There are many reasons why you might want to renovate your property. First of all, it can create a massive improvement to the living conditions inside the place. Second, it could largely contribute to the energy-efficiency of the property and, in this way, make it more frugal. Third, it could add to the resale value of the place, which is the way in which some property investors make money (the fix and flip method). However, efficiently renovating the place takes a lot of skill, knowledge and preparation and here’s everything you should know before renovating your home.
- Know who you are renovating for?
The first issue that you need to address is one of the intended renovation audience. Remember, with any project, the aim is always to please someone and, in this scenario it’s either you, a potential tenant or a potential buyer. Each of these parties will have its own set of expectations, requirements and needs, which is why it’s essential that you have this worked out from the square one. This is crucial in order for you to be able to set your goals, choose your construction methods, pick the construction materials and set your construction priorities.
- Know if it’s worth it
The next thing you need to understand is the fact that a full remodel isn’t always worth it. If you need to buy a ruinous property and demolish it, later on, it might be more cost-effective to just buy a raw land lot and start new construction. This will help you avoid the cost of demolishing the house, which can be quite steep. In some scenarios, tearing the place down and starting a new construction will be more frugal than renovating the place. This, however, depends on the current state of the construction, as well as on your ambitions. These are just some of the things that you need to inquire on before the works start.
- Set a budget
Once you arrive at the issue of logistics, you need to start inquiring about the main costs involved. Unless you can muster the budget that’s big enough to cover them, the renovation is completely out of the question. Then, if there’s any money left over (and there always should be) you can afford to start covering the rest. In order to accurately work this out, you need to do your research and there are two methods that you should follow up with. First, you should consult someone who has already handled this. Second, you should talk to a seasoned contractor. By doing both of these things, you’ll have a holistic approach to this scenario. Also, regardless of where you set your budget, it’s inevitable that you’re going to go over it. Just try to stick to it as much as you can.
- Think about the depreciation
Another thing you need to bear in mind is the issue of tax depreciation. You see, every asset, including those improved and created by your remodeling project, have an expiry date. This is the duration of time from their installation (the state of their maximum value) to the moment in which their value reaches zero. In order to figure out how this will reflect the cost-efficiency of your remodeling project, you need to look for reliable quantity surveying services and get informed on this topic. Needless to say, this is necessary in order for you to get the most value out of this project.
- Figure out your living situation
During the remodeling, especially an extensive one, you’ll have to figure out your living situation, which means that you will have to find temporary accommodation. Some people decide to stay with friends and family members in order to save money but others are reluctant to abuse kind nature of others or extend their welcome (which can easily happen) and ruin a relationship with someone close. This makes them pay for a hotel room or rent a home for a certain period. Either way, each of the two methods has its own set of advantages and downsides.
- Have a schedule
The next thing you need to understand is the importance of a schedule and this is something that you have to work out with your contractor. This will affect so many things like the duration of lease on some of the equipment and, therefore the total cost of the project. The problem, nonetheless, lies in the fact that there are going to be some delays that you simply can’t affect. Bad weather, equipment malfunctions and a foreman having to take a day off due to a family emergency are something that you simply can’t foresee. This is why even the strictest of schedules need to have a certain degree of flexibility to it.
- Focus on the infrastructure
While you’re at it, you need to understand that the remodeling needs to be about more than just construction. While you’re at it, you can improve the electrical grid of your home, as well as invest in a new plumbing system. This too needs to find a place in your budget, yet, this too is something that you have to find an expert for. Finding a reliable plumber and a skilled electrician require a lot of research, yet, due to the fact that a major remodeling project isn’t something that you deal with on a daily basis, it will definitely be more than worth it.
The last thing you need to keep in mind is the fact that your work isn’t done when the works end. Sure, a reputable construction company is going to clean the debris on a regular basis but they’re definitely not going to pressure-wash your façade once the works are done. They’re also not going to fix or compensate you for any landscaping damage that they’re made. Your property (both inside and outside) will be dusty and dirty for weeks after the remodeling and this is something that you’ll most likely have to handle on your own. For this reason alone, it’s important that you realize that your work doesn’t end with the completion of the project.