Does an offer mean it’s time to stop showing your property? This article offers some insight into why it may be in your best interest to continue showing your property, even after receiving an offer.
The idea of a property renovation can be tempting. A renovation can be very beneficial, especially if you’re looking to sell; but it’s important to note that there are mistakes that can often sabotage these potential benefits. By learning about some common mistakes before you undertake your renovation, you have a much better chance of avoiding them.
Here are 5 common mistakes that can ruin any renovation:
Failing to budget well
Budgeting means more than just determining a number. Sure, you’ll need to determine the amount of money you’re willing to spend on the renovation, but that will be just the beginning of a good budget. Part of budgeting well is planning for the unexpected. You’ll want to set a number that still allows you a bit of flexibility. You’ll also need to prioritize where that money is going to be spent. This way, if a project throws a costly curve ball in your direction, you’ll know how much of your budget you can redirect to addressing it and which other projects may need to be sacrificed. Necessary repairs make the top of the priority list, followed by the projects that are likely to give you the highest return on your investment.
Hiring poor contractors
There are a lot of contractors who claim to be specialists when it comes to property renovation, but this isn’t always the case. A contractor’s inexperience and lack of necessary skills can cause your renovation to crash and burn. This is why thorough research is incredibly important. Don’t limit your research to a contractor’s website. You want to find trusted reviews and see a portfolio to make sure they’re the right fit for your job.
Failing to secure permits
This mistake can instantly turn into a renovation nightmare, increasing your timeline and costs. Once you and your contractor discuss all plans for the renovation, make sure you find out if any permits will be necessary and how to go about getting them. Talk to your city to be certain you haven’t missed anything. Getting the necessary permits might take a bit of effort, but getting into legal trouble because you don’t have them will mean much more work and disruption down the line.
Getting started without a contract
Renovations are often full of unexpected twists and turns. This can make sticking to a budget and a timeline difficult, but it’s also why it’s so important to do just that. Budgets and timelines keep your renovation on track. If you’ve prepared a proper budget and timeline, which include some room for the unexpected, you want to make sure your contractor is committed to following them as well. A contract will ensure that you and your contractor are on the same page, it will hold him accountable for the work being done, and it can be a massive help should any conflicts arise.
Delaying your renovation
If you’re holding a property that needs renovation, it’s best to address this as soon as possible. The longer you wait, the worse the problems can get, and the more money and time they will require to fix. Determine what needs to be done, what your budget is, who the best people for the job are, and get started.
Renovations can translate into real financial rewards when you’re renovating a property you plan to sell. Don’t let these common mistakes eat into your profits. With some commitment to research and planning, you can eliminate a host of potential problems before you begin.
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