Chris K is an entrepreneur who in his own time reviews books and websites and writes summary articles and reviews and presents his views about them.
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So what do you do if you think your renovation may go beyond your budget? The secret is to prioritize what you need to do and spend on that first. I have read many articles and magazine reports on renovations and I can recommend this few steps(I have combined various steps that I have read from books and including my own experience) that may help:
1. Before embarking to calculate your entire renovation, confirm what needs to be renovated. Then get quotations from a few contractors or builders. After this check the total estimated cost for the areas that need to be renovated. If they are within your budget and you feel comfortable well, good for you else go on to the next step.........
2. Try and replace things that will get you the highest returns from prospective customers such as bedrooms, bathrooms, paints, kitchen, and exterior appeal. One good point to remember is that anything "brand new" always outsells anything "repaired" or "refurbished". Remember, customers tend to be choosy with what they want and sometimes just because of unattractive colors they feel that it is unsightly and will walk off.
3. Next renovate your property up to your budget and not a single cent more as that could put a big hole in your pocket without you knowing it if you allow the budget to expand.
4. If somehow along the way, you find that it is necessary to increase the budget because of necessary repairs to the property. Decide what needs and can be reduced, so as not to blow your budget. Remember in everything we have a wish list and we can also reduce the wish list to accommodate the necessary.
5. If your property is more or less completed renovation(close to 100%) and you think you have a more few items that you want to do but you are just not sure what to do. Stop there first. If you have the cash fine if not do not proceed. Why? These last few items will start to make you ponder and ponder and add in changes which will distract you from the original idea for the renovation and also these might eventually blow your budget.
6. There is a good rule out there that I have learnt from books, many of the contractors and sellers of property, if you are ever in doubt, throw it out! Basically means do not do anything that you are not sure of.
A gentle reminder to always keep your budget in mind and never blow it.
Disclaimer: These information provided is based on the author's review of many articles and own experience with his renovation on his property. Any omission, grammatical mistakes or suggestions that result in damages or well-being to your property is unintentional.
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