Have you walked pass by a beautiful house or see amazing home renovation photography and said to yourself “Wow, I want a home like that one day!”
Finally, you have been working so hard for your “owning a home” dream and bought your first home. Now you are truly excited to renovate your home but find out your renovation budget is not very high, and you become worried if you can carry out your creativity and building the home that you have been dreaming about day and night with the low budget you have after putting down the deposit and being faced with an alarming loan to pay off.
With a proper plan and adequate strategy, you can realize your home-dream as well as improving your home value on a budget.
Property and renovation both are common investments nowadays. If you are renovating your home for an investment instead of building a dream home for yourself, you can fetch asking price and close the deal without too much of frustrating delays and counter-offers, so your financial situation will be improved over time.
No matter what your renovation purpose is, you might want to get yourself aware of the common mistakes when it comes to renovate your home.
1. Don’t Run Over Budget Too Much
Many blog posts online tell people not to run over budget at all and to stick to your budget no matter what issue you come across during renovation. If you only follow your pre-set budget blindly, you might end up with cheap materials and unbalanced outlay spent on different items, and that would probably become a waste of money and time in the end when you consider selling the house.
It is suggested to set aside extra 15%-20% of budget as emergency money for unexpected situation that you might encounter. Because “things don’t always go as planned as soon as you wreck the walls.”
2. Move Out During Renovation
Personally, I had met people who told me they lived in their home throughout the renovation. I was surprised how they could put up with the dirt, dust and messiness for such a long time. Not only could it be a cutback of your living quality that most likely you will regret every day thereafter, but also a harmful and risky for your health.
What you can do regarding accommodation during renovation phrase is to rent a place till you finish with the project, which is totally viable.
3. Don’t Hire a Contractor on a Whim
A great way to start on a budget is to consider getting finance for tools and equipment if are thinking of DIY instead of hiring a contractor.
Even if you are going to hire a contractor, make sure you do enough research within the market or go for a referral so you will get the right professional for your specific needs. What’s more, most of the contractors have access to materials with a discounted price, and they are well-aware what is the best material involved, which could be a huge time and money saver for you.
4. Get Permits
You don’t want your own renovation to end up hindering your ability to sell your home because your project did not meet the local codes. Correct permits are necessary, and protect your home and safety. Also make sure your contractor have the right permit before they start to wreck the wall in your home.