When it comes to renovating, there’s a lot to consider.
That’s why it’s best to take your time in researching your options, playing with ideas and speaking with specialists and professionals before deciding on what will work best for you, your particular needs and your property.
Renovating your property, amongst other things, can help showcase its character, boost the appeal and add substantial value.
Before doing any kind of renovation, ask yourself,
Am I renovating to stay? Or,
Am I renovating to sell?
The way you answer those questions should give you at least some kind of an indication for the type of renovation you do, the capital (money) required and how much time, effort and energy you want to put into the project.
For example,
If you’re in the home of your dreams and you’re renovating to stay for a while (more than five years), the more likely scenario would be choosing to do custom designed renovations which include all the latest gadgets, mod cons and appliances that will suit you and anyone else living in the home.
This is because you’re building it to suit your particular standards and required level of comfort so the idea of overcapitalising (spending money that you likely won’t get back) may not be of a real concern to you.
However,
If you’re renovating to add value and sell in the near future (within the next five years) your plan would look totally different as you’ll more or less be renovating the house so that it appeals more to the type of buyer that will be looking to buy your home when you have it up for sale.
The idea of overcapitalising will be a concern to you as time, costs and budgeting will need to be closely monitored to ensure that you not only make a profit, but that you also make the project as profitable as possible.
Whatever your reasons may be, it’s best to be clear on your intentions and what you want to achieve.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
