When Ross took down his bookshelf in his bedroom, he found it increased the available space. Ross also found out the floor underneath the bookshelf was made from asbestos. He did not plan for a new subfloor when he thought about starting his property renovation. This is just one of many cases that homeowners face when renovating. We have come up with these 7 tips to help make property renovation easier for you.

1. Creating a budget

Creating a budget and sticking to it is equally necessary. When we think about creating a budget we associate it with something cheap. It is not the case. It is about prioritizing the things that need to be done and how much it will cost.

For example, we are talking about financing a house conversion, the first thing we need to know is how much you have and what you want. How much you have is the amount you can spend on your house conversion.

How much you are willing to spend is the question you need to ask first. It is better to hold your horses, before you start choosing the design for your renovation – start by setting a limit. Choose the designs accordingly so you do not exceed the limit set by your budget.

2. DIY: Improves house renovation cost?

We often confuse DIY as being cheaper than professionals. Bear in mind if it is just installing a kitchen sink, then DIY is cheaper. But if you are breaking down a wall and putting a new one. Hiring a professional for property renovation is better.

Most of the people, who do it themselves, are amateurs and end up paying more. The bright side of DIY is it gives you satisfaction. Because the new wall or closet you put up is done by you. You put your time and effort into it, so you have a better connection with the upgrades done in your property renovation.

3. Choosing the right construction company:

Choosing the right construction company for your house renovation is key. If you do not hire the right people for help, you will either get a half-done job or they will charge you more.

To avoid hiring a sloppy construction company, you need to check their records. Check their portfolio and see if they have worked on projects similar to yours. If their records check out you can go ahead and hire them. You can even start with your local construction company.

Here at JG construction we have a vast portfolio and have covered property renovation for houses of all sizes. You can check JG construction’s website to find out more about us.  

4. Planning for an unexpected cost:

Planning for the unexpected cost is necessary. Remember, when you start something big like a property renovation. There will be things popping up here and there that need to be fixed.

This is why leaving some wiggle room is important. Look at what Ross found, he now needs to pay for a new floor. The expense of the new floor needs to be added to his budget. He did not prepare for it, so he was taken aback by it. The general rule of thumb is to keep 10 – 12 percent of your budget as safe when required.

5. Break down your renovation into steps:

Renovating is a project you are working on. This project is solely for you so it is easier for you to get sidetracked and lose focus on the main goal.

We talked about budgeting earlier, now we are going to talk about how to break down your renovation. You are thinking about putting up a new wall. So, you are thinking about just getting the bricks, cement, and concrete.

These three may be the most important but you need to account for paint, the adhesive, and other necessary elements.

Creating a thorough plan is simple, just sit down, take a piece of paper and pen. Start writing what you are planning to do and the things necessary. Write every single detail related to your project. This will help you trim out things that are not necessary.

If you are on a tight budget, you can then weed out the unnecessary things from your list. This helps create more funds to spend on things important to your renovation.

6. Pacing yourself:

Pacing correctly when renovating is important. Halfway through the property renovation process, you might get busy. This may cause you to put the project on hold. It is completely fine. Maybe you need to spend the money allocated for the renovation on something else.

Do not panic and be hard on yourself. Give some time and start working on it once everything gets back to normal. Your property is not going anywhere.

7. Taking out a loan for renovations:

Financing a house renovation is a big ask. If you do not have money saved up, you will have to take out some sort of loan. Two of the most common types of loans are secured and unsecured loans.

  • Secured loan: A secured loan is where you need to put something in collateral. It could be your house or another thing of value. The lender will have the right to repossess what you put as collateral if you fail  to repay the loan.
  • Unsecured loan: An unsecured loan is where you do not need to put anything for collateral. The lender will look at your credit history and give you the loan. Since they do not take collateral, the risk involved is higher. So, the interest will also be higher.

Want to know more about the finances involved in property renovations?  Check out our guide on how to finance a house extension.

Conclusion:

A property renovation is a major decision. Going through it without proper planning is both financially and mentally deflating. We believe this guide will help you avoid a common mistake. And make the process smoother.