If you are planning to sell your home in the near future it’s worth thinking carefully about undertaking major renovations. Renovating your home can add value to it, but unless you strategize the cost of renovating may exceed the estimated value of your plans. Here are some factors that should be put in consideration before starting that renovation project.
Your Budget
Before starting your renovation you should already have your budget planned. Your budget will be the basis of how big or small your renovation will go. Your budget will limit you on going to far on that certain project that you want. It will also put everything in perspective on how much of value you can add to your home. Don’t forget to add a buffer! You never know what you will find when you open walls. Have rodents been nesting? is there a crack in the foundation? Black mold? Rotten flooring? You never know so be prepared. If nothing bad happens go on a vacation to celebrate with your buffer monies!
Also if you want to be extra careful, before you start have your property inspected by a professional for hidden hazards such as asbestos. You may find yourself in trouble if you don’t take precautions. One renovator we know about did a lot of drywall removal not realizing that there was asbestos in the mud. A cranky neighbor called the cities health services on him and he was stuck with a $250,000 personal fine because he was removing the asbestos in an unsafe manor.
Your Time Frame
This should also be well planned in advance, if your deadline is not met this will garner additional expenses or holding costs. Additional expenses can pile up and be damaging to your budget. The speed of your renovation may also irritate your neighbors as we’ve seen in the past. Be prepared when you go in and have your priorities straight. Also consider overlapping things if you can. For example if you’re doing a full house gut, consider the whole picture and plan accordingly.
We know first hand how some renovations just simply take longer than they should. We’ve worked with home owners who take a long time making decisions and need a lot of hand holding. We are okay with that because it’s our job, but if you have a spouse or someone your renovating with that needs to take their time making decisions, plan for extra time!
Necessary Permits and Approvals
Before starting your renovations you must secure the necessary paperwork. Inquire at your municipal building inspection department to find out which permits you’ll need to start your project ( although some contractors do this for you but most don’t). You should also check and arrange what inspections you have to be prepared for halfway through the project and when it’s finished. Also inquire about any extra insurance coverage that may cover your renovation.
DIY or a Professional Contractor
Although DIY is going to save you money if you have the skills to do it, but if you don’t this is a another story. Limited skills will do more damage than good. We mean this literally. A professional can guarantee efficiency and impressive work. You should contact more than one contractor and have an interview process in which you can select the one you feel will do the best job as well as the one you connect with. It’s not a bad thing to trust your gut!
Many homes are like diamonds in the rough waiting to be polished. Renovating your homes can bring out its true beauty and will force appreciate your home if done right. But be warned, cutting too many corners will only make your home harder to sell. Before starting work you should be aware of your limits and restrictions. I hope these factors will assist you on your decisions to renovate your home for sale. If you have any questions, feel free to contact us at 403-465-2288 for a free quote!
