Planning a renovation? Maybe you’re upgrading your current home, or perhaps you’ve purchased a ‘fixer upper’ in the hopes of doing it up and selling for a profit. Either way, if you’re new to renovations there are a few important things not to overlook. Here are three essential things to consider.
Your Contingency Fund
A contingency fund is paramount. Unplanned expenses could come as a result of pests, structural issues, plumbing problems, wiring problems, asbestos and more. Hopefully, you will have had a home survey done before attempting any renovations. But even with that, a house can throw up all kinds of issues that you weren’t expecting. Without a contingency fund to fall back on, these problems can eat up your entire budget. The last thing you want is to be stuck in a position, mid-renovation, where you can’t afford to get the work finished. A contingency fund should be set at between 5% and 25% of the total renovation cost. Older and more neglected homes will of course need to be set towards the higher end. If you don’t spend it all then, that’s fantastic, but it’s important that these kinds of funds are set aside just in case.
When you’re tearing down walls, ripping out kitchens and generally making a mess- you’re going to end up with a lot of rubbish. Your tradesmen aren’t responsible for getting rid of this; that’s something you will need to take care of yourself. And so money set aside in the budget for things like skip bin hire or rubbish removal companies is essential. You’ll need to keep the area free of debris and hazards from a health and safety point of view, as well as so your workmen can move around and do their job properly. Even if you hire a van and do it all yourself, the cost of this would need to be worked into the budget. So this is one important thing not to overlook.
If you are having any external work done, this can only be completed while the weather permits it. For example, if concrete freezes before it has a chance to set, it can change the structure making it weaker. Bricklayers will only be able to lay bricks if the air temperature is at least two degrees centigrade, and when bricks and sand can stay dry and frost free. And so builders will not be able to do certain things at certain times of the year. Even when it’s milder, if the rain is very bad most workmen will not be able to work outside. Any outdoor lights or other electrical things that need to be fitted for example will not be able to be done while it’s raining. And so timing your renovation at the right time of year can be useful. Or at least make sure the external work is done before the cold weather sets in.
Are you planning any renovations in the near future?