We all want to live in the perfect home. To many people, this implies custom designed and custom tailored home renovations.
While renovation offers a lot of exciting potential for your home, there are a number of pitfalls you must watch out for.
A major problem that occurs over and over is that enthusiastic home renovators spend more on their renovations than they will ever recoup when they eventually try to sell their property.
In this article, I discuss renovating without reducing your home’s value.
Lack of professionalism
Many homeowners keep falling out of the ‘good renovation’ arc each day.
Their flaw is easy to grasp: they are not acquainted with the subtlety of the job. They either go overboard or personalise too much or fail to perform an objective assessment or some such thing. It is only natural. Complex, major renovation projects require a competent professional.
Failure to assess your home objectively
In my mind, the first error – one with severely compounding implications – is the lack of objective assessment. Imagine someone keeping a newspaper too close to his eyes and then trying to read the text. He can hardly do so. What’s the cure? Just take the newspaper a little further from the eye and there you go…the whole text is neatly visible. The same applies to us while planning a renovation.
It is the question of renovating our own home and therefore we tend to become too involved with the project. We look from way too close and fall into the trap of subjective assessment. I recommend you forget you are a participant. Become an observer. Start seeing the merits and demerits rationally.
A biased view will not take you anywhere. Often, homeowners are predisposed to overlook structural or cosmetic errors of their homes and simply take them as “given”. This is the very same reason why books are best proofread by others. Instead, you want to neutrally observe the mistakes. Often, going this way, you will find glaring shortcomings which are in dire need of renovation.
Of course, this is also a major reason why for any substantial home renovation projects you should engage an independent expert.
Giving your home your own identity stamp
Refrain from making your project a completely personalised home renovation. Remember, you are an individual with a distinct set of preferences. If your home becomes a replica of who you are, it can be a great statement on your life, however, it’s a great idea only if you wish to live in the renovated home forever. Potential future buyers are unlikely to share your unique tastes in hidden staircases, a flower-garden inspired kitchen or the draw-bridge main entrance complete with mini moat.
We look to renovate with an eye towards selling the property at some point in the future and at a higher value. We want both benefits – a higher quality of living in your home at present and an increase in home value that is higher than the amount of money you spent on the renovation.
This being the case, we should not make our renovated homes our identity stamp.
Tinge of modernism
Trends keep changing but some of them stay…and for good. Consider me an admirer of the modernist design. It features a minimalist look and goes for clear lines, uncluttered spaces and purposeful placement of objects and appliances. Cheaper (than expected) availability of raw materials like glass and stainless steel has paved the way for the success of the modernist design.
While renovating, you can choose to go for the modernist touch. It is in keeping with the time. It more than partially solves the riddle of cramped space and chronic housing shortage, too.
Read buyer-mentality
Do away with those features which are not sought highly by buyers. I will give you an example: A recent survey illustrates that home buyers across Australia are tied up between having a swimming pool (an idealist’s choice) and an extra bedroom (a practical need). Both are there, right at the top on the property wish-list.
Yet, if you look deeply, you will find that while swimming pools may at best be a trend, extra bedrooms are a dire necessity. Investor rush has forced first home buyers to the edge of the cliff and because they are not likely to afford high upfront costs in a hurry, they will need to live longer with their parents. Keeping with the need, an extra bedroom certainly looks like a brilliant renovation idea.
Prudent extensions
If going DIY (though I advise you not to), do not go for extensions which require a structural understanding of the craft. I will tell you why. Let us say you remove a load-bearing wall to create an opening in the attic area.
Such a modification won’t only hit the structural tenacity of your home, it will also have the local council running after you with penalty sheets. For all you know, you might inadvertently mess with an easement on your premise — another case of attracting stiff penalties.
You will do well to keep reminding yourself that just like your current home, a renovation is a significant cost. Whether you pay for it through savings, a credit card, a loan or other financing option, you have got to make it a viable project.
Seek a qualified, experienced professional to sit with you and discuss your upcoming renovation project. His or her experience and expertise will help your cause.
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