As a new homeowner, there’s a lot to consider when it comes to renovating your property. It is estimated that seven out of ten brits want to remodel their home. At the same time, eight in ten potential homebuyers would buy as a fixer-upper over a new build to allow them to put their stamp on a new home.
However, with rising costs and squeezing finances, should you be carrying out renovations yourself? After all, there is a wealth of information online to support you in learning new skills and getting to grips with many aspects of renovation work within the home. Not to mention the success stories of people doing it for themselves, saving a fortune and having a fantastic home at the end of it.
If you are considering remodelling your home yourself, this article looks at some things you should consider when buying a fixer upper.
Evaluate the House
Before deciding to undertake major renovations, new homeowners should evaluate their property to determine its current condition and potential for improvement. This includes understanding any potential challenges or limitations when it comes to renovations. Is your home a listed building, and do you need permission? Is it part of a conservation area meaning you must also abide by regulations the local council sets?
And how extensive are the repairs required, and what will undertaking the project require from you and the property to get the job done? Consider points such as access to the property, the vicinity of the neighbours for noise and disruption to their lives, and the times you will be able to complete the work.
Home Value Impact
As a new homeowner, it’s essential to consider the impact of renovations on your home’s value. While many believe extensive renovations are necessary to add value, that’s not necessarily the case. A 2017 report on home renovations found that specific projects, such as adding a deck or updating a kitchen, could increase a home’s value. However, focusing on getting the maximum return on investment is essential.
While it’s nice to do renovations to make your life easier and give you the home of your dreams, if you are considering selling in the future at any point, you need to ensure the work will be cost-effective and positively impact the value of the home. There will likely be an upper limit to a home’s value in many areas based on what people are willing to pay to live there.
Cost Considerations
When it comes to renovating a home, cost considerations are a significant factor to keep in mind. Ensure that they make smart decisions for their budget and property value.
While it might seem like you’re getting a great deal buying a home that needs work, a second glance might indicate it is more of a money pit than you initially thought. Have you priced up all the materials you will need, including parts such as Stainless Steel Threaded Fittings, tools, protective equipment or clothing, and so on? Do you have the funds upfront to do the job immediately, or do you need to stagger the work as and when you have the finances?
Don’t forget you still need to keep up with remortgage payments for the property even if you aren’t living in it and expenses for alternative living accommodation if you can’t live in during the renovation.
Unforeseen Events in Older Buildings
Being realistic about the potential challenges of renovating an older building is crucial. Still, proper planning and preparation can lead to a beautiful and unique home. Renovating an older building can be an exciting project. Still, it’s essential to be aware of potential unforeseen events that can arise.
As mentioned earlier, it’s necessary to set aside a contingency budget of around 5-10% to cover any unexpected expenses that may pop up during the renovation process. This is especially important in older buildings, where issues such as hidden mould or structural problems can arise once walls are opened up. Understanding when to call in professionals, such as contractors and inspectors, versus tackling tasks yourself can also save time and money in the long run.
Knowing When To Call Professionals and When To Do It Yourself
Knowing when to call a professional and when to do it yourself is crucial in any renovation project. While some tasks may seem easy enough to tackle on your own, others may require the expertise of a licensed professional.
Aside from changing light bulbs, switch plates, or light fittings, any electrical work you shouldn’t do any other electrical work yourself. All electrical work needs to be carried out by qualified electrical engineers.
Other options include calling gas engineers to help you with your gas supply, boilers and central heating. Not only will they be able to work safely, but they will ensure the work is carried out to the proper standards and call plumbers for significant changes to your home’s plumbing system.
Undertaking home renovations is a big challenge, so ensuring you are up to the job before committing to a fixer-upper is vital. Take off the rose-tinted glasses and make sure you know exactly what you have let yourself in for.