Planning A Renovation? Don't Make These Mistakes!Tuesday, June 21, 2016
Planning on any home renovations this summer? Sprucing up your home and making a positive change is always a great feeling, however with bigger projects there's always the worry of what uncertainty and risks lie ahead. Here are three things to bear in mind when you're renovating your home.
Come Up With a PlanDon't just jump in feet first;, plan, research and plan some more in order for things to go as smoothly as possible. Make all big decisions before the work starts- depending on how things progress you may have to be flexible and make changes along the way, but it helps to have an idea of what you want from the beginning. Spend time creating mood boards, use Pinterest and scour similar projects to help you in the planning phase.
Create a Realistic BudgetFinancing is hugely important, making sure you can actually cover the cost of what you want to do will mean you don't end up with half finished jobs that you cant afford to complete. If you can’t pay for the work outright then you may need to look into home owner loans and other solutions. Be sure to secure all the materials you need before day one of construction, even little things like a tin of paint being late can throw everything into the air. Do the maths; get quotes for labour, price up materials and work out how much everything likely to cost. Always have a contingency fund, an extra pot of money put aside for any unexpected expenses. It's naive to think you'll get away without having to use it!
Decide If It's Worth ItWhen you approach a contractor for a quote, they may not readily admit it but it's not worth it to renovate some properties. Consider the 'ceiling price' (this is the maximum price people will pay on a property in an area) this means that regardless of the renovations and amount of money you spend, it will only ever be worth a certain amount. This is fine if you intend on staying there, but means if you want to sell further down the line you wont make your money back. Before carrying out renovations, decide if you should spend the money elsewhere in your home first. For example, there's no point adding extra rooms and features if your home needs new insulation or electrics.
Do you have any tips for people currently renovating their home?