5 Renovation Tips Young Homeowners And Renters Should Know

So, you have paid the downpayment for a house and can’t wait to start the renovation process. Or did you pay a rental deposit for your dream home and wish to spruce up the place? Hold up! Before you start buying furniture and sourcing quotes from contractors, here are some things you need to know. 

Renovation is a hefty project and there may be some hiccups along the way, but we are here to assist you in your journey. Either the house is your investment or your forever home, take these tips as advice so you can have a smooth and cost-saving renovation process! 

Tip #1: Do Your Research 

It’s a boring first step but trust us as we say that research goes a long way. Ask yourself this question first: Do you plan to stay in this house long? For homeowners are you only using it as an investment?  

If you plan to make this house your forever home, you can design and revamp the house according to your preferred aesthetic. However, if this is meant to be an investment, you will need to familiarise yourself with the latest interior trends that are most appealing to the market, so the property will be more likely to be rented or sold.  

Furthermore, conducting thorough research into the current market helps you to understand better the average renovation costs in your area. One of the best ways to get an estimate of the current pricing is to obtain consultations from your nearby contractors.   

Tip #2: Set a renovation budget 

You can start by determining the total amount of money you are willing to spend on your renovation. After gathering quotes from multiple contractors, you can start setting up a budget by including the costs for materials, labour, permits, and unexpected expenses. 

For homeowners, you should focus your budget on essential renovations first, such as fixing structural issues or updating outdated plumbing and electrical systems. If your bare unit is already equipped with proper walls, wiring systems or lighting, then you can move on to house styling with ease.  

Tip #3: Pick up your own materials 

While there are certain aspects of renovation where we cannot cut costs, you can save more on delivery costs by hauling your own materials or furniture.  

Personally owned large trucks can move heavy items such as tiles, cupboards, coffee tables and so on. As for small vehicles, they can be handy in transporting paint buckets, pipes, and other miscellaneous materials. 

You can also seek help from your friends or family in transporting your materials, in exchange for a free meal! 

Tip #4: Be prepared for surprises 

It is always best to “prepare an umbrella before it rains” especially when it comes to large-scale projects such as revamping a house. Home renovations are susceptible to a few risks, such as unexpected delays, sudden fluctuations in material costs, or hidden damage.  

The general rule of thumb for planning a contingency budget is to set aside around 10% of the total renovation budget. This amount will then act as your backup if there happens to be an unexpected event that may require more money.  

Tip #5: Review the ROI (Return on Investment) 

For homeowners, if you are planning to rent out or resell the property, your renovations should be aimed at maximising its profitability.  

To enhance the comfortability of a property, many homeowners would focus on upgrading the kitchen or the bathroom areas. These two spaces generally offer the highest ROI because they are some of the main factors affecting the livability of a house.  

Matching the buyers’ expectations can also influence the performance of the property. Therefore, it is recommended to design the house in a more neutral, comfortable setting, rather than a unique style that may not appeal to everyone.  

For renters, figure out how much you are spending and whether you plan to stay in the location for the long haul. Some furnishings may not be as necessary if you plan to rent for a short period only. 

Make your renovation journey a smooth ride 

Transforming an empty house into the home of your dreams takes time, so it is okay to take a break from the renovation nightmares.  

However, with proper planning and budgeting, you will have a smoother journey to creating the home of your dreams without breaking the bank. Trust the process and stay flexible because there will be bumps along the way. Happy renovating!