If you’re an existing homeowner, up-sizing to a larger property isn’t always easy in today’s climate. Not only will you be facing larger mortgage repayments, you’ll also need to find thousands in moving costs, such as stamp duty and estate agent fees. It’s little wonder that a growing number of people are choosing to extend and renovate their current home instead of selling.
According to Nationwide, adding an extra bedroom and bathroom through an extension or loft conversion can increase a property’s value by up to 20%. In the first article of a 3 part series we will look at all of the things you need to think about and prepare for before a big home renovation.
Thorough planning is key to any successful renovation project and will save you time, money and effort. Surveying the current condition of your house before renovation work begins allows you to analyse both the practicality and affordability of your project idea. Remember to ask yourself questions like:
• Has this house been previously renovated?
• Was that previous renovation successful? If not, why?
• How much did you originally pay for the house?
• How much money is left on the mortgage?
• How much money do you have to fund this project?
• Realistically what is the time frame in which you’d like to have the project finished?
These questions will provide you with realistic expectations of your project according to your financial situation, time frame and amount of funding. If you haven’t already thought about it, funding your project is an imperative aspect.
Be realistic in your planning – cash is great if you can afford it, particularly for small projects, however large scale renovation projects will often require the security of a bank loan or finance. A good place to start if you’re unsure about what you can afford to borrow is a comparison website like MoneySupermarket.
Renovation projects are not for the faint hearted and it is crucial that you invest in renovation insurance to ensure that you’re covered for any damage that occurs during or because of your project. After all, if you are spending a large sum of money renovating your house, it is important that your house is properly and thoroughly safeguarded. A renovation insurance broker or specialist will be able to advise you on the cover which you require and why.
Misunderstanding complicated policies such as, The Party Wall Act (1996) and planning permission may hinder the start of your project so make sure you seek out a professional to get some free advice – if you choose Anglian Home Improvements for your project, they will do all of this so you don’t have to.
Once you’ve decided on how you’re going to fund your project, it’s time to start the home preparations. Make sure all your furniture is moved out of the way before the building work takes place, otherwise you may end up ruining your furniture in the process. A couple of clean dust sheets will come in handy to protect your furnishing.
Although it’s not a necessity, having an endless supply of tea and coffee for the builders is going to earn you big brownie points – if you’re feeling extra generous then a couple of digestive biscuits will go a long way.
If you are inviting workers into your house, it’s important to think about your privacy. What time will the workers be arriving? If your renovation is taking place upstairs or around bedrooms then you may have to think about the usual time you shower and get ready – you don’t want to run into the electrician in your PJs!
If you can’t move into a spare room or move out, then consider putting up some room dividers to give you that extra bit of privacy in the mornings. Once the work has begun it can suddenly seem impossible to find just about anything, so make sure you gather all of your important items like chargers, keys, mobile phones etc. and move them out of the building zone and somewhere that you can access them easily.
Find out what you should be doing during the installation (there’s more than you think) in the next post, What to Do During a Home Renovation.