How to Manage a Large Property Renovation
Property renovations have become more and more popular over the past few years as pandemic-struck families seek to upsize their homes. Google Trends figures show search terms like ‘house extension’, ‘loft conversion’, and ‘renovation saw big upticks over the past few years.
If you’re keen to renovate your property, perhaps you’ve considered managing your own project? Doing so could save you between 15-20% of your total spend if done correctly, according to Checkatrade, but before you commit, know that, when undertaking a larger scale renovation on your property, there can be many things to consider.
What is considered a large renovation and why can they be useful?
A large home renovation can include anything from a home extension, a loft conversion, basement build, or significant remodelling of the interior. It usually refers to a renovation that’s large in scale, and/or price. These can be large projects to take on, taking multiple months – even years – to complete.
However, if your home has structural problems or is simply in need of a significant refresh, then a large property renovation can be an excellent way to boost the value of your property and quality of life in kind.
How to manage a large renovation
If you choose to manage the build, you need to do so the right way. Without the right approach, you could end up sacrificing the quality of the build, or even lose out on a significant amount of money.
Step 1: planning
You will need to plan the renovation from start to finish. If there are multiple renovations, order them in priority. Know what each task will involve – labour, materials, and knowhow. What will you need to get to receive planning permission? And what’s the project timeline going to be? An architect can be very helpful at this stage.
Step 2: budget and financing
You will need to ensure you have the budget for a renovation. This is important as you’ll want to ensure nothing is left unfinished and you can draw a line under the project quickly, without costs spiralling out of control and putting your home at risk.
A home renovation loan can make repaying more easily manageable, but you should always ensure you have the means to make the monthly repayments for a loan. However, this can be a good option to spread the cost out rather than making a bulk payment.
Step 3: using the right companies
Using the right companies is very important, as it can affect build quality and budgeting. Once you have the specifications of your renovation to hand, search for relevant tradespeople and pay attention to reviews. Ask to see examples of previous work, and consider recommendations from people you know well and trust.
Step 4: quality checks
Throughout the project it is important to do quality checks as a lower-quality service can cause costly problems down the line and can also reduce the value that the home renovation may add to your property. Make sure to do the quality checks throughout the project from start to finish – contractors may miss out aspects of the design or try and hide shoddy workmanship to reduce their costs.