Home improvement has a reputation for cost blowouts, but it doesn’t have to be that way.
As an experienced local agent, I know that even minor upgrades to a home can enhance its value, making it more desirable and a property that will sell in days rather than languishing on the market for weeks.
If you’re thinking of selling your apartment or house right now to take advantage of the property boom, then it’s a sensible idea to consider some quick and easy improvements.
It’s a great idea to discuss these possibilities with an agent, such as myself, as we work with buyers every day and understand the trends and features that will command a price premium.
To offer you some inspiration, here’s a five-point guide on how to approach a renovation project on a budget.
Plan every detail
Prioritize what you need and what you want from your renovation but separate them into two lists – what’s essential? And what is just nice to have? Are you seeking additional space with extra bedrooms, modernizing an old kitchen or do you want to create a better flow through your home? If you have to choose one without the other, what would it be?
Focus on fixtures
Be clear on your desired fixtures and materials. Make sure they match your current property (or you’ll have to replace everything and that’s an added cost) and are an appropriate quality that’s in keeping with the current style of your home. Also, give your budget some breathing space by shopping around for the best prices.
Find the right contractor
Interview at least three builders. Make sure they quote on the same brief or you’ll not be able to make proper comparisons. Once you’ve made your choice, double down on costs and set a schedule with your contractor. Put 20% of your budget aside for unforeseen problems.
DIY option
Carrying out some work yourself will reduce the expense, but don’t bite off more than you can chew or go above your skill set. Poor craftsmanship will pull down the value of your home. Be realistic about your skills, or risk saving a cent for the cost of a dollar.
Watch the bottom line
As work progresses, maintain a keen eye on costs. Call a meeting with your contractor if you’re worried. Ask for advice on how to reign in the expenses without compromising your goals.