Sluggish property markets, high interest rates and jumping through hoops to get a mortgage can be off putting if you are thinking of moving home.
But with space lacking, you still need to find a resolution. Or maybe it is not lack of room but the way in which the available space is configured. If it doesn’t work for you and your family, life doesn’t flow as well through the home.
The option is to renovate but there are pros and cons, as highlighted by leading balustrade specialists, Balustrade Components.
Costs Less Than Relocating
Selling and buying a property are two of the most expensive activities you will do. With conveyancing fees, mortgage fees and moving costs, it can cost a pretty penny to bag yourself a new pad.
And then there is the possibility of taking on the risk of a bigger mortgage. You can see why people opt to renovate or expand.
You are in control of your budget. Renovation doesn’t have to be like you see on some TV programmes. In other words, you don’t have to live in a static caravan through the cold winter months after ripping the guts out of your home.
Here’s how to keep the costs down:
- You can renovate piece by piece, room by room
And that means making changes when you can afford to do them and, have the time. Renovation projects can be stripping out a room, knocking off the old plaster, replacing the floor boards, re-plastering, new lights and so on.
Discomfort is temporary and minimal, with the renovated room ready to use within weeks (and no need to live in a tent).
- Minimise structural changes
Understanding what sucks your budget is important and with renovation it pays to have a small stash set aside for when your home throws a few ‘surprises’ your way – like dry rot.
But to keep costs under control, minimise the structural changes as much as possible. For example, renovating a bathroom may mean new plaster, new tiles, replacing the shower cubicle with a wet room or investing in the freestanding, claw footed bath tub you have always wanted is affordable. But start moving soil pipes when relocating the toilet and installation costs increase significantly.
The same is true when it comes to knowing down supporting walls – you will need a supporting column and beam to replace it – and other structural changes.
However, there are times when it needs to be done, thus you will need to compromise on other aspects of the renovation project.
- Do it Yourself (as much as you can)
You can also save money by doing a lot of the renovation work yourself… IF you have the time, some level of skills and some basic tools.
Having said that, most people who renovate a property will tell you that putting their blood, sweat and tears into the build is part and parcel of what it is all about.
There are, of course, some elements that should always be left to a qualified professional such as anything to do with gas or electrical work. Plumbing is usually best left to a professional as well and unless you are only plastering a small wall, large swathes of plastering could also be left to a professional plasterer.
Are You Adding Value Where It Counts?
On the plus side of renovating is that you are creating a home that is ideal for you, the perfect fit around you and your family.
There are, however, many pitfalls and one is overdoing it, adding value in places where there is no need.
For example, some homeowners have been disappointed to find that their half a million pound, superbly renovated property is not going to fetch the price they want for it in an area where the average price of property is quarter of a million pound.
Also, the copper plated bath that cost you thousands is not going to make a lot of difference to the value simply because it is the latest trend and looks good. It is desirable, but not valuable in a financial sense.
Renovate within the confines of the property and the area, and don’t let your ideas run too wild.
However, there are some aspects that will add value and just enough to make it a valuable property to potential buyers too – a well-thought out and professionally installed bathroom and kitchen, for example.
Consider replacing key structural elements, if your budget allows, such as a new stair case and increase natural light in rooms with floor length windows and Juliet balconies.
Renovation is a fantastic way of adding your character to your property. It can be fun and exciting, but stressful and exhausting in equal measure. Get it right, and it will shelter you for years and reap a profit.
Balustrade Components supply fixings and components essential in many renovation projects, from creating stunning balconies to bespoke staircases.