Risks of Renovating Your Home

The following are five risks that can transform your dreams of a beautifully renovated home into a complete nightmare:

Blowing The Budget

Anybody who has watched Grand Design, the ultimate in home renovation shows, will be aware of the fact that renovation and building projects rarely are completed within the budget. In order to avoid blowing your budget, the Sydney-based firm Archengine Architect recommends that you hire a quality surveyor who can provide you with an estimate on how much the construction will cost prior to submitting a development application to the local council. That will help to ensure that you don’t end up getting a renovation approved that you are unable to afford.

renovation

Over Capitalization

When it comes to renovating, this is the largest risk there is when you end up spending more money on your renovations than whatever profits the improvements can be expected to earn when selling your house. It might not be a big problem for you if you plan to live in your house forever. However, it is worth it to keep in mind that you never know when you might need to sell unexpectedly.

Risking Your Health

If you plan to do your own renovations, your budget isn’t the only thing you need to be concerned with. Last year St. Vincent’s Hospital in Sydney conducted a survey which found that 60 percent of those who responded who had finished their own renovations recently had ended up being exposed to asbestos. In homes build prior to 1987, asbestos was used in many products like floor tiles, walls and carpet underlay. In order to remove asbestos you need to find a company that does asbestos abatement Melbourne with the relevant license for the type of asbetsos that you have – be it bonded or friable asbestos.

Your Property BeingĀ Over-Personalised

The reason for doing any renovation is to make improvements to your home and add value for when it is time for you to sell it. Unless you are planning on living in your house forever you need to be careful that whatever renovations you do are completed to the broadest appeal and the highest quality.

You can actually end up devaluing your property if you over-personalise it. It is important to guard against doing that. If you do you will only appeal to a small segment of the market of individuals with the same sense of style that you have. In order to command a premium price, it is important to have competition, and in order to do that you must appeal to the largest number of people as possible.

Not Obtaining The Proper Advice

One other common trap is many individuals start with a renovation believing that they know what they are doing. However, they soon realise it isn’t all that easy. An architect who is knowledgeable about local council regulation – for example, heritage restrictions- along with a good builder will be able to inform you what you can expect prior to embarking on a renovation process.

It is necessary for you to get the right experts to inform you about what you can expect. In order to avoid any nasty surprises, it is important to do your homework first.

It is also very important to find reliable builders. Don’t go with the least expensive quote necessarily. Go with the individual or company who is most capable and make sure that you review the quality of their work prior to hiring them.

Having shoddy work done can end up cost you a lot more money than you were expecting.

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