At some stage in home ownership the issue of whether to renovate or not will come up. The decision to go ahead will depend on many variables. Some of these will depend on the amount of money you have on hand, the amount of renovation you contemplate carrying out and your ability to hire good reliable trades people.
In some cases, you could tap into the equity value of your home to finance your project, but this will depend on the type of mortgage you have. You may also find what you are looking for with cash lenders online, as many financiers are very willing to help in adding value to a property.
The size of the renovation is important, especially if your family is outgrowing the family home. In some cases it will be worth considering selling up and buying a bigger home that better suits your current needs.
A very important issue to consider is that of hiring reliable trades people to carry out the necessary work. Get this wrong and your costs could escalate out of control, and for this reason the following tips may prove useful:
- Only choose well-organized contractors.
- Don’t hire unlicensed trades people.
- Never pay for the work upfront.
A disorganized trades-person may leave your job half completed while he or she darts off to finish another. A well-organized person will have everything planned in advance and this efficiency could save you a considerable amount of money. You may find it hard to get retribution from an unlicensed person who botches up your job and the danger of paying up front is that you may never get the job done at all.