How to make and save money while renovating your house
The perception that property is an easy way to make a fortune, isn’t always true. It can be time consuming, stressful and not to mention messy. You might lose access to parts, or all, of your home; it can add tensions to your relationships, and you have to set your sights realistically within your budget and any other constraints.
If you are prepared for all of these possibilities, though, the deal can be lucrative.
Here are the top tips when renovating your home, if you’re looking to make some extra profit in the meantime:
Labour is a substantial cost, making up a significant part of any job, so use that labour time wisely. If there are things you can safely and easily do yourself, then it will save you paying for tradespeople to do it.
Consider things such as moving furniture, cleaning down areas or completing long winded and unskilled jobs such as removing woodchip wallpaper.
Manage the project yourself
If you can source your own workers, it can result in more money left in your bank. Paying one builder for a job which requires several skills will mean they have to sub-contract others, and will likely charge a premium for this.
If you can do the legwork of sourcing the team you need, providing they are reliable and reputable, you will likely get a better deal.
When looking for materials or sourcing the trades, do the research. Don’t be scared to ask questions of both suppliers and the trades you use. Often trades have a preferred supplier, but this may not always be the cheapest.
Make your mind up
Stick to your specification for renovations; changing your mind mid-project is something that many do without realising the extent of the implications. In reality, even small tweaks can cost thousands.
If you’re not sure about your plans, imagine living in the space and make sure all the changes make sense and work to improve the space.
Instead of buying new or starting completely afresh, look at what you already have and be imaginative in what you can salvage. There are lots of blogs and social media accounts that could help to inspire you, so google should be your friend on this one.
Reduce what you waste
Reducing waste should be a mentality that covers the whole project, from double-checking measurements through to sending back or selling materials that are not used on the project. Finding a buyer for what’s left over is often a welcome way to recover part of the cost of a project.
With these tips in mind, there is certainly still substantial money to be made in property renovations.
It is not a fool-proof, quick or straightforward way to roll in the millions, but if done carefully and thoughtfully, you could soon find yourself toasting to your success.
Carl Meredith is managing director of MyJobQuote, a site linking customers with tradespeople