Give your home a makeover! Glam up your flat!
These statements sound very fashionable & trendy, but when you bring up home improvement costs & renovation projects delays, they come a bit short. But don’t worry we’ve got a few tips to help you make informed decisions before undergoing home improvements.
Transforming your home can be energizing for you! Creating new spaces and reorganizing your home is beneficial to your well-being and comfort. But we also know how overwhelming it can be making decision after decision, negotiating with suppliers and tradesmen. Let’s not forget facing last-minute delays or unexpected additional costs.
Relax and be ready! Before you start receiving quotes from contractors, research the likely cost of home renovation and set a reasonable budget for a potential makeover for your home.
Choose projects that are more likely to enhance and add value to your home. Consider long-lasting results and opt to invest in projects that will reflect on your property’s value in the long run.
Revamping a bathroom, sprucing up a ceiling or refinishing floors and stairs are great home improvements that can rocket the value of your house.
Converting a flat by adding a bedroom and an en suite bathroom, not only increases its value, it can also be let at a higher monthly rent.
PLAN THE BUDGET
When renovating a property, you should always expect additional costs. So even if you’ve set a budget for materials, labor, insurance, permits… you might want to consider a safety net for such random mishaps.
Consider financing your home improvement, by remortgaging your home or acquiring a second mortgage. These options can be cost-effective and you may benefit from better rates than conventional bank loans.
You may opt to finance your home improvement with a credit card or an unsecured loan, just be sure to pay back any owed amount to avoid mounting interest charges.
DIY & CUT COSTS
Once again be smart about this too! If you’re not all that handy nor have the time or energy, don’t bite more than you could chew, let the experts do their jobs.
But if you’re up for it, why not take on a small project and oversee it. From design to installation, weigh up : the costs of specialists, hiring tradesmen, and how long the project will last versus doing it yourself.
KEEPING COSTS WITHIN BUDGET
It has proven difficult for many homeowners to stay within the designated renovation budget.
What to look for are hidden surcharges related to removals, structural integrity, electrics or plumbing, as well as deposits exceeding 25% in case of a supplier or business not delivering. Either by going bankrupt, or not replacing damaged material at delivery.
Even if you hire a company to manage all the tradesmen involved in your home improvement, ensure you are provided with a complete list of costs so that you are ready within your budget.
THE COST OF KNOWING
Depending on the change and the property type, there are regulations that manage home improvement.
Changes that may affect the structural build of your home or impact a shared wall of the diverse property, obey planning rules, building regulations, and notices prior to initiating any project.
There could be financial and safety, costly consequences, to not having the right permissions from local authorities.
Weigh your options, cost specialists, shop around and get the right help when needed!