When Should you Renovate?
You might notice that many of your friends and family have been renovating or buying homes lately, and it has you considering starting your own renovation project. Before you jump in though, first consider why you are renovating and what renovations are going to be conducted. This will help you make an informed decision, and may even help you decide if you should be buying a new home instead or renovating.
Some factors that can contribute to the decision include:
The Time Frame
This can affect your renovation decisions for a variety of reasons. Firstly, you should consider how long you plan on staying in the home. If you don’t plan on leaving, then you might want to focus on renovations for yourself, what will make the home as best as possible for you. Or perhaps it’s the opposite, and you are considering selling, in which case you may want to be vacating as soon as possible, then simpler renovations may be in order. Another time frame issue can be how long you are planning on living in the renovation area. If small renovations are occurring, it can seem pointless to find temporary accommodation, but this can also become a difficult space to live in if renovations continue for too long.
One of the most common mistakes when it comes to renovating is overcapitalising. It’s important to do your research before you begin to establish what is going to be worth spending money on. There’s no point in conducting costly renovations if it isn’t going to help your property's value.
In order to create a beautiful home, it’s good to focus on the renovations that will suit you and your lifestyle as well as potential buyers. The best rooms to focus on for an all over successful home renovation are the bathrooms and kitchen. These are often the most used rooms and can age and date the quickest, so look to these areas first when deciding whether or not to renovate.
This is an important factor to take into consideration. You don’t want to get halfway through a renovation only to realise you don’t have the funds to complete it, leaving you in a half finished home without the option to buy. Start by setting a realistic budget and getting quotes. You don’t have to commit to anything at these stages and it can provide an insight into what a renovation can cost. People are often surprised, and if you were already contemplating buying a new home, this may drive you towards that decision instead.
The state of the property market fluctuates often, so it can be difficult to determine how your home is going to go if you plan on putting it up for sale. It’s a good idea to do some research into the market. Not only will this give you a realistic expectation of your home’s value, but it may also help with renovating. You can determine what will be worth doing or not.
Overall, deciding if you should renovate comes down to practicality. You might not have much choice, perhaps the walls are cracking or the bathroom has become mouldy and these need fixing. Generally, this is the point when people decide to undergo renovations, when you’re already doing significant fixes, you may as well continue and give your home a facelift.