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3 Key Questions to Ask Yourself When Considering Property Renovations

By Jamie Richardson | December 16, 2020
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Photo Credit: Eugene Str (Unsplash)

Even if you’ve purchased a brand new property, there comes a time when you need to upgrade some features to make your home more comfortable or give it a new lease on life. However, embarking on a renovation project is no simple feat. It requires plenty of patience, time, and of course, money. Depending on the scale of the project, renovations also have the potential to cause a great deal of disruption for you and your family. 

Making the decision to start renovating part of your home isn’t one that should be taken lightly. To make sure you are making a sensible choice, here are a few key questions that should help you make the right decision. 

Can I Afford It? 

DIY projects can be expensive. Purchasing materials and hiring contractors won’t come cheap. You can attempt to do the job yourself to cut costs, but this could cause more stress and damage in the long run. Before embarking on a DIY project, you should analyze whether you can truly afford the project. It’s wise to get a few quotes and draw up a realistic budget including a little bit of financial cushioning to account for any unforeseen costs. If the work you are pondering is essential, you may want to consider taking a loan that you can pay off in regular installments. There are lots of opportunities for borrowing online, and often these sources offer efficient solutions when it comes to accessing funds quickly. 

Will It Add Value to My Home?

Next, you need to ask whether the work you plan on doing will add value to your home. It is useful to think in terms of functionality here. If you are considering something that will make the home easier to live in, such as a new bathroom, then it likely adds value to your home. The problem with simply improving the aesthetic with no consideration for functionality is that you are banking on future buyers having the same taste as you, which won’t always be the case.  

Is It a DIY Project or Do I Need Professional Help?

Perhaps you are looking to save money or you consider yourself pretty handy when it comes to construction projects. Despite these factors, you should consider whether the renovation project requires the services of a professional contractor. While you can likely tackle small projects like a new paint job on your own, anything more technical that involves plumbing or electrical work should probably be left to a professional. 

Investing in the maintenance and improvement of your home always has the potential to reap rewards. Not only will renovations increase the monetary value of your home, but they also have the ability to improve your quality of life. With that being said, these types of projects require a fair bit of forethought and planning if they are going to be done right. Don’t rush, and save yourself any potential stress by carefully considering your options before embarking on home renovations. 

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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