Renovating a home is done for many reasons and one important reason is to increase its resale value. There are many factors that affect the value of the house. So renovating it should be done after proper perusal of all the advantages and drawbacks present in the renovation you are thinking of. The budget is a very important consideration that influences the renovation work and how much to spend on the various parts of the house.
Spending Excessively
If you are buying a home for the first time, you should refrain from taking unnecessary risks. When you buy the home, you need to look into various legal issues and be careful when getting conveyancing quotes, so you do not spend much towards the legal expenses. Try to spend as conservatively as possible. The best way is to restrict your spending to around 5% of the buying expense. Since a properly planned and well executed remodeling can increase the value of the house to over 10% in five years or more, you can get twice the amount of money you had invested.
Deciding on the Renovation
Even if you have the capital to renovate, the decision should be made after much deliberation only. You need to look at the advantages and drawbacks of spending the money and your time in the venture. By renovating you get:
- Increased resale value
- Added comfort and an improvement in the home atmosphere
- Quality materials that last for long periods
By renovating, you prevent relocating and the ensuing stamp duty, legal fees etc., that are associated with the moving. The drawbacks include spending expensively and having to put up with the dust and inconveniences, while the renovation is being done.
Selecting Renovating Spaces
The best places to renovate include rooms which see high usage like the kitchen that can be improved with stones for the surfaces and an open design plan. Avoiding expensive fittings and fixtures, storage cabinets and unusual colors will bring down the expenses greatly. The bathroom, flooring, deck, and extra bedroom should be renovated as conservatively as possible. Outdoor improvements can increase the resale value and make a smart and wise investment choice.
Why Renovation will be a Bad Idea
If you do not have the necessary experience, the costs can go overboard. Also there are areas where certain renovations will not be allowed like zones under heritage category. Council restrictions and overshadowing can prevent the renovations you had dreamed of. In case the renovation exceeds the time limit, the budget you have fixed can overshoot. Also you need to choose the right material at the best price and manage the different professionals at the same time, so the work gets done on time.
Even if you are not able to do all the renovations you had planned on, try to finish the important areas that would increase the comfort and also the resale value of your home and boost your bank balance in the process. By saving 10% extra than the estimated cost, you can see to the unexpected spending that is inevitable in a home renovation project.
Author Box:
Kevin Edward lets you understand the need for renovation and judge its benefits in the long run. He, however, advises to be careful when getting conveyancing quotes during the time of buying a new home for you.