Selling or trying to lease out a property can be incredible stressful, especially one that is not ‘appealing’. Renovations done right and at the right price can help improve the property, by updating the look such that it becomes more ‘appealing’ and at the same time increasing the value of the property so that it can be sold or leased out at maximum value or even simply improve your home for better comfort and quality of life.
It sounds easy, I mean how can painting a few walls, changing some doors and adding some cupboards be difficult. Don’t be fooled, renovations can quickly go wrong and become extremely expensive.
Here’s a few tips for to help you along the way in completing you renovation.
Research
To avoid over capitalizing and to ensure you understand the needs and expectations of the end users. Research what sellers and tenants alike expect to see in property in the neighbourhood, this will help in ensuring that the property is ‘appealing’ to as wide an audience as possible.
Make sure that the changes are useful and necessary to avoid updating places that don’t need updating and spending unnecessary resources in the process.
Spend only where necessary and where you will obtain the most value for the property. This is generally the kitchen and the bathrooms, which interestingly are the most expensive of non-structural renovations.
Plan
Have an effective plan on what to tackle first and what to progress. It is advisable to start major structural changes. Be willing to be nimble and adapt to sudden changes, things change quickly and you need to be able to move and adapt you plan.
There will be deviations to the renovation. Try avoid unnecessary deviations to the physical changes, these will cause delays and increase costs.
Hire Professionals
Starting with the architect if there will be structural changes and the right trade’s people for all the works to be done, get professional help, this will help you manage the renovations and costs better. Where possible, obtain references for your trade’s people and even better, complete site visits of previous work done. Remember cheaper doesn’t necessarily mean better and could cost you more in the long run.
BUDGET
Get quotations for all the works and materials beforehand to help you formulate an honest budget. You don’t want to be stuck with a half complete renovation because you ran out of money.
Keep a close eye on the budget, document each and every spend and make room for contingencies – no project is ever on budget.
Project Management
Be ready to get your hands dirty and be hands on. Employing a project manager should not absolve you from understanding what works ought to be done and the progress of the renovations at each stage.
General
Don’t make too many changes no matter how tempted during the way, this will be costly and messes with the design and serves to confuse everyone on site.
Don’t skimp quality and on the things that create value (but keep in mind that expensive doesn’t always equal quality or more importantly ‘good’ taste).
On completion get professional to check the work on completion so snags can be fixed.
Bargain hunt and get the best price possible on everything. It may take a bit more time but saving money is always worth it.
Make sure that the changes will be appealing to a broad spectrum of people, not necessarily your taste, you could have lost your sense of taste to COVID-19 anyway.
*Disclaimer: The contents of this article should not be considered as legal, professional, financial or any other form of advice. These are merely views based on the writer’s personal experience. Readers should obtain independent advice on any matter prior to making any decision.
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