Are you thinking of selling your house? Or perhaps you’ve been considering doing some renovations that’ll improve the chances of getting your asking price when you do decide to sell? In all likelihood you probably think that improving your home through renovations means that you’ll make money on your property. In most cases, you’re right but there’s such a thing as over renovating and this is a dangerous mistake to make.
You’re in danger of spending too much money on your property or worse, ending up in debt because of your renovations. Many homeowners will re-mortgage their home in order to afford renovating and remodelling their homes. If you’re thinking of doing this, first do the maths on your mortgage loan calculator so as to ascertain what your repayments will be, and if the added debt is worth it.
If you decide to go ahead with the renovations then here are three key tips to prevent yourself from over renovating.
DIY is cheap right? Not always…
Many homeowners take on DIY projects to improve their properties thinking this will be the more cost-effective solution. However, it can end up costing you more. You need to be absolutely certain of what you’re getting yourself into or you might end up damaging the property or choosing the wrong materials. If you don’t succeed with your DIY project you’ll have to call in an expert. This means the money you’ve spent on the materials and tools to complete the renovation yourself, goes to waste.
Research your experts first
Whether you employ a building company or you hire an individual private renovator, do your homework. Working off a reference from friends, family or neighbours is a good place to start. But, also head online and review their websites, testimonials and social media pages. You might also find a rating of their work and service on community forums such as Hello Peter. Make sure to get a detailed quote from each one of the building service contractors you’re considering. This quote should include the cost of every single detail of what you’d like done to your home, such as materials used and labour costs.
It’s a material world
This is tricky because cheaper materials are tempting. But, they’re unlikely to last. The materials, fixtures and fittings you use need to be of a good quality for resale purposes and for your budget. For instance, if your home is on the market you probably need to fix a couple of issues around the property. Let’s say your garage ceiling needs to be redone but you use cheap materials and sealants and we have a downpour of rain; you could end up with a damp problem very quickly. Quicker than you being able to hand the house over. Even if the purchaser has signed the deed of sale, if the damp sets in while you wait for transfer then the onus will be on you to fix it before they move in. This is going to cost you more than double in both time and money. You need to choose materials that’ll last. This is not where you should cut corners.