Things To Consider When Renovating - Pearl Financial

Things To Consider When Renovating

By Shane | Building

Dec 15

If you’re thinking about renovating your home, whether you’re renovating to sell or renovating to upgrade your dream home, it’s important to know that a renovation is a long-term investment.

You have a limited amount of money that you are planning to invest in your home renovation, and you want to be smart about the money you spend. There are many features of your home that may need to be improved, and oftentimes, you do not consider them all until after starting the renovation process. If you haven’t thought through all of what needs to be done in your home ahead of time, there will always be additional repairs that will more likely affect your initial budget in a negative way. Thinking through all of these things in your home will help you plan efficiently.

Aside from the materials, design and timing of your big renovation project, there are more things to consider when renovating that will have a significant effect on your future.  Do a little task yourself, and read on to get more thoughts in renovating your home.

  • Develop an organized approach to the renovation process. Plan ahead and set yourself with a timeframe in mind. A timeline that you review at least every few days is a great way to monitor your home’s renovation progress.
  • Don’t forget about the permits. Processing your permits and development applications may take some time so it’s best to start on it early.
  • Be realistic about your budget. Overspending is a real concern for renovators that’s why a well-planned budget is vital in your renovation process. Make a list of all your needs and wants, which includes everything from your doorknobs to how much you are going to pay for your trades. It’s always a good idea to have a buffer in your budget.
  • Let your builder/tradesperson know your budget. You can save money by simply communicating your budget restrictions with your tradesperson. Communicating openly and effectively allows the contractor to collaborate with you on the renovation project and come up with cost-saving ideas. Your contractor can also make a few calls and see if there are any options you can buy at a cheaper price.
  • Look around and make sure you get the best and most reasonable deal. Don’t forget that you are the boss so if you want to make sure you are hiring the best people for the job you can ask for referrals from former clients or to browse the tradesperson’s portfolio.
  • Start planning early. If you want to stick with a timeline and budget, you should start lurking the aisles at various home centres and hardware stores to compare prices of different appliances and fixtures.
  • Figure what you want to achieve out of your renovation. Assess your home and make a checklist of everything you want to include for renovation. If you’re serious with renovating, you want to include all that needs to be done at once.

Good planning can be the difference between a progressive renovation experience from a delayed one. If you do things right, you will be rewarded with an amazing you love coming home to every day or a satisfying profit on a sale day.

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About the Author

Shane specialises in helping Gen Y professionals and business owners make an impact by accumulating more assets, generating more income, and having more time to enjoy life. He has a Master of Applied Finance, an MBA, and a Master of Financial Planning. He is also a terrible golfer.

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