Most of us who own our own homes are constantly looking for more ways to add value to the home and make it feel brand new. Renovations have become enormously popular in the past two decades, particularly with the rise of all manner of reality TV programs like Grand Designs that dramatize the real life experiences of people who seek to enhance their homes or investment properties. While there’s no denying that there can be value in carrying out renovations, the trouble with reducing the lengthy and costly process of renovation is difficult to accurately convey within the 30-60 minute runtime of a network television program. Thus, a lot of the harsh realities of the process tend to be glossed over.
If you want to make your home feel brand new or are trying to add value prior to putting it on the market, here are some caveats to consider before you commit…
Are you sure the building is asbestos free?
If your house was constructed before the 1980s it could have harmful asbestos lurking within which could become exposed throughout the course of your renovations. It’s estimated that the toxic substance is found in around half of all residential properties in the country. Unless you’ve been given specific assurance that there’s no presence of asbestos in the property, you should contract a company like Allcott Associates Chartered Surveyors or your local equivalent to carry out checks. Exposure to asbestos can result in severe lung damage via asbestosis.
Have you carefully considered the cost
It’s sadly inevitable that few remodels come in on time and on budget. While contractors may give you a figure that sounds appealing it’s important to realise that despite everyone’s good intentions your bathroom or kitchen remodel could go wrong in a variety of small ways that over time can distort these time and cost calculations. In reality, you should add around 25% to whatever cost and time projections you’re quoted.
Will the remodel really add value to your home?
We’re seeing the beginnings of a slump in property value in some areas, especially in and around London, and people are adjusting their offers accordingly. If you’re renovating to increase your enjoyment of the home that’s one thing, but if its sole purpose is to add value to the property you may want to think again. At the very least you should concentrate on renovations that are proven to add value such as:
Loft conversions
Extensions
Conservatories
Bathroom and kitchen remodeling
Can your relationship take the strain?
The unfortunate but unavoidable truth is that a remodel can put a strain on even the healthiest of relationships. The disruption and inevitable money trouble can fray your nerves as well as your partner’s. It’s important to mitigate the strain that the remodel will take on you by arranging hotel stays and allotted quality time to spend together.
There are many reasons why a remodeling project could work out great for you, and fulfill all of your expectations. It’s just important to go in with your eyes open and all of the potential negative consequences considered.
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