Tuesday, August 25, 2009
Category:
Personal Finance Tips
Why is it that when we start to pick out areas of our home that could do with a bit of a facelift, the list just seems to keep on growing?
Simple jobs can run away with your wallet and every time you turn around, there’s another problem area crying out for redevelopment. So, how do we stop a bit of reconditioning turning into daylight robbery?
Consider these steps before you even start stripping the wallpaper.
Step One – Crunch the Numbers
Like any significant expenditure, you need to go through the finances and make sure it’s worthwhile. Will you get a good return on your remodeling investment?
- A bit of sprucing up can be accomplished with a fresh coat of paint. This can be carried out quickly and cheaply but it probably won’t have an impact on the value of your home. So, you won’t be looking at a tangible return on your investment but it’ll make it a nicer place to live. Which might convince a potential buyer.
- At the other end of the scale, you might want to add to your home by building an extension. This will give you an extra room and expanding on the physical structure of your home can have a substantial impact on its value. However, the expense involved in this kind of project can result in as significant a loss as it does a gain.
Essentially, this is a question of risk and reward, like any investment. The more you invest, the greater the risk.
Step Two – The Big Idea
You’ve probably got loads of home improvement ideas. Now you’ve thought about the financing, some are going to feel a lot more realistic than others.
You should now be even more determined to add that extra room, replace those dated appliances or simply freshen up the paintwork.
- Look in magazines for inspiration. There are so many possibilities out there that you want to be sure that you’ve made the right choice for your home.
- Have a clear idea of what you want to accomplish. The more vague your planning, the greater potential for things to go wrong.
Whether this is something you see yourself living with for a while or an investment you want a quick return on, the more refined your concept, the easier it’ll be to translate to a contractor. Even if it’s something you’re going to undertake yourself, having a clear picture of your goal will help you get there.
Step Three – Put Pen To Paper
Well, you’ve got the idea; now time to sketch it out. It doesn’t need to be too technical, that’ll come later if needs be. At this stage it’s just there to help you.
- Have a look over some house plans to get some ideas of what's happening in the world of building and renovation. Even if you’re just doing a bit of painting, play around with the colour scheme, trying things out is a lot easier on paper.
- If you’re not comfortable drawing, list room dimensions, general layout, any plumbing or flooring requirements, fixtures and any makes, models or colours you’d like to use.
You’ll probably go through countless sketches and lists when coming up with a plan for your renovation. Each of these will move you a step closer to the home you want.
Step Four – Assemble The Workforce
If you’re planning to renovate in a specialized area, like an overhaul of your electrics or plumbing, you need to know you've got the right people to do the job.
- So, get at least three quotes, regardless of the type of work. Chances are, the one that stands out as too good to be true, is. More often than not, you can take this to be a sign of inexperience.
- Word of mouth recommendations are worth their weight in gold. If you hear that someone was particularly happy with their tradesmen, get their number!
