The house looks stunning, but you still can’t resist. Yep, you have to get the paintbrushes and the hammers out and start banging away. Otherwise, the home will look cold and bare and inhospitable. These are words which aren’t synonymous with charming abodes. In fact, they’re not linked to some derelict properties! Renovations help to boost the aesthetics as well as the value, and that makes them essential.
Not everything is as it seems in life. Although the right home improvement can be magical, it can also turn into a nightmare, which isn’t what you expect when you start. To make sure it runs smoothly, here are the knowledge gaps to consider.
Added Value
Not every renovation will add value to the home. Or, it may boost the asking price but the cost of the contract work may be sky high too. As a result, the money you make won’t cover the expenses and it’ll end up going down as a loss. This happens a lot because the exotic add-ons are usually a bad idea. Take a swimming pool as an example. A post on www.moneycrashers.com says it only adds 7% to the value of a home, which is a small amount. Opt for the “guaranteed” hitters such as a garage, conservatory or an extra bedroom.
Added Inconvenience
It’s amazing how many homeowners forget to factor this is regarding an update. Sure, everything will be fine, they think until the walls come down. Then, they are in a glorified battle zone with no place to run. The chances are that the room will be off limits until the building work finishes, and the surrounding vicinity may also be impacted. So, it’s vital to come up with a solution. Some people move out completely, but this method is costly. Others create a makeshift room and make do for a couple of weeks/months. Www.bhg.com has a survival guide if you follow the link.
Mortgage Payments
A renovation isn’t going to be cheap. Even when the budget is relatively small, there are extras which get pinged on at the end. Think in the range of an additional 5% of the overall total. On top of that, there are mortgage payments to make. The bank isn’t going to press pause until the house is liveable. Www.dicksonlegal.com points out that plenty of homeowners have fallen foul of this hurdle. And, it can end up in a real estate dispute with the court and the lender. Whatever happens, pay for the house first and the renovation second. If that means stopping, then so be it because it’s better to have a place to live.
Permits, Please
Because it’s your home, it’s easy to assume that you don’t need permission to build. How can anyone else tell you what to do with your property? Well, it turns out they can because the neighbours can complain or the council may object for environmental reasons. Seriously, it happens and people have had to knock down extensions for a lot less. Always make plans public and check if they are complaints, and then speak to the local authority to obtain a licence.
Do you have enough know-how to conduct a successful renovation?
