Do you plan to refurbish your home in preparation for a sale? In most cases, you would be in a dilemma when considering return on investment refurbishments. Below is an interesting piece on return on investment home refurbishments.
Start With An Inspection
Your home could have severe defects that could affect your refurbishment plan. Therefore, ask a professional to conduct an inspection to determine the current condition of your home. For instance, if your home has weak pillars, a vertical extension could strain the pillars and foundation. Therefore, the structure could collapse. Conversely, if the property's trusses have a termite infestation, it would make sense to repair them before installing a new roof.
Consult Industry Experts
Given that you are not a real estate or construction expert, it only makes sense to seek a professional opinion before commencing your renovation project. Your real estate agent, conveyancer or contractor can be an essential source of information regarding the viability of your home renovation project. Inquire about the following:
- What are the current trends? Remember your tastes could differ from those of your target market. Understanding their preferences helps you sell the property within a short period.
- Will you recoup your investment after the refurbishment? The general rule is to consider cheap improvements that significantly increase the property value.
- How can you cut construction costs? For example, you could use recycled materials or buy construction materials in bulk.
- How long will the improvements take? It is a vital concern if you plan to dispose of the property within a few months.
Besides consulting, you must hire experienced professionals to help you execute the project. For example, hire an accredited contractor to conduct building works. Moreover, ask a locally-based certifier to inspect the construction works and assess whether the contractor complies with local construction laws. Remember, buyers will evaluate whether the building flouts the construction code.
Create A Budget
Ask your preferred contractor to draw up a budget for your home renovation project. The rule is to evaluate the budget and develop cost-saving strategies before commissioning the construction work. For example, you could opt to use engineered wood instead of natural wood since it has a similar appeal. Then, decide how you will fund your project. For instance, you could sell construction waste to raise cash. Your conveyancer can also help you apply for a construction loan. Alternatively, you could refinance the property if you have an outstanding mortgage. Always negotiate the bank's terms and conditions to ensure an easy time repaying the loan.
Reach out to a construction service to find out more.Share