As the cost of housing continues to rise, many buyers may be inclined to opt for a cheaper property that needs some renovation. It means you can customize your property to your liking right from the start, allowing you to build the foundations of your dream home. However, it doesn’t come without its struggles. There are many factors to consider when deciding if a renovation project is right for you.
Do you have the necessary skills?
Before you commit to this type of project, it’s important to get a full understanding of everything that will need to be worked on. Many tasks around the home can be completed by amateurs, but if more complex work needs to be done, you’ll need to ask yourself if you’re up to it.
Plumbing and electrical are tough jobs, and typically won’t be able to be completed safely or to a decent standard if not done by a professional. This is something you need to be aware of right from the start, as outsourcing some tasks means expanding your budget.
How much time can you afford to dedicate to renovating?
For those that have regular commitments or particularly busy jobs, a renovation project may not be the right option. One of the biggest mistakes homeowners make is underestimating the time it takes to get the place up to standard.
If you plan to take on most of the tasks yourself, you’ll need to dedicate a lot of your free time. Many people aren’t prepared for the full extent of the work, and it can become incredibly draining on your physical and mental health – especially if you’re working on a tight schedule.
Do you have the proper tools?
In order to renovate your home properly, you’ll need high-quality tools. Not just screwdrivers and hammers, but an array of various implements for each task. This will need to be factored into your budget, as professional tools aren’t cheap.
Don’t be tempted to have a go at the jobs without adequate tools either, as you’ll just create more work for yourself. Not only is it harder to work without proper equipment, but the job may even need to be redone by professionals in the future, costing you further.
Are you prepared for additional obstacles?
As you will have picked up by now, renovation projects almost always come with lots of hidden costs. This can be a problem if you have a limited budget, and in some cases, the repairs can end up costing you more than the added value to the property will be.
When purchasing any property, it’s always recommended to get a professional survey done. This is especially important for those that need renovations, as it can be hard to know what’s hiding under the surface. A professional will be able to give you a good idea of exactly what you’re getting into, allowing you to make an informed decision on what’s best for you.