Welcome back boo,
If you have a bought a home, or are thinking of doing so, but are looking for something that you can really change up and put your stamp on, then buying a house to renovate is getting pretty popular. It makes it much more likely that you’ll get on the property ladder sooner than you think, and you can curate and create a home in just the way that you want to. It isn’t all going to be plain-sailing, though. The process of renovating a home can be costly and time consuming. So you do need to have a bit of a plan in mind, and know what you’ll be looking to change.
If buying a home to renovate is on the cards for you, then here are some tips to help you get started and help you to make sure that it happens in the way that you want it.
One of the first things that you need to do is to prepare a budget. You need to know how much money you will have to make the changes to the home, as it will influence everything that you do. From the materials you buy, to who you ask to do the work, it all is decided by your budget and how much you have to spend. You may get the money as part of your mortgage, or you may get the money in another way. But check what you’ve got and how much you have. What will be realistic with that amount of money?
If you know what issues you are trying to solve with the renovations, then it will help you to decide what it most important. Are you trying to add value to the home so that when you sell it, you can make quite a bit of money? Are you trying to make the home more user-friendly by moving something like a bathroom upstairs, instead of being downstairs by the kitchen? Do you want an open plan space or to create an extra bedroom? Have a think about your ‘why’ for doing the renovations, and it will help you through the whole process, as some things will need to be prioritized more than others.
It will kind of come when you’re thinking about the budget and how much you have to spend. But you need to think about how much of the work you are going to do yourself. Will you get professionals in like a plumber and a glazier,, or do you plan to do the majority of it yourself? When you know this, it can affect costs, as well as the timeline to getting the project completed. So make sure that it is something that you bear in mind.
The current condition of the home is going to play a big factor in what can or cannot be done. So assess the situation and look at what needs to be repaired or fixed first. You can’t create an open plan living space in the basement, for example, if there is rot and mold on the walls down there first. Sometimes you’ll have to repair these kinds of thing first, before moving onto the major renovations.
Money can be quickly spent when it comes to our homes and renovations. But in reality, it is better to play for quality, otherwise you can end up paying twice. So try not to cut any corners, just to save yourself a bit of cash. You’ll want a quality job done to the renovations, so that it is safe for you guys to live in, as well as future tenant if you plan to sell it on.
There are some legal issues with renovating the home. There may be local bylaws that you have to adhere to,, as well as applying for things like planning permission. It can end up being costly to apply to extend a home, for example, especially if it isn’t approved. So think about these kinds of thing, and the options that might help you to be better off.
If you are renovating to add value, then you need to check that it is really going to be worth it. Some areas will always have a limit as to what people will pay for them, due to various things like busy roads, no good transport links close by or being out of school boundaries, for example. So if you are planning on making a renovation or adding something like a conservatory that will cost over $50,000, then you need to make sure that the project will earn you back that money in a sale. If the house is already near the limit of what people pay in the area, then you may not be able to get that money back through selling it. It could be better to just sell up and move elsewhere before finding a renovation project home.
Construction and construction design are not cheap. And if you add all sorts of fancy aspects to the design, that can involve moving walls, doors, and windows, then it can end up being a longer and more labor-intensive project. So although it can be nice to think about the home being exactly how you want it, you need to think about it on a practical level and if it is going to work for you.
Renovating a home and living there at the same time can be pretty tough. There will be dust everywhere, as well as dirt and grime, and builders and tradespeople in your home all day every day. While I’m sure this doesn’t come as a surprise to you, it is a good idea to plan out the renovation timeline. If you plan to get it done quite quickly in two months, for example, could you live with friends or family during that time, so that you don’t have to live in the mess? Planning your timeline out is really important, so at least you’ll know what will be going on and when.
Remember to keep on slaying,
See you next time xoxo
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