Planning a property renovation can be so great fun and hard work at the same time. Thinking of the things you'd like to change about the property's layout or making a dingy room something beautiful and enjoyable can be very rewarding. Property renovations can be a big job, though, and plenty of people have great ideas but lots of questions about what they should and shouldn't do. These are some of the most common questions that come up often and the best answers about property renovation projects:
What's the best way to start a property renovation project?
Read. There are plenty of books out there on the market that will help with any property renovation, from painting and changing wallpaper to knocking down walls and wiring. Reading everything you can about the project you have in mind can save you time and money by giving you great tips on where to put your effort. There are also lots of how-to books in the stores that will help you with your project from start to finish, and knowing what you're doing will save you a lot of headaches or mistakes that end up costing you money.
Are there property renovation projects that can increase the value of a property?
Absolutely. When you're thinking of trying to do some property renovation to sell a property for a profit, invest your money in the more high-traffic areas, such as the living room, kitchen, and bathroom. Flooring is another good place to sink some money, and the choice of options as well as ease of changing flooring makes this area a nice project to undertake. Freshening up rooms with a little colour can help increase the appeal of your property. Bedrooms come in a close second for best renovation areas, but keep in mind that investing in updating the look of the kitchen will go a lot farther when you're trying to resell.
Finding ways to make money is important these days, and many people think that buying a run-down house to renovate and then resell is a good idea. Is renovating to turn a profit really worth it?
If you're not planning on moving soon, property renovations to increase value may not be worth the cost or effort. Also, if you're the kind of person that attaches emotion to things, then fixing up your living environment only to give it to someone else may be difficult to do. For those who don't mind living in construction material and partly-unfinished rooms, renovating may be a good idea, though making sure you have the time and money to carry out projects is a wise thing to do. Should you decide to renovation to turn a profit, choose projects that have a high rate of return, such as kitchen remodeling, changing a bathroom or adding a second one, or replacing windows for ones that are of better quality.
Is doing property renovation yourself a worthwhile undertaking?
Yes and no. Thinking about changes to a property and its potential can be fun and exciting, but there are some areas that are better left to professionals. Having a contractor come in and hear about your ideas is a good thing to do, as a professional can provide you with some proper plans and point out some areas of the project that you may not have considered, such as headspace or lighting.
A lot of people think it's not worthwhile to carry out property renovations. Are there good reasons for taking on property renovating?
Of course. It all depends on what your long term goals are. If you want to start out small and only carry our a couple of property renovations a year then you are going to be exerting a lot of effort for a relatively small return. However if you are looking at property renovation as a stepping stone to larger projects, ultimately leading to new build projects then it is a great place to start.
So you can see that property renovation can be a great way to earn a living, but it does carry it's own risks and challenges. Probably the most valuable piece of advice anyone can give a budding property developer is that research is the key. Research your property for renovation, research your plans, take time to research your team and you will be ready for anything. Good luck with your property renovation career.