Sat. Apr 20th, 2019

Property tips: How to avoid overspending on renovations

It’s that time of the year where you might start thinking about renovating your home. But don’t spend beyond your means.

The post Property tips: How to avoid overspending on renovations appeared first on The South African.

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For every homeowner, the time comes when the colour of your bedroom walls no longer looks clean and bright, the kitchen counters no longer inspire Pinterest envy or your love for the layout is waning.

You might decide that it is now time to renovate. Whether you want to increase the value of your property or just make it more comfortable for yourself, there are many things to consider before just going ahead with the renovation.

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When buying a home with the intention of renovating or extending, it is important that the cost of the improvements match the increase in property value. Keep in mind your return on investment when making updates to your property. Renovating a house is a costly business.

In fact, it is likely to become one of the most expensive home projects you will ever undertake, with many people running over their original budget. Whether you are creating an extension or updating your home’s exterior, you should always be realistic when budgeting. It all comes down to the hidden costs.

Assess the pros and cons of your remodel

One of the important steps before starting your renovation would be to assess the benefits and the disadvantages of renovating or remodelling. If you plan on reselling later, assessing whether the renovation would add value to property would be important.

This is especially true if you are looking to make profit through a quick resale. You could even speak to an estate agent about what buyers are looking for in your area, and whether that can be achieved in your home.

Do not plan your improvements before going over the costs

You might see something on Pinterest and Instagram that interests you regarding home décor and renovation, but generally these beautiful pictures do not come with financial context.

Unless you are a contractor, you probably will not have an exact idea on how much it would cost to replicate the look yourself. To avoid overspending make sure that you have taken all the costs into account.

Do not forget the free ways to do things

Reimagining your space with new furniture or a whole new floor plan would be amazing – but imagine what you could do with things you already have and save money at the end of the day.

Things like removing clutter, creating clean lines of sight, removing furnishings that block views or light from windows and doing a thorough cleaning are all free ways that could make a big difference.

DIY or go pro

Because there are many design shows and social media platforms, homeowners could become more and more educated in assuming an active role in the renovation process.

Although this could be good for you and your budget, mistakes could still happen when professionals are not involved. Getting a pro involved could prevent damages that would have been caused by an amateur.

You could still be involved in the process. When more technical skill and knowledge are required for projects involving foundational issues, such as plumbing, electrical work and so on, call in a professional. This way you do not need to pay extra costs for a botched job!

You could oversee the process yourself

If you do not hire a project manager or contractor, this could save you up to 20% on the overall project cost.

You will be cutting out the cost of a contractor’s time, plus their mark-up on labour and materials. This job could include you finding and hiring electricians, bricklayers, roofers at the right time and ensuring that they have the materials, tools and information they need to carry out their job. This means staying ahead of the game and heading off problems before they occur, for which you will need good management and logistical skills and a basic knowledge of the building process.

To get the most out of your investment make sure you do your homework before going into something as extensive as a renovation. Be realistic about your skills.

Decorating and landscaping are not difficult to learn. Plastering, bricklaying and tiling, however, need skilled work and mistakes are very visible if not done well. Imagine the costs you could cut back on if you just stuck to a strict budget and did everything the way it should?

At PropertyFox, we are 100% dedicated to making sure your home gets the best online representation through our professional photography. Contact us today and we will take from there

The post Property tips: How to avoid overspending on renovations appeared first on The South African.

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