If you are renovating a property then you will know what an exciting and thrilling experience it can be. That being said, you do need to make sure that you avoid some of these pitfalls. If you don’t then you may find that you end up paying way more than you have to, and this is the last thing you need.
Get a Building Survey
The first thing you need to do is get a building survey done. You should always commission a building survey from a qualified surveyor, as they can tell you if there are any structural issues with the property. They can also give you advice as to how you can go about repairing specific problems, such as damp or mould growth. Sure, paying out for a survey will cost you, but it is an investment that is well worthwhile. It’s possible that your surveyor will recommend that you bring in other professionals too, such as a structural engineer, or an asbestos surveyor. You can choose whether or not you want to take their advice on board, but ultimately if you choose to ignore it, then this could translate to huge costs down the line. If you do want to invest in asbestos testing, you can usually find a solid provider online. Some of the biggest issues you may come across in your older home include damp, plumbing faults, electrical fitting issues, radiator replacements and more. If the house you intend to work on has radiators then this is a good sign that it is equipped with central heating, but with that in mind, you do need to make sure that it is in good working order.
What do you Want to Do?
Next up, you need to decide what you want to do. Here you can let your imagination run truly wild. It’s helpful to ask yourself if you intend to live in or sell the property. Some people choose to rent out properties that they have renovated, as this is a great way for you to generate a passive income. The main reason why you need to give this some thought now is because if you don’t, then it could affect the design you decide to opt for. Young professionals tend to want an en-suite for each bedroom in the house, and young families prefer open layouts so that they can keep an eye on the kids. Young families also like private outdoor spaces or a decently-sized yard. Downstairs toilets will be favoured by seniors, or by those who are disabled.
Budgeting
You don’t have to watch a lot of home renovation TV shows to know that poor budgeting is one of the top mistakes that a lot of renovators make. Lack of research is a huge problem and the last thing you want is to exceed your budget. So how can you make sure that you do not run into any money issues? One thing you can do is take your time. Sure, it can be tempting for you to rush into things, especially with your renovation project. That being said, if you take your time and you do your research then this will eliminate a lot of issues for you. Preparation and research will only get you so far. Older homes often have issues and the last thing you want is for things to go wrong when they are out of your control.
Financing
A prominent factor that will impact your budget is where your money is going to come from. You need to seek out the right financing and you also need to work with a solid team who can advise you on the various loans that you are going to have to take out. Don’t be afraid to ask for help, either. If you need some financial advice then it is worth hiring a financial advisor if you can, as they can talk you through all of the things you can do to try and maximise your budget while avoiding some of the pitfalls and mistakes so many people make.
Get Covered
Restoring an older home is a huge financial commitment, to say the least. You can’t be to blame if things do not go smoothly. If you want to give yourself some protection here then one thing you can do is take out buildings insurance. When you do, you can then count on the provider to help you with anything you might need to know, so make sure that you keep that in mind as it could save your investment from crumbling in the future. Taking out insurance is never an unnecessary expense.
