Renovating a home for the first time can be a daunting yet rewarding task. Buying a property which could do with some renovations can help get you onto the property ladder, enabling you to buy at a low, affordable cost. However, unless you’re careful the cheap renovation project you thought you’d gotten into, could soon break the bank!
If you’re looking at renovating your first property you should first consider consulting with a professional renovation company. If after, you’re feeling brave or there’s nothing complicated you can proceed and do it yourself.
Below you’ll discover some essential tips you’ll want to follow.
Budgeting for the renovation
Budgeting is one of the key things people underestimate when they start a renovation project. Home renovations always go over the expected budget, so it helps to make savings wherever you can.
To cut your renovation budget down, pick up things you need from car boot sales or charity shops and learn how to do certain tasks yourself. DIY could save you a small fortune. You’ll just need to make sure you have the right tools from a store such as Milwaukee, if you want to carry out a good quality job.
Research and planning
Ideally, before you start the renovations, you’ll have researched and planned well in advance. That way, by the time you actually come around to renovating, you’ll be an expert in it. You’ll want to research the legalities, house prices in the area, resale values, local taxes and contractor prices.
The more you research, the more prepared and knowledgeable you’ll be. This will go a long way at helping you to make sure the renovations are done correctly and at the right price.
Do it right, or don’t do it at all
It’s easy to think that any renovations will make the property more valuable. Experts claim that the right renovations can add anything from 5% to 30% value onto a property. However, if the renovations aren’t done correctly, it can actually have the opposite effect.
So, as tempting as it may be to try and cut corners and get away with the cheapest renovation possible, you need to make sure you do it properly. Otherwise you’re unlikely to make any profit and there’s a good chance you might lose money if the job isn’t done right.
These are some of the most important aspects to consider when renovating your first home. It will be stressful, but providing you do plenty of research beforehand, you should be able to avoid any major issues.