Why do some cosmetic renovations take a lot longer than they should?
How is it, that most people ‘run out of money’ before they’ve completed their Reno?
Why is it that some renovations or home improvements go smoothly, whilst others don’t?
It’s simple. They don’t make a plan, and they don’t have a budget. Whoa, I hear you say, how can I do that?
You need to do your research first. If you haven’t researched, you don’t have a clue what your numbers should be.
For the most part, its home owners that make the most mistakes. And it’s simply because they have never been taught the correct way to look after their most important asset – their home.
Unless you fully understand this and what you need to do to have a successful and profitable renovation then you really are ‘planning to fail’.
The home is the biggest emotional item we are ever going to buy. So, how can you do a successful and profitable renovation?
Start by knowing exactly what your home is worth in its current condition. Warts and all.
Look at what you’d like to renovate – it’s okay to dream big, but be prepared to cut back where necessary.
Have a budget worked out on what your home’s worth, so you don’t lose money in the process.
Stick to the budget. Do not get caught up in emotion.
Be prepared to adjust your plan.
Remind yourself that your improvements need to make money, not cost you money.
Till next week,