When you first move into your new property, you’re always anxious to put your own personal touches on it. The plain walls in the hallway may not cut it for you or you can’t wait to replace the dull looking flooring with sleek vinyl flooring with a wood accent.
Before you get to work making the changes, you should first get settled into your new home and do take some time to seek an accredited renovation professional to help you with the intended renovation. When you jump on things too quickly, sometimes you can make mistakes and regret your earlier decisions.
In order to help keep you in line so that you don’t make any decisions that you’ll regret later, follow these 4 simple renovation rules for success.
Keep your home’s property value in mind
The home renovations that you undertake now may or may not play a large role in determining the property value of your home later. Take a look around your neighborhood and try to make your home stand out only slightly above the others.
Too many home improvements won’t give you back the return on investment that you’d expect if you live in a middle-of-the-road neighborhood. If you live in a luxury area, however, the sky’s the limit when it comes to adding extras.
In general, living area and kitchen renovations will give you the highest ROI. In fact, you can expect between 5% to 8% return on your renovation costs when you decide to sell your home later. The most amount of time is spent in these two rooms so keep that in mind when it’s time to change things around or make upgrades.
Keep your budget in mind
When you decide to go ahead with your renovation project, try to stick to your budget. Be sure to let your renovation contractor know your budget but at the same time, just to play safe, set aside an extra 15% to the final cost of your renovation for any unexpected add-ons.
This 15% will cover any added costs that you didn’t think of earlier when you were first putting together your budget.
Look at your long-term goals
How long do you plan to stay in your home? Are you working on holding up equity so that you can upgrade to a newer and better place?
If so, you may not want to put a lot of effort into this home to personalise it. You can definitely add some personal touches here and there but any major project should be left for the next home.
If you’re living with other family members in the home, remember that everyone has their own personal tastes. Try to work together as a team so that everyone can have some input into the renovation project.
You’ll find that things work smoother this way and that the people in the household will be more likely to cooperate when you ask them for help.