There are Pitfalls to Avoid When Renovating and if you don’t avoid them, they will cost you!! Here are our TIPS.
- Starting Without Clear Intention – it is vital to know what you intend to do with the property you are renovating. Are you planning to make the property your home, investment rental property or a profit generating project? Your spending will be determined by your criteria.
- Poor Preparation – having a plan is vital when renovating. Making sure products and tradesman are available when you need them is vital to a successful renovation.
- Lack of Research – knowing property values in your area will guide you as to how much you should spend on your renovation. If you intend to make a profit from the renovation, then you need to budget accordingly to avoid overcapitalizing.
- Underestimating Costs – this is one of the biggest mistakes people make when renovating. If you are new to this then you need to get help from a renovation consultant or architect to help you with your budget so you are realistic about the final cost. Most projects go over budget by 10 – 30% so you need a contingency plan for this.
- Ignoring Regulations of the local planning body is a big NO, NO. You must find out what approvals you need to do the work and then apply for those before you start any alterations of such. It is difficult to sell your home if you have illegal works in your property.
- Cutting Corners – it doesn’t pay to spend money putting in a great kitchen while the rest of the house is falling apart, or to use cheap unattractive finishes because they save a little money. With the right guidance it is easy to create a beautiful home on a budget that makes it very easy to sell also.
- Underestimating Time Frames – weather, availability of trades, products and council approvals are so variable it often takes longer to do the planned work than you initially think. Making changes to the plan will also create time delays and can be avoided if you plan wisely to start with.
- Taking on Complex Tasks Above your Skill Level – doing DIY is a great way to save money, but you do need to know what you are capable of doing. Watching “How To” youtube videos is a great way to learn some of the basics, but for the important tasks it is always best to hire a professional. Remember if you are paying a mortgage then time is money and an expert will get the job done quickly.
Renovating is one of the best ways to value add to your property and make money. So now you know what to avoid. Start planning today. The more organized you are the more successful you will be!