any design project. They will also know how to use them efficiently, once again, saving time and money.
For most real estate investors, finding reliable, quality contractors and subcontractors can be the hardest part of the project. I have witnessed it time and time again where a contractor or subcontractor does the client dirty, leaving the project in a bad spot, budget and timeline wise. This can often be avoided when working with a designer because they have many contacts in the home improvement industry. This is typically the case because designers are contracted to work with different builders, investors, clients and contractors. Over time, 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.
9. Standing Out From the Crowd
An interior designer will help set your property apart from the competition. Most of the time, the rental options available to potential tenants are fundamentally the same. If you want your property to stand out, you need to give it a “wow” factor that makes renters want to choose it over the similar building down the block. This will be an especially helpful sales tool for your listing images and marketing materials. People are more willing to pay top dollar for a space of designer quality that still feels like home.
We are passionate about bringing not just individual homes to life, but commercial spaces too. We provide commercial interior designer services that are ideal for real estate developers, landlords, AirBnB hosts, and anyone looking to appeal to renters with a unique and inspired space. Take a look at some of our previous and current work.
Give us a shout online or at 914-672-6726 today to get started on your project!