Renovating a property is no easy task; it calls for a lot of time, organisation, and money. Weather it is doing so for your personal property or for your rental investment, it is not a decision that should be taken on a whim. A lot of research and planning should go into giving your property a face-lift, and an organized approach is the best approach. Before any work can get done, make sure you:
1. Decide on the scope of the project
2. Start research and gathering prices of materials and works
3. Set your budget
4. Hire your team
5. Finalise your schedule
6. Finalise permits (3 months before)
7. Finalise materials (2/3 months before)
8. Prepare the property for works (2/3 weeks before)
Here are some tips to help you get even more organized and safe-guard you against the most common mistakes made when renovating.
Set a realistic timeline
Most people tend to set very ambitious deadlines, not realizing that the only outcome of that will be disappointment. Good work takes time. There are a lot of moving parts when renovating a property. Make sure you give yourself enough time, avoiding stress. Having back-up plans is always beneficial, such as being able to take the decision to skip a specific upgrade should this be setting you too back.
Buy (enough) good quality materials
Deciding to redo your property is not a spare of the moment decision, a lot of thought goes into it so if you are going to do it, do it well. Don’t however make the mistake of forgetting to leave room for error. Make sure you buy good quality materials, as cheap materials will not be very durable and you want your upgrade to last as long as possible. Also make sure to buy extra materials (generally 10-15% more) especially when it comes to flooring due the possibility of incorrect cuts, waste, and other human errors.
Have a realistic budget
If you have chosen to take on the project, then you need to be financially ready. Make sure to gather the necessary quotes and costs before hand and set a budget that is realistic for both the works you want, and your bank account. Don’t forget to factor in an extra 20% for contingencies.
Take accurate measurements
A professional would tell you ‘’measure twice, cut once’’ is often the mentality when renovating.
It is very important to take accurate measurements as being off could result in a delay in finishing the project, or more costs than expected. When it comes to kitchens, it is much more efficient to buy the large appliances first and then arrange to fit in the rest of the kitchen around them.
Don’t go overboard
Although renovations do increase the value of your property, make sure not to over-improve! Try to keep to the same standards as the surrounding properties as price is very much influenced by the neighborhood. Also, keep in mind that the costs will be lost upon resale.