Whether you’re planning a renovation with increased property value in mind or you’re simply looking to spruce up your existing living space and make your home more comfortable, undertaking a large-scale renovation job could be easier than you think.
Why renovate your home? There are numerous reasons to renovate your home, from child-proofing for new arrivals in the family to adapting your property for retirement; many people also choose to renovate their homes to maximise room, increase convenience and make better use of underserved spaces in the home. While renovation can serve a functional purpose and make our everyday lives easier, it’s also a great way to increase property value and make a quick sale if you’re looking to sell up and move on.
Things to consider: Firstly, you’ll need to set goals and establish the purpose of your renovation – what are you trying to achieve from the job and which areas of the home will you need to focus on the most? If you’re planning a full home renovation, separate the task into manageable sections and start with the most potentially expensive and time-consuming jobs. Whether you’re looking to increase space or re-design your home for the sake of practicality or aesthetics, keep energy efficiency in mind when planning your renovation, from the appliances installed to the materials used.
Budgeting and financing a home renovation: Set a sensible budget for the renovation project based on your savings, income and outgoings – ensure that you stick to this budget to avoid extra expense and always operate within your means. By establishing a clear idea of your financial starting point, it will be easier to identify any gaps or extra funds that you’ll need to cover in order to make the renovation happen. If you can’t rely on savings alone, consider making use of an equity release mortgage to cover the cost if you’re a homeowner over the age of 55.
Contractors: When hiring professional contractors for your home renovation, it’s essential that you shop around and do your research. While it may be tempting to go with the cheapest option, don’t be afraid to spend a little extra if quality service is guaranteed – by going with a reputable contractor, you could save considerable repair and maintenance costs in the future. Make sure that you read user reviews and get multiple quotes before striking a deal.
Timings and convenience: When planning and arranging the project with contractors, ensure that you set aside some extra time for unexpected occurrences that could delay project completion. If your renovation project is particularly time-sensitive or weather-dependent (such as exterior renovation or construction works), make sure that you factor in potentially bad weather when setting a reasonable completion timeframe – be prepared for your project to overrun!