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Time to Renovate?

PPG_Blog_April_image 6_time to renovate

Over time, all houses and apartments go through wear and tear. Because of this there’s a continuous need for maintenance and remodelling. We all know that a home is usually a long-term investment, but you should boost its short-term value as well. So think of a renovation as a reinvestment in a house which will add to its future saleability.

Often the problem with renovating your own home is that you’ve lived there for some time and thus see right past its potential. So when do you say enough is enough and call in the professionals?

• When your home ceases to be comfortable and relative to today’s lifestyle

• You want to maximise the use of natural light and warmth

• When you’ve fallen out of love with its original features and feel you’d like to update fixtures and fittings

• When temporary solutions to structural problems don’t work any more

• When you want to sell your home and maximise return

It’s risky to begin a renovation without a firm or fixed budget. As a general rule, it’s prudent not to spend more than half the value of your property on a major renovation. For instance, if your house is worth $700,000 — cut off the renovation budget at $350,000. Some people will even find this kind of spending too excessive, so be sure you feel comfortable with how much you are going to spend without over capitalising.

Not every home is a contender for renovation however. If it’s going to cost an arm and a leg to get what you want, then it might be a better option to sell up and move.

Source:http://homes.ninemsn.com.au/

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