Renovating your UK property investment is always for the better, right? Wrong! Not only improvements and upgrades to an asset bring in value, add to its functionality or improve upon its aesthetic appeal. There are occasions where owners and investors commit blunders during a renovation and we took it upon ourselves to list down what these are to warn you.
Mistake # 1: Going for the cheapest contractors
There’s nothing wrong about wanting to save up on costs but be sure that you do not sacrifice quality in exchange. The best thing for you to do is to search for the best ones in town and get a quote from your top three. The quote should be in written format and details all there is to do about the work. Some contractors unfortunately hand you a cheap quote just to get the job and then make use of substandard materials to lower their expenses. That’s not what you want, is it?
Mistake # 2: Not validating your measurements
Before you break a wall, change up your cabinet doors, buy a new countertop or anything else for that matter, be sure that you’ve got your measurements right first. You do not want to purchase new installations and materials only to find out that they do not fit.
Mistake # 3: A poorly made budget
Property investment renovations come with costs and by that, you have to make sure that you not only have adequate resources but you also have the wise allocation of it. Renovations come with various expenses. More often than not, there are even surprise costs that you may have not considered initially. This makes it important to set up a well made budget and to add a miscellaneous spot for those emergency needs.
Mistake # 4: Foregoing what seems invisible
Wires and pipes are examples of these. Many investors fail to realize that renovations should not merely be done on items that are visually pleasing or are blatantly visible. If you want to maintain the asst then you need to take care of its integral and inner structures and systems too.
Mistake # 5: Failure to seek professional advice
Before you being any amount of property investment renovation, see to it that you consult it to an expert like singerviellesales.com, first. There will be cases where what seems to be a good project turns out to be futile after all. For example, does adding a second floor really add value to the asset or will it be more of a cost burden than a value raiser?