Money

Losing value: The hidden costs of home renovations

  • 13 Jan 2020

As the media aren’t afraid to tell us, the property market is slowing downFor a lot of people who, perhaps need extra space or just want a different type of lifestyle, this leaves one option – they need to renovate.

Of course, there are umpteen types of renovation. Some people might want a new kitchen, others may want another bedroom, while some may be practically knocking down their existing home and replacing it with one that’s completely different.

Regardless of the camp you fall into, there are some universal hidden costs. This post will tackle these head-on, and show some of the areas where you can lose money if you’re not careful.

Are you doing “too much”?

It doesn’t matter where in the world you live, there will always be a ceiling. If you reside on a street where the most expensive house is £100,000, attempting to expand to a 6-bedroom home isn’t efficient. Your value is capped – and the price of nearby homes can help you to calculate this.

Have you satisfied the regulations?

It can be a mundane subject, but when it come to hidden costs don’t forget the paperwork.

For example, if we turn to the UK market, planning permission may have been relaxed somewhat over recent years but there are still rules. If you fall foul of them, you can sometimes be forced into reversing your renovation. That’s right – you might have to pull down your extension.

Then, there is the building control factor. Granted, not all renovations require it, but if you undertake work which isn’t signed off by a building inspector, it can make it very difficult to sell your home later down the line.

Are you able to live a normal life alongside your renovation?

This next point is something that a lot of people don’t appreciate. Again, it’s not something that is going to impact each and every renovation project, but sometimes it can hard to live your normal life alongside the work.

It means that the project tends to be delayed, as builders have to accommodate your life, while frustrations can also get the better of your personal life.

You have to take each renovation project on a case by case basis, but there is a lot to think about when making the move and you might consider storing some of your valuable items, or even moving out temporarily while the project is being worked on.

Are you wasting existing space?

This final point looks at the details of the renovation itself. Sometimes, you might think you are creating additional space, but in reality you are wasting existing space.

For example, a lot of properties have wasted circulation space (such as hallways). Rather than adding to a property, these areas can be reconfigured and the cost of your project will reduce considerably.

Or, there are simple tricks of the eye that you can tap into, which are naturally much more cost efficient than physically adding space to a house.

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