Homeowners spent an average of $60,000 on renovations in 2016. This same study revealed that spending appears to be rising among the younger generations.
There may be a few different reasons for this. Personal preference is certainly one of them since we all want to like the house we live in. Another has to do with investments and personal finance.
Interior renovation can increase the value of your home if done properly, so homeowners will often renovate in case they want to sell their homes later.
However, not all renovations are going to help your bottom line. Some may even lower the value of your home. We'll talk about a few common renovations mistakes in the paragraphs below.
1. Misjudging Cost
The cost of renovating a home is often much higher than homeowners expect. The result is that less ends up getting done than was originally planned.
Interior renovation can improve your home's value, but it can be disappointing to see your grand plans only half-realised. If you really want to make everything on your list happen, add a bit to the budget.
A good rule of thumb is to calculate 120% of what you first expected.
2. Not Consulting Professionals
There's nothing wrong with wanting to be the house handyman or woman. However, there's a difference between replacing a tile on a roof and trying to stop the roof from caving in.
As with any type of job, it helps to have the right tradesmen. If you need something built, hire a good builder and hire them before undertaking anything major. This will help you avoid major mistakes and may keep costs down as a result.
3. Be Selective About Materials
It's easy enough to make something work when you have the right materials. By the same token it's almost impossible if the materials are all wrong.
Think through your ideas to make sure they're practical. For instance, bathrooms limit your flooring options, because the material will need to handle water well. That means wood and carpet are right out.
4. Have a Plan
Planning ahead will help you save money. Having a plan in place will keep you from changing your mind halfway through.
Sudden changes in design will increase the amount of time and money spent on a project. Not only do new materials cost more, but designers and other contractors often charge by the hour. The hourly rate is there specifically to prevent the client from making too many changes to the plan.
Interior Renovation: What Not to Do
Interior renovation can be very fulfilling. The end result may make you love your home more and even increase its value. If your letting the property it will certainly make it more attractive to potential tennants and increase the rentable value.
However, it's important to know that it's very easy to make mistakes, and mistakes in home renovation can cost a lot.
Knowing about some of these mistakes and how to avoid them is a great way to start. We've talked about a few in the paragraphs above, but there are many more pitfalls to catch the unprepared. We encourage you to do more research on your own.
If you want to know more about property design please visit our site. We can give you a great checklist for maintaining a property.
Whatever your project you can get in touch with Lee West who will be happy to advise you on your best options.
Lee West has a wealth of experience managing and refurbishing high class properties in London. He has been the lead contractor in many prestigious buildings such as Buckingham Palace, Clarence House, Chelsea Royal Free Hospital, House of Parliament, Kew Gardens and many more.