Sometimes turning a dream into a reality is mighty arduous. We research scouring the interweb, build our dream renovation pinterest page worthy of 10,000 likes and shares, spend endless hours on blogs and serious cash on home magazines. That’s right, we know what we want and we've got the pictures to prove it. However the trick to ending the home renovation journey in one piece, with your sanity in check, and a few dollars left in the kitty, is to plan in detail, not in a dream.
Start by outlining what it is your looking to achieve from your renovation. Being an investor and wanting to add value to a property, with the intention to sell, or renovating to create a better living situation for your family to reside permanently, are two different things. Likewise if you are looking to use the property as a rental, your renovation plan needs to benefit this outcome.
It is important to also understand that not all renovations will improve the value of your property. Large kitchens and additional bathrooms in family-sized homes are more likely to add value, as would adding a garage or off-street parking to a property in a busy, urban area.
If you are extending, try to ensure the addition matches the architectural style of the existing house. Adding a modern extension can look good on an old property, but it may be difficult to sell if it doesn't appeal to your target market. Similarly, ensure your renovation will appeal to the tastes of the average buyer especially if your plan is to renovate to sell. Décor can easily be changed but structural features are costly to put right.
Here is a basic checklist to consider before you begin dreaming on pinterest.
Are we:
· Renovating to add value to the property with the intention to sell
· Renovating for a better living situation to reside in long term
· Renovating with the intention to rent the property
Renovating to add value:
The types of renovations that will help add value to your home include:
· Laying new flooring
· Replacing the kitchen and bathrooms
· Heath and Safety – Making the home warm, dry, quiet
· Converting unused space (e.g. loft, garage)
· Extending your property
· Adding a bathroom / Ensuite
Renovating to sell
Renovating to sell requires restraint. It is crucial to remember you don’t want to invest money that you won’t get back when you sell the property. Here your plan should be one which comprises of a makeover to simply freshen the property, making it more attractive to buyers. The first action point would be to research similar property values in your area, then check with a real estate agent what type of renovation would add value and what it would be worth. These figures will give you a better understanding of how much you should invest in the renovation.
Renovating to improve your home
If you are planning on renovating to improve your home or extend it to make room for a growing family the type of renovation and your approach will probably differ somewhat from renovating to make a profit.
You may find increasing the value of your home is less important, but you should at least ensure the renovation doesn't cost more than you can recover if you do end up having to sell the property. Renovating a property you intend to live in will be more emotionally challenging but it can be a lot more fun picking out details and décor that you are going to enjoy yourself.
Making your home work better for your needs can be almost like moving to a brand new house and will give you a lot of satisfaction.
Renovating with the intention of renting the property
Keep the decor fairly neutral so it appeals to the maximum number of people, and style the rooms with the target market in mind.
For example, a dining room in a family sized home will probably be in more demand than an office, and all bedrooms should be set up as such.
Parents with larger families might appreciate an en-suite bathroom in addition to the family bathroom so they can escape the chaos and relax. In a smaller property appealing to young professional couples, a home office might bemore in demand than a third bedroom or dining room.