FACTORS TO CONSIDER BEFORE RENOVATING YOUR HOME

House, home or building renovation/refurbishments are usually undertaken when the property has aged to a certain extent. The timing or period of this exercise depends upon how the property has stood up to the vagaries of time, inclement weather, and its surroundings.

A major renovation can be in the form of maintaining the external structure 'as is' and doing up or remodeling just the interiors. Renovation can also mean minor refurbishments to the existing interiors and for exteriors of the building.

1.Reasons for renovating

• Renovating a property may be a cheaper option than selling and buying elsewhere. This saves the costs of moving.

• A well-executed renovation of existing property will enhance its market value. This will make it easier to sell at higher prices with greater profits.

• Renovation of a rental property enables one to charge higher rents. Home renovation in Moorhead requires incorporation of factors appealing to tenants so as to increase rental returns.

• Eco-friendly, ‘green’ renovations and installation of energy-efficient appliances help save a lot of money in the long run.

2. Beneficiaries of the renovations

• Self – Renovations to improve the quality of life of the property owner like a user-friendly kitchen, additional bathroom, and extended living space.

• Tenant – Renovations that appeal to tenants to attract high rental incomes.

• Buyer – Renovations will depend on the target market, the nature of the buyer.

3. Preparations

• Assessment of the current state of the property is essential. Any structural damages have to be repaired before renovating. An exhaustive detailing of all the renovations required has to be made. Enlisting the services of engineers and builders may be needed.

• A realistic budget to complete all the work, including the cost of even the smallest item, has to be set up. The knowledge of the major costs involved will help to keep the prices low and wastage to a minimum.

• Renovation works can be undertaken individually or with the services of an architect or interior designer and by hiring qualified home remodelling contractors to do the works. Depending on the changes being envisaged, it is imperative to get permissions from the governmental authority or respective councils to carry out the work legally. 

• Financing options like personal loans, line of credit, construction or building loans are available for renovation works.

• It is ideal that the renovation is supervised by the property owner himself daily. Any work overlooked or done wrong can be set right immediately.

4. Changes that make a difference

As the first impression is the best impression, it is always a plus point when any building looks clean and fresh with appropriate landscaping. A touch of paint on the exteriors, repairs to the windows and fences, cleaner roofs and tidy gardens shows the property in a good light.