When you invest in a new property with the intention to renovate, its extremely important to take certain things into consideration before you go ahead and make any concrete plans. Renovating a property is perfect for adding value, creating a space that works perfectly for you and also for transforming something old and tired into something fresh and exciting, but the last thing you want s to spend a fortune on something that doesn’t go to plan.
By making sure you have considered all of the important elements that come with renovating a property, you’ll be able to go ahead with your project with a successful outcome.
Do an Initial Check
Giving the property one thorough check before you go ahead with any work is essential. This is by far one of the most important steps, as you are able to find out exactly what state the property is in, whether it has any areas of damp, any leaking or damaged areas such as pipes etc. Once you know what you’re dealing with, you can decide what needs doing and in what order.
Your initial check will highlight any issues you may need to address, whilst also helping you to figure out what you need to include within your renovation schedule. If you come across anything that you feel may need checking, this step gives you time to find someone to come in and assess the area again for you, making sure everything is as it should be.
Create a Renovation Schedule
The majority of people who carry out renovation projects know what they want doing but fail to create a planned-out renovation schedule. By failing to create a schedule you open yourself up to the risk of things not running smoothly or to plan.
Your renovation schedule should include everything you want doing, with times and prices for each section of the project. If something happens to take longer, you can then refer to your schedule to figure out what this will have a knock-on effect with, giving you the time to go back and ensure everything is amended to run smoothly.
The schedule will also enable you to keep a clear mind, giving you timings and expectations of when things should be complete etc.
Budget for Equipment
Renovations can be expensive projects, but if you do your research and plan ahead you can save yourself hundreds. You should focus on figuring out exactly what you’re going to need to carry out the work on your renovation, such as heavy machinery and so on. If you’re unsure of which pieces of equipment are right for your particular project, you can find a range of equipment here, with clear descriptions on what works best for certain jobs.
Decide exactly what budget you have to spend on hiring equipment and then you can focus on how much you’ll be spending overall. It’s important to stick to this budget, as the moment you start to overspend you’ll find yourself struggling to keep the costs lower altogether.
Prepare Insurance
It’s the same with driving a car or going on holiday, you wouldn’t do it without ensuring you had cover in-case anything goes wrong. Getting renovation insurance is so important as you never know what could happen and it’s the very best way to cover yourself from any damage, injury or major issues.
If you fail to get insurance for your renovation project, you’ll be liable for any theft, flooding, damage or fire issues so it’s much better to be safe rather than sorry.