Whether you’re considering purchasing a house to renovate as a flip project, or you want to do your own home up, renovation itself can be thrilling but also a huge challenge.
As we all spend more time at home it’s possible that you have already been improving the place that you live, thinking about projects that you might like to start in the future.
The fact remains though that renovation is a big project to take on and it’s not something to start lightly. Sometimes it is simpler (and often just as cost-effective) to move somewhere new and moving house can be stress-free with enough planning.
But if you are thinking about renovating but you’re still not sure whether to go ahead, consider the following. If you do go ahead then make sure to plan the renovation works well so they proceed as smoothly as possible.
The Cost of Renovation
A few licks of paint in the bathroom and some upcycled furniture is a great budget home improvement project. However, a full renovation can cost a lot more, both in time and money, and it is so easy to go over budget if you aren’t careful.
Consider the full financial implications of the proposed project before you start it, including the potential risks for it to cost more than you hope it will. You should always go into renovation with your eyes open about the worst-case cost scenarios. If you can’t afford the worst-case scenario, consider delaying this project until you can. Even if you can afford it you might not get the return on your investment should you decide to sell at a later date.
The Cost of Living
The price of renovation isn’t just financial. It can really cost you a lot of inconvenience, which is hard when you have a family to consider. Having to use portable bathroom facilities, having to live on takeaways, even having to live in separate accommodation whilst the renovation goes on – these are all scenarios that are common. If you know that you couldn’t currently live this way – potentially for several months – then perhaps it’s the wrong time to start a renovation
Is It Worth It?
If you are renovating to boost the value of a property it is so important to check that the renovations you intend to make will be as impactful as you expect them to be. When it’s your own home and improvements are to improve your quality of living that’s one thing. If you expect a certain profit in exchange for the work that you are doing that’s a whole different ball game. Have a few estate agents discuss potential profits that could come from your proposed renovations before you go ahead and take the plunge.
Is It Legal?
It may be that you have always dreamed of having an extension, or you have always wanted a summer house. Local restrictions mean that you may not actually be able to get planning permission for a property change. It’s worth checking the legalities before making any plans so you don’t get too excited, or worse, you don’t put any money into making changes that need to be reversed.
Priorities
Is a renovation going to be your priority for the amount of time that it takes to complete? For example, if you have a young family will it be safe and healthy for them in the house that is being worked on?Do you have a child who is stressed at school who needs a calm home environment for the foreseeable future? Consider your priorities and that will help you get an idea as to whether or not it’s the right time to renovate.
To Renovate Or Not To Renovate
Considering the above should help you get a better idea as to whether or not it’s the right time to make substantial changes to your property. It’s not a small decision and it isn’t something to be taken lightly. By thinking about the above honestly, you can go into the next step with your eyes open about whether you should renovate or not right now.
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