Buying a home with the distinct goal of renovating it can be a risky business but ultimately a very rewarding one nonetheless. Many renovators either become very tired and frustrated with their project, or simple run out of money. However, if you are planning to sell a half-finished home, it is not going to appeal to buyers looking for a renovation job themselves or a designer home! It’s vital you see the job through to completion and with these tips you’ll be able to do just that!
Count the Cost
While most renovators would have put some thought into the price, ensure your calculations are as specific as possible. A few scribbles on a serviette doesn’t count as a budget. Spend time judiciously costing out products and labour, and don’t forget to add VAT. Most importantly, factor in an extra 15-20%. You may also want to account for unforeseen problems, which are almost a certainty, especially with older homes.
Spend Wisely
For any expense it is important to budget before you start the actual job. Do remember that there are bound to be some hiccups that will throw your budget off-track so keep that in mind and keep a sufficient cushion too. It is advisable to break the budget into smaller pockets; For example, you could do budget for each room or you could decide how much you want spend on lighting, how much on furnishings etc. Whatever you decide It’s important to keep the budget realistic!
If your budget is limited, spend your money wisely, and put it where it shows. This means putting most of your resources it into main rooms like kitchens bathrooms and living area.
Consider the Time Frame
Will you be living in your home while the renovations are taking place? Will you be renting elsewhere? If you’re renting, don’t forget to factor this cost into your budget!
Do as much as you can Yourself
The biggest cost of a renovation is often the labour. Therefore, save some cash by doing your own painting and prep work. At the same time, don’t be stubborn and don’t be too cheap. If a task is out of your skill-set and isn’t realistically acquirable, then get someone qualified in. It will usually work out cheaper than rectifying bad workmanship. Click here for more information.