If you’re weighing up the pros and cons of selling your home or renovating, there’s a temptation to stay in place, shying away from the commitment of finding a new home in a highly active and competitive market.
As an experienced agency, we’ve worked with many clients who began their home-selling journey by renovating. They had big plans to stay in their home for many more years but pivoted and started home-hunting.
Why would they do that after spending so much money on a renovation?
A couple of common themes emerge from their experiences. Firstly, the upgrade didn’t work out as they’d hoped. While it enhanced the property, it didn’t change their enjoyment of it.
Others calculated the value they’d added to their home and decided to cash out, often with impressive results.
The third group had a less enjoyable experience. After the project was over, they wanted to new home anyway. They didn’t miss out financially, but that wasn’t the plan.
Renovation comes with its own set of challenges, some stressful. Here are five issues you may confront if you upgrade.
Don’t DIY – Unless you’re a qualified contractor, don’t go beyond your skill set. Buyers can tell the difference between a professional and an amateur finish. In the worst cases, the home’s value can be detrimentally affected.
Weakest link – The supply chain for building materials is still a nightmare. Stories of lumber and fittings turning up late, or not at all, can be found on every construction site. Your timelines can get thrown out, and that can be frustrating.
Additional cash – Experienced contractors will tell you to add 10-20% onto your budget for any nasty surprises, such as faulty or old wiring, cracked pipes, or rotten joists. Putting cash aside is smart but adds to the potential expense.
Red tape – Your local authority will be particular about its building regulations and take its time approving your proposal. Neighbours are often asked for their feedback on your plan, which can add another frustrating step to the process.
Poor workmanship – You must hire contractors with the appropriate licences. If you neglect this, you walk a risky path. Think carefully before accepting the lowest quote.