Are you living in a property that’s in danger of becoming dreary, dull or outdated? Do you have plans to sell up and move on in the future, but are concerned about the flaws in your home putting off potential buyers? Are you keen to renovate and update, but have a fairly tight budget to work with? Finally, are you tired of the rhetorical questions yet?
If you answered in the affirmative to that slew of introductory questions, then you’ve come to the right place; here are our top tips for getting the most from your budget property renovation in 2022.
ANTICIPATE BUDGET PITFALLS
Going into the red is all too easy when undertaking a property renovation, so it’s essential that you’re thinking about your budget at every step of the journey to avoid this from happening.
A little foresight goes a long way here, and it makes sense to try to second guess hidden costs and budget pitfalls ahead of time. Indeed, you could end up going over budget for a variety of reasons, and hidden costs are one of the biggest hurdles to completing home renovations successfully. More often than not, materials that are particularly prone to price fluctuation account for the largest hidden cost in a renovation project.
Accordingly, do your research about both local and international prices and keep your eye on the markets, and always add a recommended minimum contingency of 15% for unforeseen problems, overruns and even inflation.
Read: How to avoid spiralling home renovation costs in 5 IDEAL steps
Do be aware that if you think the costs are starting to become unmanageable, then there are steps that you can take. For instance, you could be planning to add an extension to your home. If that’s the case then you can think about the interior; you might decide to use materials that are aesthetically similar instead of the real deal. This is a great way to save a little extra cash.
Remember, exercising precise control of your budget is particularly important if you are looking to add value. The more you spend, the lower the profits will be from your home when it is time to sell.
FIND THE RIGHT CONTRACTOR
Next, you should think about finding the right contractor if you are completing significant work on the property. We’ll talk about the option of DIY a little further down the line, but for bigger tasks, it makes sense, both in terms of time and budget (as well as your own sanity!), to call in the professionals.
Choosing the right contractor is a process of meticulous research, reviews and references, and doing your due diligence is so important here.
The right contractor should also be able to provide a complete portfolio of work that they have previously completed. When you are choosing contractors, you shouldn’t be afraid to ask as many questions as you need. A contractor that provides a transparent service or solution is more likely to be trustworthy and someone that you can rely on to get the job done correctly and on time.
There are various government-sanctioned and accredited organisations whose databases you can search to find reputable contractors. In the UK, the government-sanctioned organisation the British Institution of Kitchen, Bedroom and Bathroom installation (BIKBBI) has a code of conduct, guidelines and standards that members must comply with.
Searching their database to find a member is a good way to ensure you’re hiring someone reputable and qualified. Alternatively, you can find an approved retailer on the KBSA Home Specialists Association’s website.
DO YOU DIY?
We did mention that we’d be doing our home renovation on a budget, and to save money, there are certain jobs which can certainly be tackled DIY, and certain pieces of equipment that can be rented rather than bought, as the guys at Lakeside Hire suggest.
That said, there are certain elements of a renovation project that you won’t be able to DIY. For instance, you should avoid taking matters into your own hands for issues such as wiring and plumbing. Getting things wrong here can leave you with a fire or flooding hazard in your home. If you sell the property with an issue like this, it can come back to bite you further down the line, potentially opening up a rather nasty lawsuit.
Don’t forget, if you are DIYing, you’ll need to handle a range of tasks associated with the renovation such as the cleanup process. The waste disposal experts at Sheridan Skips tell us that you run the risk of breaking the law by disposing of items incorrectly. Rather than you dumping renovation waste in landfill, a reputable skip company will provide both the facility to gather all your waste in one place (the skip), and the means to see it recycled properly.
WHAT AREAS SHOULD YOU FOCUS ON?
The main areas that people tend to focus on when renovating their properties are the kitchen and the bathroom, which tend to add the most value to a property. Indeed, according to Royal London, in 2021 the addition of a modern kitchen and a modern bathroom were the two most valuable renovations, adding £11,159.95 and £10,915.12 respectively to a property’s value.
That said, these changes are also some of the most costly renovations to undertake, so it’s important to ensure you have the initial financing available. If not, there are smaller updates you can make that still make a big difference…
CHANGES ON A BUDGET
Do be aware that there are small changes that can have a significant impact on the perception of your property. For instance, you might want to think about repainting the home. A common choice would be to repaint the walls white. By taking this step you are essentially giving buyers a brilliant canvas where they can paint their ideas.
If you don’t have the money in your budget for a complete room change, then you can also think about altering smaller fixtures. Changing the faucets and handles in the kitchen can have a tremendous impact, helping ensure that the room feels more modern.
There are other small changes worth exploring, too. For instance, you can think about revarnishing the doors or even the cupboards of your home. This is a great way to ensure that the space does have a fresh, clean aesthetic.
The big benefit of little changes is that you can complete them on an annual basis to ensure that your home is always ready for a sale anytime and at relatively short notice.
Read: Add value to your home with these 5 interior hacks
COMMON MISTAKES
Finally, let’s address some of the common mistakes that you can encounter when you are making changes to your home. Commonly overlooked, you need to make sure that you are letting the neighbours know that you are completing work on your property. Failing to do so will lead to animosity at best and a lawsuit at worst.
This might mean that they will be less likely to lend their support when you decide to sell their home. You’d be amazed at the lasting impression that a disgruntled neighbour could leave on buyers that were interested in your property.
You also need to plan the right amount of time to complete the work. If you rush or it takes too long then you’ll have issues with both cost and quality standards. Your contractor should be able to help you navigate this decision the right way.
It’s also vital that you don’t outprice a potential buyer by making expensive renovations to your property. This is an easy mistake to make and you can get too carried away in terms of the changes that you add to your property. Whilst it might seem like a prudent investment, expensive changes can essentially make it impossible to sell the home for the right asking price so you need to be careful here.
THE BOTTOM LINE
A home renovation project can be stressful and rewarding in equal measure, but when you’re doing things on a tight budget, every single tile laid and every can of paint opened needs to be accounted for. That said, with enough foresight and planning, you can make your 2022 budget home renovation project a success. Good luck!