Back to Blogs
Important points to remember when renovating a property
Home Renovation Tips
Renovating a property can be a daunting task, but with proper planning and execution, it can also be a very rewarding and financially lucrative experience and improve not only the living standards and appeal of the property, but considerably increase its chances of selling quicker when you decide to go to market in the future. It is however important to keep in mind that you should not overcapitalise on the property with the renovations or expect to make an unrealistic amount of profit after the renovations are complete.
We have some excellent tips to keep in mind when planning your renovation:
- Determine your budget: Before you begin any renovation work, it’s important to have a clear idea of how much money you have to or want to spend. This will help you make realistic decisions about what changes you can make and what materials you can afford. As mentioned earlier, do not get carried away by overcapitalising on the property, as it will most likely achieve a selling price similar to that of other properties of the same size that are located in the same area.
- Assess the condition of the property: Carefully inspect the property to identify what you are prepared to tackle: this can range from expensive structural or mere cosmetic issues that need to be addressed. This will help you make a list of what needs to be done and prioritise the most important tasks. Seeing what needs to be done will also help in planning a timeframe on how long it will take to complete.
- Create a plan: Once you have an idea of what needs to be done, create a plan for how you will execute the renovation. This should include a detailed timeline, a list of materials and tools needed, and a budget for each task. You will also most likely at this stage have assessed whether you will be doing most of the renovations yourself or whether you will need to get in some help from professionals in order to complete the task at hand.
- When to hire a contractor: If you’re not comfortable completing the work yourself, it’s a good idea to hire a contractor to handle the renovations. Make sure to choose a contractor with experience in the type of work you need done and check their references before hiring.
- Payments: never pay contractors or subcontractors in advance and never pay in full! This way you will be able to keep tight control of the budget and also set goals for your teams to complete or achieve on set dates. Build in penalty clauses if they do not. If you make any payments, make sure to receive proper receipts for the amounts paid out.
- Obtain necessary permits: Before starting any renovation work, check with MEPA, your home owners association or local council to see if you need permits of any kind. Failure to obtain the necessary permits can result in fines or even having to tear down your renovations!
- Make sure you have enough space: Consider the amount of space you have and think about how you can make the most of it. If you’re adding a new room, make sure it’s the right size and that it fits with the overall design of the property. Also get a report from an architect on which walls are loadbearing, whether room sizes and room heights are in accordance to the plans and requirements. Be careful when subdividing rooms, as bedrooms have to be a minimum size according to law to be recognised as such.
- Choosing materials: When choosing materials, keep in mind that quality is more important than price. Invest in high-quality materials that will last for years to come, rather than cheap materials that will need to be replaced in a short amount of time. For example, just remember that end-of-range tiles and paints may be cheap and seem like a bargain, but when you need more of the same for another room or wall that you did not fathom into your calculations, you may just find out that there is no more of the same available!
- Choose the right colour scheme: Your colour scheme should be cohesive and complement the overall design of the property. Consider the natural light that enters the room, and choose colours that will make the space feel calm and inviting. Also stay within a neutral colour range with paint, tiles and other fixtures as this will all work together harmoniously to ensure the property is appealing and inviting to either new buyers or even tenants if you plan on renting the property out after renovations.
- Consider the property’s energy efficiency rating: When planning your renovation, consider how you can make the property more energy efficient. This could include installing energy-efficient appliances, adding insulation, or replacing windows and doors with more energy-efficient models.
- Always think about the resale value: Keep in mind that you may eventually want to sell the property. Consider what changes will increase the resale value of the property, and which ones might not be as desirable to potential buyers. Stay away from stamping your personal taste on the property with quirky features or breaking up rooms with dry walls resulting in small, unfriendly and dark spaces. In today’s world it is all about the open-plan concept and creating space.
By seriously considering these important factors you’ll be able to plan and execute a successful renovation that will add value to your property and make it a more comfortable and functional space to live in. It will also ensure that you stay within budget and make a handsome profit in the shortest possible time should you decide to sell. Our property professionals at Frank Salt Real Estate will be able to assist you not only in finding the right property, be able to advise you on the potential it holds, how to go about renovating and upgrading, find you tenants and much more.
