How far can money go?
Now let’s just start by saying how exciting it can be planning all the changes your going to make, what’s going where, what colours are making an appearance. But we should talk about the purpose of the renovation, is it for your own benefit? Or to add value to the property to sell on? That is what has to be beared in mind when, renovations are getting planned.
I suppose the main fact and the main common factor is of course, money. How much will everything cost? Now budgets are very important, very important to me and what I do as budgets can determine whether I make profit or not. Without profit your not really running a business are you, more of a voluntary renovation program. So when planning a renovation or any sort of works, we need to think money and we want to keep it within our budget don’t we. I know opinions may change when it’s on your own house in which your planning on staying in forever, but still money matters.
Budgets have been mentioned so let’s move on, onto the type of work as an example. Renovation work can vary from anything like knocking a wall down or putting one up, to an extension/ conversion, or even a new kitchen/ bathroom. I would say anything that involves over a weeks work with a few trades people involved, we can call a renovation.
For example if you were to put in a new kitchen, which can start from as low as around £2500 and go all the way past £20,000, and cost the same again for an experienced fitter to fit it! But for a like for like kitchen it wouldn’t necessarily be that much of a problem. Be relatively quick in terms of disconnecting the water/gas/electric ripping it out, then putting the same back and connecting it up again. However if you changing things, be prepared for time and money to play a big part of it. In a recent kitchen change the gas, water and electric supplies all had to be changed. The gas hob was going in the island, the sink was getting moved across the room, and the light switch would end up in a cupboard. So there’s part of the costs along with the supply of the kitchen and the fit. Also to remember there might be some “making right” to do, I.e re plastering. Where some of the wall might have changed, or new spot lights in the ceiling. Right so all the utilities have been moved, everything plastered, kitchen is going in, what might have to be changed next? Flooring, floor tiles, laminate, even lino will have been fitted to suit the old kitchen. So all that’s left with really is pointing and tiling, which are optional but more than likely to to these if everything else is new.
As the kitchen as the example, it’s easy to see where money can go, quite quickly at times too. So keeping an eye on budget is smart. On the other hand once this is all done you’ve got a really lovely kitchen, a kitchen that you’ve planned and designed tailored to your very own needs! How magical! Now if your doing it sell on, as a renovation and resell, a happy medium needs to be met. Where it’s tasteful and suiting to the property, it flows well. You wouldn’t put a really modern kitchen in a lovely little village cottage would you? It would look out of place surely. All this has to be done within budget, you need to be making a profit or adding value on every £££ you spend!!
Following that example, the key parts can be used for all aspects of renovations which we mentioned earlier. It’s just important to keep in mind what work has to be done to achieve the desired result, and paying for it! But they are still EXCITING!! Whether your follow the in trends or not!
See you on the next one!
Aaron