7 Areas Renovation Mistakes are Made

November 16, 2020 1:11 pm

Property renovations are great and exciting for any investor. However, they can also prove to be timely and often stressful. By working efficiently and avoiding common mistakes you can reduce the stress that is paired with property renovations. Our blog highlights seven common areas renovation mistakes are made in our experience.


Property Selection

We understand you’ll be eager to get started whether you are a first time investor or an experienced investor. Regardless of your position it is critical that you are patient in selecting your property.

Choosing the right property will make miles of difference.

There’s no question that if you are opting to renovate a property it is because it needs a lot of work done or there are areas you could add value. However, don’t dive in too early.

Consider the extent of the work needed and determine how this will impact your budget. If the property has intense structural damage you’ll need to analyse if a repair will be worthwhile.

Meanwhile, ensure you consider all other factors before committing to the investment.

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Laws, Rules and Regulations

There are a multitude of laws, rules and regulations around property investing and property renovations. To add a couple of extra obstacles, these rules can vary from one local authority to another.

This makes it vital that you perform your own due diligence regarding laws, rules and regulations to ensure you are meeting all legal requirements.

Missing any of these can prove detrimental to your plans, therefore, keeping up-to-date is incredibly important to the process of your investment and renovation.

As this can be daunting there are ways you can gain advice regarding laws, rules and regulations.


Your Plan

After purchasing your property and checking and meeting the laws, rules, regulations and requirements surrounding your property you will have an in depth plan developed. This will ensure your renovation goes smoothly.

It can be tempting in some cases to divert from your plan mid renovation if you have an idea wave for example, however, we advise avoiding this as much as possible.

You have a plan in place for a reason. Your plan is there for reference to keep things on track and strengthen communication between teams.


Costs



Your budget determines everything. Ensure your grand plans fit your budget nicely as you definitely do not want to risk out doing your budget.

Meanwhile, it’s best to avoid restricting spending in some areas due to overspending in other areas, hence, sticking to your plan is crucial.

It is better to overestimate spend and have money left over rather than underestimate and be left with nothing to cover other expenses. This being said, we advise that you avoid buying cheap. After all, “if you buy cheap, you buy twice.”


Communication



Avoid choosing cowboy builders to ensure your renovation is done to the exceptional standard you are looking for. Much like materials - “if you buy cheap, you buy twice.”

It’s all about teamwork. A good team will make the process easy and seamless. This is why it is important to consider your renovation team carefully. Don’t scrimp on the quality of your team because you want to save some of your budget.

Strong communication between your team members will help the progress of your renovation. This communication will keep things moving and improve the quality of work.

As previously mentioned, setting a clear plan will keep everything on track and instill confidence.


Space






You may be tempted to add or take away features in your property which is great, however, not relevant in all cases. Consider the surrounding properties and their features.

While you may have grand development plans you must think about the market you are trying to appeal to. What you think is a brilliant idea may not appeal to your potential tenants.


Ask yourself:
- Do your renovation plans integrate with the surrounding properties?

- Do your development ideas make architectural sense?

- Do your proposals add anything extra to the property?


If the answer to these questions is “no” then you probably shouldn’t follow through with them. Enhance the features the property already has.

Don’t be disheartened, continue to be creative. Utilise the available space and where you can, create space.


Time



Stay on track. Time is money, therefore, it’s important to avoid going over your project time. Stick to your plan.

This being said, don’t be overly time conscious and rush any jobs. By rushing jobs you create potential for mistakes to be made. As we know, mistakes can be costly, therefore, precision is important.


Conclusion



The key to a successful renovation is patience, precision and efficiency. Often people can be too keen to get to the finish line and start making money, but this attitude is what ensures mistakes are made.

There are plenty of options out there, so missing out is highly unlikely. Take your time and purchase the property that is right for you, your budget and your portfolio. Otherwise, you can risk buying a property that will literally be more hassle than it is worth.

Laws, rules and regulations are everywhere, but they are there for a reason. It’s critical that you remain up-to-date with these and seek guidance where needed. Following laws, rules and regulations throughout your property investment journey - not just in the renovation phase - is vital.

Following your plan will ensure the success of your renovation. You must avoid straying from your plan as much as possible during a property renovation as everything else is based around this.

To do a renovation right can be costly, meaning spending the right amounts in the right places is crucial. Don’t scrimp on materials or your team, however, ensure you don’t overspend either. It’s better to overestimate costs than it is to downplay how much something may cost, so bare that in mind.

Your team will make or break your renovation, therefore, choosing the right one is key. Hire a team who are good at what they do and are as committed to the project as you are.

Ensure you have strong communication between team members, this will help with smooth operation.

Space and features are important. Enhance what the property already has before you consider adding or taking away. Remember, add or remove pieces in line with surrounding market trends, otherwise, you may affect the success of the property sale or rental.

Your plan will introduce a structure to your project, allowing you to implement timeframes. Adhering to these timeframes will prove to be highly beneficial to the finished project.

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