Renovating a home can often be the dream for some people. Putting their own DIY touches on a place and bringing a run down property back to life. People will often do this to create the home they want to live in or simply sell them on to boost their own income. Whatever your motive it’s worth remembering that renovating property is no easy journey. With that in mind, here are some things to remember if you are currently in the process of renovating or about to embark on this crazy journey.
Have a budget in mind
When you start out with any project to this scale, it’s worth spending some time focused on the financials. It’s easy to get ahead of yourself with grand plans to knock walls down or add square footage, but do you have the funds in place to do all that? This is when you may want to get free mortgage advice so you can maximise your budget and understand what you may have left to spend. It’s never an easy conversation to have, but certainly one you will be thankful for as you enter into the process of renovating and subsequently spending the money.
“The money you spend should be recouped in the increase in the property’s overall value (should you decide to sell or remortgage,” comments Ruban Selvanayagam of homebuying company Property Solvers.
Make sure you have a plan
Failure to prepare and plan is preparing to fail. Or something like that, but the point I am trying to make is that if you don’t have a plan or idea of what you want to do, then your project will come to a standstill. Time in this game costs you money so lay down your plans right from the start. Have a clear vision of what you want to do, and then seek some advice from a contractor or architect to ensure that what you want to do is possible.
Accept things won’t go to plan
I know i have just made a point about planning and preparing, but sometimes the best-laid plans won’t go as you think they will. So accepting early on that you may have to take a different road or a longer time to get where you want to be is key to managing disappointment and your expectation levels. Sometimes those things that do go wrong could add more expense that you hadn’t planned on, so in times of emergencies it’s worth remembering there are other options.
Be realistic with your timescale
It is always important to be realistic when renovating a property. The timescale in which a project will go from start to completion is one of those areas you need to be realistic with. You need to account for weather conditions, things taking longer than planned and things that could go wrong. Don’t put too much pressure on yourself and work on a worst case scenario. That way you should be ahead of time if things do go according to plan.
Laugh and enjoy the process
Finally., renovating a property can be a gruelling process. It takes up all of your finances, energy, and time. So it;s important to enjoy the process and remember your end goal. This will help keep you motivated.