Renovation Traps: How Not To Lose Money

Like it or not, not all renovation projects are equal.

No, today’s post isn’t going to tell you the difference between a garage conversion and a kitchen project, but rather the types of scenarios that tend to “greet” you when you sign up to such projects.

When choosing what to renovate, consider improvements that can increase your property’s value. Residential lifts were found to increase a home sale value by 10 percent.

Whether you are a builder in the profession, or a homeowner looking to make the most with your property, take a read through the following traps which tend to wreak havoc with renovation projects up and down the country.

Trap #1 – You Don’t Budget For The Weather

You might follow all of the tips that we are about to outline through this guide, but it will all be for nothing if you don’t budget for the weather accordingly.

Put simply, the weather is something that can put the brakes on projects that even seemed to have been planned perfectly. It’s something that can delay construction for months, and ultimately cost you money.

What’s the best way around it? Well, not building in winter is one solution, but failing that just budgeting more time for your project once you know that it’s during these months. Additionally, making sure that contractors are wearing adequate protection and making sure that equipment and materials are stored appropriately can make the world of difference as well.

Trap #2 – You Don’t Think About The Legislation

We’re not going to talk too much about this point, as in truth legislation across the world just varies so much.

If we look at the UK as an example, you have to contend with planning permission and building control to name two forms. The former is something that has resulted in homes being pulled down after failing to get the adequate permission, so it goes without saying that this is a serious business which you need to stay on top of.

Trap #3 – You Turn To Cowboy Builders (Or Cowboy Contractors)

As the home owner, turning to cowboy builders is going to cost you significant sums in the long-term. It’s something that might seem cheap at first, but over time it can cost you a lot more than you can ever imagine. Let’s not forget that any work that is “botched” will have to be repaired, and this can mean that your final bill is significantly higher than your initial budgets.

The same rules apply as a tradesperson as well. If you are turning to self-employed contractors, you carry similar risks and need to be aware of this long before your project starts.

Trap #4 – You Don’t Keep On Top Of Your Costs

There are very few projects in the world which are able to stay on budget. Quite often, we all get carried away, and don’t think about contingencies and other points that can add sums onto your final budget.

What’s the best advice? Go as granular as possible, as early as possible. Don’t make estimates – try and retrieve hard and fast price figures as soon as you can.