Bharat SainiLast Updated on May 7, 2019 by Bharat Saini
Renovating your home is a great way to breathe new life into your house and invest for your future. With so few worthwhile savings and investment plans out there, many people are looking at improving their home as a way to invest for their senior years. Every dollar spent on your home now could come back to you as two dollars in twenty years or so when you sell your home, and you can even get quicker returns if you are planning to sell your home sooner.
If you are planning on renovating or remodeling your home, there are some common pitfalls to be aware of that many homeowners don’t take into consideration, ruining their investment. Here are three things you should definitely consider when making alterations to your home, to make sure you get the best return on your money, with the fewest headaches.
Get Planning Permission
Many people think that just by owning a home, you can do what you want with it. Unfortunately, it is never that simple. Even small alterations to a space may require consultation with local planning authorities. If you are going to change a room’s use from a living room to a kitchen, for example, you may need to consult your local planning office or arrange a visit from your local fire department to meet regulations. Failure to do so could result in legal costs you hadn’t planned for.
Check for Hazardous Materials
Many homes, especially older homes, may have been constructed using materials that we now know are hazardous. Asbestos is a material well-known to be hazardous, but it was widely used for decades, often when constructing homes. Here you can learn more about spotting asbestos in the home. You will often find it near furnaces or by hot water pipes, as it was used for its heat insulation qualities. Asbestos and other hazards should always be removed by qualified contractors, but looking for the problem first will let you plan for the cost, rather than getting surprised by the expense in the middle of your renovation.
Plan for Problems
Not enough people plan for problems when making alterations to the home. The most experienced home re-modelers always have a contingency fund planned, to help them when things go wrong. Even if you can plan for problems, like planning permission costs or hazardous material removal, you can still run into costs you didn’t foresee along the way. Always set aside some money to help you out along the way by adding an extra 10-20% to your budget.
Renovating your home can be a lot of fun and a great way to add value to your home for your financial future, while also giving your house a new and useful feature. With the right planning and preparation, you can get all of the benefits of remodeling a home without incurring any long-term cost, as it is an investment that can reap you a fantastic reward in your retirement.
