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Friday, July 10, 2015
Picking the Wrong Projects
A new year. A new renovation. There is something about starting over that makes us feel invincible - so invincible that we decide to take on projects that we don't have the time, budget, or talent to finish. Before you start any renovations, assess the property's potential. Will the value gained from the renovation be worth the time and money you put into the renovations?
Ignoring the Survey
If you are purchasing a new property to renovate, learn everything about the property before you purchase it. Don't be surprised by rotting subsidence, or structural defects in the middle of an expensive design-build. Obtain a building survey that will provide key information about materials used to build the structure, any defects found, fixes to the defects, and estimates on how much they will cost.
Hiring Rogue Contractors
Research. Research. Research. If you're not quite handy enough to handle your own renovation, hiring a design-builder with experience and good reviews is absolutely paramount to the completion and quality of your renovation. When contract work is bad, it can be really bad and expensive to fix. Always be suspicious of really low bids. This can be an indicator that the company is inexperienced, in financial trouble, does shoddy work, or uses cheap materials. Hire a builder that is an experienced, highly rated organization that houses its builders and designers under the same roof. This guarantees faster communication and high quality service every time.
Setting a Low Budget
Often what can extend projects to ungodly lengths is running out of money. This can cause contractors to become frustrated, suspending your project for others until income starts to flow again or perhaps they will choose cheaper, less efficient materials. Unless you have unlimited income, ensure that you have a contingency in place of about 10-20% to cover unexpected costs. Prepare your budget by making a list of all tasks that must be completed and the cost of materials.
Making Small Additions
Avoid making small, piecemeal renovations to your property as money allows. Often this results in multiple unfinished, and dysfunctional purgatory-like rooms that can cripple your property. It is best to save up money to complete one project at time. This way, if you have to sell the property at any time, there will not be a million different projects that need to be finished before the property is sold.
Renovations to your property can be a great investment. But improperly managed renovations can disrupt and destroy the property. In order to be successful, begin with avoiding these top common renovation mistakes. And if your job is too big for you to handle, contact an experienced and reputable contractor to do the job.