Fixer-upper homes sell for far less than other homes in the same neighbourhood, which means that buyers can get more for their money if they are willing to undertake the renovations. But, renovation work can be stressful, especially for those who have never undertaken such a project before.
“Regardless of whether it is updating the bathroom or building an extension, a renovation project can be incredibly disruptive and frustrating to daily family life, especially if homeowners are living in the property they are renovating. Focusing on the end result will make it easier for homeowners to deal with the current state of affairs and will reduce stress levels to some degree,” suggests Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett.
To help those renovating their homes for the very first time, RE/MAX of Southern Africa provides a few tips to help ensure that the project runs smoothly:
Find temporary accommodation
If possible, it would be best to arrange to stay elsewhere until the project is complete. Moving out will help homeowners avoid the dust and disruption, but it also comes with its own set of challenges. Those who choose to find alternative living situations should plan carefully and make sure they have someplace to stay in case renovations take longer than initially expected. Homeowners should also remember to budget for this additional expense on top of the renovation budget.
Have a contingency fund
Anyone who has ever renovated will tell you that their project ran over budget owing to a host of unexpected delays and unforeseen circumstances. To avoid running into money troubles mid-way through the renovation, make sure you have a reserve fund available to cover these kinds of unplanned expenses.
Plan for the knock-on effect
What might start as a minor update can easily escalate into a full-blown remodel. You might not realise how outdated certain features of the home are until you start replacing things and the shortcomings of these features are highlighted against the newness of the updated features. Before you know it, this can spread to other rooms in your home that you once thought perfectly acceptable until set against a remodelled room.
Consider the future resale value
When renovating for the first time, it can be tempting to go overboard when customizing the home to suit your current lifestyle and design preferences. However, if the change is structural or hard for new owners to change, homeowners should always ask themselves how the renovations will affect the resale value of the home. If unsure, homeowners could involve a real estate agent before going ahead with their renovations to check if their plans will add or detract value.
“While renovations can be stressful, it can also sometimes be the best solution for homeowners who cannot afford to buy their dream home in their ideal location. No amount of renovations will be able to solve the problem of living too far from your workplace or being outside of your preferred school district. If you have found a home in your ideal location, do not let a bit of renovating work deter you from making the purchase. Ultimately, buying a fixer upper can afford buyers the opportunity to live in suburbs they otherwise never would have been able to afford, which will make any stress that occurred during the renovation seem worthwhile in the end,” Goslett concludes.