It’s no joke to undergo a house renovation. It can be very expensive because not everything that you see during your initial inspection can be expected to turn up the way you’ve seen it. There might be underlying damages that could end up costing more. Up to what point do I have to consider renovating my home? Let’s find out how.
You want to see your house renovated but don’t know where to start. Unless you find out which areas of your home need some fixing up, you’d be going around in circles not knowing what to do.
This is a predicament that hounds a lot of homeowners all over Australia. But don’t lose heart, because you are not alone. A recent survey has found that almost 80% of homeowners often neglect the need to avail of preventive maintenance services for homes such as pest and termite control, waterproofing, plumbing, etc.
Two of the most prevailing reasons are; they could always put it off for another day due to other pressing priorities or they do not have enough funds to facilitate major home repairs.
Before you try to look into the market and try to weigh your options first and assess if a home renovation is in fact a practical option. Here’s a budgeting checklist to see how viable your renovation plans can be.
Assess your need for repairs
A thorough home inspection could let you assess damages or areas which you may be able to preserve longer. Make a list of those areas and try to break it down by item. This will help you paint a picture of the magnitude of repairs that you need for your house.
Inspect by sections
Once you have prepared your list, try to itemize your need based on materials such as concrete, wood, etc. Next is to carefully allocate prices for each of your required materials by canvassing for costs.
Most hardware stores carry a complete line of materials and would be happy to provide you with material costing to help you get started on your budget plans. Also try to factor in costs for labor and incidentals.
Spend or save
Once you have calculated your cost estimates, you may be able to see how much your renovation could cost you. However, should you find it too daunting to consider spending tens of thousands in repairs why not weigh your options and see if you can still get good value by selling it to a real estate investor.
You can save a lot of money by selling it without having to spend a dollar on costly repairs. You can even use your proceeds as your seed investment for a new house.