Popular home makeover shows often give the impression that the simplest way to enter the property market is to buy and renovate the worst house in the best location. And while a renovation can prove a great return on investment, it’s by no means an easy undertaking.
If you’re investing in a reno project, be sure to know exactly what your purpose is with the enterprise. Remember – renovating a property where you aim to live one day is a very different project from renovating for investment purposes (eg, to flip or rent out).
You also need to be keenly aware of budgeting for unexpected expenses. Whatever amount you plan on spending on the renovation, you need at least a 20% additional buffer in case problems or necessary changes are identified as the renovation proceeds. From plumbing repairs and electrical upgrades to mold removal or even structural fixes, there’s a wide array of issues that may need rectifying that you might not have been able to spot when first purchasing the property.
Other things to keep in mind include rubble removal, budgeting for extra utility costs, adding additional power outlets, storage and room layout, materials, cleaning, and furniture removal costs. Then there’s also the debate of whether to live in the home during the renovation.
With all these and other considerations, planning becomes vital. You want your renovation to be both beautiful and practical for the eventual occupants, as well as completed on time, on budget, and of a high quality. To achieve all these ends, you would do well to employ the services of professionals like FBC Builders in Auckland, who can undertake your project and advise on anything from the best way to approach your renovation to material costs and project turnover time.
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