When we embark on a profit-focussed home renovation, there is a pretty good chance you want to do everything you can to cut down on losses, expenses and any wasted time. The more pedantic you are about your time management, project planning and sourcing of affordable or low-cost materials, the more profit you can expect to see when it comes time to sell your home.
Added to this, an improperly planned home renovation can leave you with a major budget blowout that can affect far more than just the completion of your home’s renovation, but your life too. You may see a major hiccup with a supplier, or find that the approach you took to renovating stalled your renovation, and subsequently left you with nowhere to live.
All those points in mind, it is imperative to have a solid home renovation plan in place and to avoid the following five mistakes when it comes to enhancing or improving your home.
1. Being Unrealistic with Budget
One of the biggest no-nos when it comes to a home renovation is the setting of an unrealistic budget that either constrains you far too much, or allows you to overcapitalise.
This tip goes both ways and it’s important to be realistic on both ends of the spectrum. As you will know, if you spend far too much on a home renovation, which could include doing anything from adding extra bedrooms or an outdoor space could leave you with a far higher expense than you can expect to get back when it comes time to sell.
On the other hand, if you set a budget that is too low you run the risk of cutting corners and making mistakes due to being forced into such a tight budget.
That in mind, set up a plan and be realistic when it comes to budget-setting and ensure you have an emergency fund that is roughly 20 per cent of your budget waiting in the event something unplanned occurs. Without this fund, you put yourself at risk of entirely stalling your renovation and not completing the project.
2. Focusing Too Much on Trends
Another key mistake that far too many DIY home renovators make is sticking to trends and allowing these to dictate the entirety of the renovation. If you’re someone looking to redesign their home and make it as trendy and stylish as possible – you must be pedantic about what will be a short-term trend, and what is looking to last a long time.
One of the main reasons we say this is down to the fact that you could be making changes that result in your home being locked into one style and looking as though it was crafted in a particular time – which can significantly age the home when it comes time to sell. Your buyers will see the space as something that has a ‘date’ on it, and could turn them away if they’re going to need to renovate.
A good tip here is to consider consulting with a designer or design team about changes you’re looking to make, as they will let you know what will work for your home, your area and your long-term sales and profit goals.
3. Forgoing Insurance
A third major point to keep in mind, and a potential big mistake, is looking over insurance during your renovation.
You always want to make sure that you have the correct insurance for your home and also your project as you will need to have some form of safety net should something go wrong. A top-tier insurance provider will be your saving grace when it comes to protecting yourself against poor renovation, and this could also stop you from losing tens of thousands of dollars if your contractors back out or are unable to complete a project to a quality standard.
To add to this, if your project relies on credit or a loan, your lender may require some form of insurance before they approve any of your applications, and so with this in mind, you may want to apply for insurance as soon as possible to ensure your loan applications aren’t hanging in the balance or taking a long while to be approved.
4. Not Ordering Extras
One of our tips connected to your project timelines are the ordering of extra materials from the get go. In a lot of cases, renovators will find that their homes are larger than measured, or that a project is a little more complicated and requires added materials to get the job done.
This noted, you should always do your best to order just a little extra when it comes to materials and essentials for your renovation. If you don’t have some extra flooring, for example, you could see the entire renovation pause for days or even weeks while you wait for these floor materials to arrive, which will cost you money and waste a lot of time.
You will always want to make sure you’re taking a look at as many contractors as possible and gathering quote and pricing information whenever you can to ensure you’re getting not only an affordable team, but a capable one too.
One major point to keep in mind is that your entire renovation is going to rest on these contractors, and if they don’t have the skills or the experience to get the renovation finished, you’re going to be all out of luck when it comes to a job well done, or a project finished at all.
With those five common home renovation mistakes out of the way, we’re sure you have a little more direction when it comes to getting the job done right the first time and saving you as much stress and hassle as possible.
Always be sure to do your research and make quality and well-planned renovations a prime focus for your project and you will be on the right track.