Thinking of renovating your home? Don’t fall victim to these expensive renovation mistakes.
Taking out a high interest loan
Many people borrow money to fund their renovation project. When doing this, you should avoid resorting to high interest loans – you could end up paying a lot more in the long run. Shop around for different forms of loan to find the best interest rates. You may find that it’s better to remortgage your home using a lender such as Mortgage Co. Having a good credit score could help you to access lower interest loans.
Not shopping around for contractors
When hiring contractors to carry out your renovation, make sure to shop around for quotes. The first contractor you look at may not always offer the best rates. In fact, it’s often better to collect multiple quotes as some contractors will be willing to offer a price match. Make sure to hire licensed contractors that have a good reputation – some contractors may charge cheap rates but may not be insured or may have bad reviews online, which could make them potentially less trustworthy.
Overestimating your DIY skills
Doing your own renovation work could be a way of saving you money – providing that you know what you’re doing. You should be careful of taking on jobs that you don’t have the tools or expertise for. If it goes wrong, you’ll have to pay extra to get it fixed. Jobs involving plumbing and electrics should be approached with particular caution – not only could they be expensive to fix if they go wrong, but they could be dangerous.
Not getting planning permission first
If you’re carrying out an extension or some form of external improvement (such as new windows), it’s possible that you may need to get planning permission. You should never carry out one of these improvements without getting permission first – if your local planning committee finds out, you could be forced to undo all the work and you won’t get any money back for it. Applying for planning permission generally isn’t too expensive and you’ll usually get a response quite quickly. It’s worth also checking with your neighbours if your renovation is likely to affect them in any way (such as infringing on their privacy or casting a shadow on their garden) – you want to be sure that neighbours will not protest against it after it has already been built.
Adding features that devalue your home before selling
If you have plans to sell your home in the near future, be careful of making improvements that could potentially devalue your home. Quirky features such as painting your interior walls lime green may be to your liking but could put off any future buyers, possibly resulting in your home being priced lower. If you have plans to sell in the near future, focus on improvements that are likely to increase the value of your home. This could include improving insulation and repairing damage.