Pros and Cons of Home improvement
There are many reasons to do home improvements, and having the luxury to do so is something many homeowners enjoy. But before you begin breaking down walls or replacing doors, there are a number of things any homeowner or landlord should consider before deciding to renovate.
The Pros of Home Improvements
Home improvement can be a thrilling task: by transforming your home into something more aesthetic, energy-efficient or even more practical, you can enjoy creating a ‘new’ house without having to relocate or find another. In addition to this, there are several benefits homeowners and landlords can enjoy when they choose to renovate…
Increased Property Value
When renovating, a major focus can often fall on replacing outdated fittings or designs, such as in kitchens or bathrooms. In fact, many people focus on these rooms in particular when looking to buy or rent a property (if you plan on selling later down the line!). By installing newer, more modern or more efficient fittings, appliances or designs, you can increase the value of your property.
Other than kitchens and bathrooms, roofs, terraces and even lofts can be upgraded and improved and add tens of thousands of pounds’ worth of value to your home. Extending your home can be a costly exercise, but adding additional bedrooms or bathrooms can also increase your property’s value, or enable you to rent it out for a higher price if you’re looking to create an income from your property instead.
Create the Home You Want for Less
When you make improvements on your home, you are in control - meaning the final product will be according to your desires and specifications. Many people dream of owning a house they’ve envisioned for years, but in reality, buying a property means coming to own something that was made according to what someone else wanted. When you choose to renovate, you can recreate your home and transform it into something that suits your needs and wants better.
Apart from that, it can be less costly to renovate your home instead of buying a newer house - completed homes are often more expensive than their counterparts. Purchasing a property in need of renovating or improvement will usually save you thousands of pounds. Even if you already own a home, renovating would likely be the cheaper way to go!
Decrease Future Maintenance Costs
As any homeowner knows, buying a property is an extremely expensive task. Many property owners will try to keep home improvement costs to a minimal, which is understandable, but potentially short-sighted. Whether you are looking to live in your renovated property, or are looking to rent it out, carrying out the proper repairs or improvements in the beginning can save you a fortune later on, as well as bring your future maintenance costs down.
It can be tempting to complete any necessary fixes your home needs in patches - especially when on a tight budget. But proper planning, budgeting and talking to experienced tradesmen, builders and surveyors can help you identify which parts of your property need the most attention, and what will save you the most money later on. Addressing a small amount of mould or damp now, or even checking the plasterwork of your walls, can potentially save you from having to carry out repairs or maintenance for the next 10-15 years.
The Cons of Renovating Your Home
Renovating your house can be extremely stressful, disruptive and expensive. Understanding the potential risks or downsides of beginning this mammoth task is important, and will help you be realistic about the project. Before getting your hands dirty, consider the following...
You Might Not Actually Add Value
What you spend on renovating your property might not translate into value. For example, if you spend about £150,000 on upgrading your home, you are not necessarily increasing the property’s value by £150,000 - thus it’s important to understand what will add value to your property, and what won’t.
Many homeowners want to create a home that is perfect and ideal for them, but they should still consider a return on their investment and make their renovation choices wisely. By creating and sticking to a budget, consulting professionals and conducting proper planning, many homeowners will see a good return on their investment
Unexpected expenses happen to almost everyone. Even the most diligent saver and budgeter can encounter costs that they did not plan for. This is a risk that all property owners take when they decide to renovate their homes.
During the improvement process, you may find that you need to hire another tradesman, or that there are additional costs involved with an extension you had planned, or even that there may be unseen problems you need to deal with before renovation work can continue. These issues do occur and can cause havoc for those trying to stick to a tight budget. Homeowners or landlords looking to renovate should keep this aspect in mind when planning for their upgraded properties.
Interference in Daily Life
If you are looking to do home improvements to the house that you or your family currently reside in, you will need to consider how this might impact on your day-to-day life.
For example, if you only have one bathroom in your home but are looking to have that bathroom renovated, you will need to consider what your family can do and use while the work is carried out. Extending your house can also interfere with daily living, as workmen will likely still be in your family’s living space. You should also consider noise levels, the length of time it may take to complete the improvements, whether your property will still be secure during the construction work, and whether it will be safe enough for you and your family to continue living there while these are taking place.
Landlords who want to upgrade their properties are faced with similar issues. If the property they are looking to improve is currently occupied, the tenant may not agree to have their lives disrupted. If the property is empty, landlords face months in renovation time - and months without that source of income.